You'd be nuts to oppose this!
Posted on 10/05/2008 2:06:06 AM PDT by rabscuttle385
BOSTON (AP) — The Massachusetts state treasurer has asked the federal government about lending the state money under the same favorable terms given to banks and investment firms during the financial crisis.
Treasurer Timothy P. Cahill’s requests last week to the Treasury Department and the Federal Reserve Bank of Boston were prompted by the state’s inability to borrow from the short-term debt markets, The Boston Globe reported on Saturday. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates.
California has made a similar request, saying it will run out of money by the end of the month if the short-term debt markets do not ease. That state has said it may need a $7 billion emergency loan.
(Excerpt) Read more at nytimes.com ...
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This must be a parody? Surely tax and spend socialism has not betrayed these blue states and left them begging for loans? Say it ain’t so.
MA, then CA. Who’s next, MD?
Another Blue State goes belly up?
Which State is Barney Fag from?
No Money.
Make them sell land to the fed for nuclear waste.
well if we’re already spending over $800 billion, what’s another 7 billion?
Hmm, first California asks to be bailed out. Now Massachusetts. The two most liberal states in the nation. Broke and now grubbing for other people’s money to pay their bills. Think people will make the connection? Should be obvious, but I’m not hopeful.
NO MORE FORIEGN AID!
You’re right, is chump change. :)
Blame Bush time again.....gimme a loan......
Of course the Democrats need cover in Massachusetts when they bring in option two: RAISE TAXES.
Here in PA our own Democrat governor Ed Rendell is dropping hints of a gas tax hike.
One GOP state rep. in my area said a few days ago that tax increases are coming in PA.
They passed a budget with a billion dollar hole last summer and now they say its two to three billion.
Our gambling money is dedicated to limiting school property tax increases with band aid drops of money.
The gig is up for liberal tax and spend policy and now is the time to ride like Paul Revere.
“Higher taxes are coming....higher taxes are coming...”
maybe they’ll now appreciate romney (and I say this as a person who did not support him in the primary or for VP)
The Democrat leaders from Deval Patrick down will pin the tail on George W. Bush and ignore Romney.
Massachusetts has a Rainy Day Fund of 2.5 Billion dollars and the state treasurer is looking for a low interest loan to cover a 223 million dollar shortfall! To my corrupt state politicians .... it is raining.
The floodgates have been taken out with a tactical nuke.
There will be no end to this until our friends, the Communist Chinese say:
Enough is enough, boys!
Perhaps. But then Alaska has a surplus. The governor of Alaska has done a wonderful job of managing the assets of that state. I wonder who that competent and disciplined governor could be?
Next bailout surrender demand takes place at Kessler's Farmhouse.
It is good for the banks to be in line first for the government handouts, before the treasury runs dry. Printing more money will just lead to hyper-inflation. And if that happens, hang on! You best get your house in order now.
The state administrators are asserting that the problem is caused by a lack of access to short term debt.
I believe that they are correct in their assessment. They are most certainly having problems accessing short term debt.
But what they cite as the problem - is really an excuse.
The problem is incompetent fiscal policy - pure and simple.
The connection that the Barney Fags will make is that their were run by Republicans.
Again their legislatures are not at fault and should be closed down to save money.
It's not like they're talking about real money anyways. They can just print more, right? /s
Hang on bro, rough seas ahead...
As heavily as they tax their residents, Massachusetts STILL needs a bailout???? Of course, their answer will be HIGHER taxes, instead of realizing that if they LOWER taxes, it will bring business in to their state, increase employment, and increase revenue by making the pie larger. No, they would never, ever do that.
Massachusetts and California? Why don’t these liberal havens just raise taxes to meet expenses? But, they don’t have much to worry about with Kennedy, Frank and Pelosi in their corner.
Gnu Yak is next in line, The Gov can see it coming.
Soooo,
What happens when the federal govt. loans say Calif. or Mass. a passel of money and the state defaults on the loan?
Does uncle sam just write it off?
You all just keep overspending on all those liberal social programs you damned politicians.
The only reason they need to access short term credit to meet payroll is because, using Hillary Clinton's Great terminology, they are under-capitalized. They have no reserves of cash. That is an operational problem. They over spent there income. Their cash flow is negative. Our government is stuck within the quicksand of debt. It is bankrupt. Time to sell off assets and drastically cut costs. That is what happens in the real world, not the world where ignorance is bliss. Now on the other side of the coin, their income has also probably dramatically fallen this summer. Why ? Less business activity. Our government was gambling that income would always increase and never decrease. Sounds familiar.
Ask Mrs. Kerry for a loan.
Governor Patrick could easily negotiate an outright gift of the necessary funds from Moscow, in exchange for which the Russians would make only a few merely nominal demands, such as, e.g., a Russian naval base in Boston Harbor. There aren’t many Massachusetts residents who would object to that.
Be proud little proletariat's, and work hard for your mother, the State, or you won't get your pudding.
Blue state economics work so well, let’s do it on a national level! Yeah!
Dayum....
Mass is in the MESS they are in because of it’s corrupt LIBERAL government and politicians and liberal tax and spend policies. They have been pooping in their own bed for years. Now that they have reached the point where they can not tax their people any higher and the masses are leaving the state in droves they expect you and me to come to the rescue with our precious tax dollars. NOT ON YOUR LIFE! YOU MADE THE MESS, YOU CHOSE CADILAC PATRICK, NOW CLEAN UP YOUR OWN MESS AND KEEP YOUR HANDS OUT OF OUR POCKETS!
“The only reason they need to access short term credit to meet payroll is because,...”
Starting Salary for CHP is 63k! And that’s just for someone with a high school education.
It’s common for LEOs with an education to make well over one hundred thousand dollars a year here!
What we do will be repeated by every blue state in the nation.
Let my state go bankrupt!
It would be the best thing that’s happened here since Reagan was Gov!
Mrs. Kerry is one piece of work.
I can’t figure out who the bigger gigalo is, Mr. or Mrs. Kerry.
A runaway train bound for the mother of all train wrecks?
I have an idea, why don’t they just raise taxes? It’s worked before, right? Then all the progressives that can’t afford to live there can move to NH and press for more services and call for an income and state sales tax.
Is this the line for the government shoveling money out the door? I brought my dump truck.
Free money, this is great!
You pose an interesting question for a more motivated researcher than I.
How do blue states rank in financial health vs red states? Surplus, deficits...
The NYT’s has plenty of money, borrow it from them. Tee Hee Gufaw Gufaw
California, now Massachusetts, the line is going to get pretty long.
I’d rather see no aid to foreigners who are here illegally first.
To be fair, Mass state treasurer, is not asking for a bail out, as you title implies, he is asking for credit terms from Uncle Sammy that are much better than terms he will get in the private sector.
Credit terns have moved up dramatically as of late, (I wonder why !)
Is he irresponsible to ask? Probably not as to try and save the state money.
Congress started this mess by being the "white Knight" saving the day by loaning cheap money, they need to fix it before every entity asks for the same great terms
How do blue states rank in financial health vs red states? Surplus, deficits...
There was a listing on FR a few weeks ago that listed the ten poorest cities in the US, if memory serves me they were all in demo. control.
If someone can locate this listing and send it to me I would appreciate it.
Yes, a bailout.
Maybe Teddy Kennedy can write thema check for the difference.
The state of Mass can borrow the money it needs but it's according to the article
The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates. Massachusetts has enough money to cover its expenses for the coming weeks, Mr. Cahill said, but a low-rate loan would ease a cash shortfall if the credit problems persist.
Like I said, the state is looking for terms not a bail out
I guess we can pretend words don't have meaning
No doubt the Rainy Day Fund is invested in worthless securities.
Ms Heinz put everything on the table in exchange for what?
If the US Govt is the “lender of last resort” then it is in fact a bailout.
Mass cannot get favorable terms for their debt because their finances do not warrant it.
Since they are asking for a special favor, which puts a tremendous amount of risk to the US Taxpayer, they are in essence asking for the US Taxpayer to “bail them out” because no private money will take the risk.
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