God Democrats in California are morons - The Prop 30 scam.

Discussion in 'Politics and News' started by DucatiMonster696, Nov 14, 2012.

  1. DucatiMonster696

    DucatiMonster696 Diamond Member

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    http://www.sfgate.com/opinion/openf...nds-for-UC-will-go-to-Wall-Street-4031472.php

    So basically prop 30 was another way to extract money out of the state in order to cover the UC losing Wallstreet dealings which are losing large sums of money because interest rates have been pegged by the Federal Reserve.

    Fucking retards! All of you who voted for this bullshit.

     
    #1 DucatiMonster696, Nov 14, 2012
    Last edited: Nov 14, 2012
  2. ivwshane

    ivwshane Lifer

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    I saw nothing in the prop 30 law about it paying debts, in fact it specifically stated that none of the new taxes could go to administrative costs which one would assume that's what the above would be considered.
     
  3. DucatiMonster696

    DucatiMonster696 Diamond Member

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    There were no guarantees that the fund would go toward paying for anything period related to actually educating children/students. It was sold by the Governor and his supporters with them holding education in the state with a gun to its head and threatening tax payers to "Either pass it or else will make big cuts in education (especially higher education)". Now it looks like they'll be using a good chunk of this money to cover the bets made by the UC regents for bonds that they are losing money in addition to tuition fees and service cuts will still be made to the UC system.
     
    #3 DucatiMonster696, Nov 14, 2012
    Last edited: Nov 14, 2012
  4. ivwshane

    ivwshane Lifer

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    Not knowing exactly where the money will go is not the same as saying the money will be going to pay school debt.
     
  5. First

    First Lifer

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    You conservatives you are dumb as ***, lol. Literally has no bearing whatever on whether you voted yes or no on Prop 30.
     
  6. rockyct

    rockyct Diamond Member

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    FYI, the election was a week ago. You may want to move on with life.
     
  7. Moonbeam

    Moonbeam Elite Member

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    Prop 30 good
     
  8. DucatiMonster696

    DucatiMonster696 Diamond Member

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    Good at fleecing the tax payers to pay of the gamble taken by the UC reagents and then holding all of the state's educational system hostage if their proposition did not pass.
     
  9. xj0hnx

    xj0hnx Diamond Member

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    Could you try posting that in one of the "Haha republicans lost and are stupid" threads that's littering the forum?
     
  10. Screech

    Screech Golden Member

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    Hardly surprising if true although i would like to see more information on it.

    Stuff like this is why I was against prop 30 -- money is fungible! The idea that money of amount (x + y) will go only to (y + z) and that increasing x will have no bearing on y but only on z is simply crazy. All the money (and then some) will be spent.....and quickly.
     
  11. senttoschool

    senttoschool Golden Member

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    Thank god I'm done with school. You can pretty much learn anything you want on the internet. School just forces you to do it.
     
  12. Moonbeam

    Moonbeam Elite Member

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    Tax payers pass it. Know it raises taxes. Not care. Prop 30 Good
     
  13. MooseNSquirrel

    MooseNSquirrel Platinum Member

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    OP created misleading thread title, trying to link 2 unrelated items and failing to show causality.

    Hope you are not a journalist*


    *Although Newsmax/Fox would gladly hire you for your "unbiased" "reporting".
     
  14. zephyrprime

    zephyrprime Diamond Member

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    I doubt that investment losses would be considered administrative expenses.
     
  15. Todd33

    Todd33 Diamond Member

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    I voted no.
     
  16. DCal430

    DCal430 Diamond Member

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    The swaps seemed like a good thing in the past in part because of IRS regulations. The UC issued variable rate bonds, but as a non profit entity the VRDO bonds have significant excess arbitrage rebate risk. The reality is without the swaps the UC could have paid huge sums of money to the IRS instead for Tax-Exempt Bond arbitrage violations.

    The reality though is variable bonds with swaps were sold is a the best thing for municipal entities, no risk at all, cheaper than fix rate bonds. A bunch shit now we know. Should have stayed with simple fixed rate bonds, no real risk there.
     
  17. DCal430

    DCal430 Diamond Member

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    Swaps are not investments, but they are also not admin cost either.
     
    #17 DCal430, Nov 14, 2012
    Last edited: Nov 14, 2012
  18. ElFenix

    ElFenix Super Moderator and Elite Member
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    Money is fungible.
     
  19. marincounty

    marincounty Diamond Member

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    Don't blame me, I voted against the prop. The state has been balancing the budget on the backs of students for years without making similar cuts to police, prisons and other expensive programs. Time to spread the pain.
    But you may notice that "The vast majority of the Regents appointed by the Governor historically have consisted of lawyers, politicians and businessmen.[1] Over the past two decades, it has been common that UC Regents appointees have donated relatively large sums of money either directly to the Governor's election campaigns or indirectly to party election groups."
    At least 11 of the 26 regents were appointed by Republican Gov Scwarzenegger.
    To somehow claim that the problems are all caused by Democrats is a lie, Republicans have been hostile to education funding forever.
     
  20. Jadow

    Jadow Diamond Member

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    money is fungible
     
  21. halik

    halik Lifer

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    a) Why are you angry at wall street banks, rather than the Regents that made those decisions

    b) These transactions were hedges, presumably the university has issues some floating rate debt and was concerned about the growing liability if rates go up. So while they have to pay money on swaps, they still get to pay the lower interest rates on said floating rate debt.
     
    #21 halik, Nov 14, 2012
    Last edited: Nov 14, 2012
  22. halik

    halik Lifer

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    Are you sure the arb edge isn't just the counterparty exposure on the swaps?
     
  23. IGBT

    IGBT Lifer

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    liberals are bad at math and / or complicit in mass fraud. Look at any state run by liberals and you have a smoke and mirrors mess.
     
  24. Steeplerot

    Steeplerot Lifer

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    Through tea colored lens, I am sure.
     
  25. MooseNSquirrel

    MooseNSquirrel Platinum Member

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    Well surely you can give us specifics?

    No?