|
Time to terminate Socialism. |
|
Posted on 10/09/2008 8:33:25 AM PDT by AngelesCrestHighway
SAN FRANCISCO (MarketWatch) -- You've got to give California Gov. Arnold Schwarzenegger credit for being the first to stick his hand out. Even before the vote on the $700 billion bailout bill last week, the wily Terminator of fiscal discipline had a letter on the desk of Treasury Secretary Henry Paulson making the case for a $7 billion loan to keep the nation's most populous state running past October. Arguing that California -- and many other states -- have been frozen out of the credit markets like a subprime homebuyer, Schwarzenegger said the state needs the money to pay teachers, cops, firefighters, nurses, and other state-funded enterprises of some importance. California was quickly followed by Massachusetts, whose reputation as "Taxachusetts" hasn't seemed to help it stay above water. And now the race is on to see whether any of these states can tap into the bailout frenzy before all the money goes to save Iceland. So the question that Paulson and Fed Chairman Ben Bernanke always ask themselves at times like this is whether the foundering entity is too big to fail? Bear Stearns was. Lehman, not so much. AIG? You bet. But what of California? Sure, we're a blue state, with a large bear on our state flag. And yeah, the housing crisis that is now plaguing the entire world probably started here. And, uh, Nancy Pelosi is our senior representative. We want to preserve the salaries and lifestyles of our Hollywood fat cats. We've been known to favor gay marriage, smoke dope, prance about in garters, save owls and seals, and generally flip a silver-studded finger to any Bush & Co. suggestion or policy over the last eight years. Oh, and we think Barry Bonds got a raw deal.
(Excerpt) Read more at marketwatch.com ...
Limousine liberals should bail out their own state. NO California bailout. NO.
Well, the Titantic was too big to sink.
Take California and cut it in half. It is controlled by San Franfreeco and Los Angeles. Mostly ghettos, illegal immigrants, gays, crooked politicians and the list goes on. My only fear is that I would be caught in So. Calif. I would move.
This is going to be interesting. Housing prices have fallen quite dramatically and so will property taxes. If people think those local budgets are tight now, wait acouple of years.
Kookifornia has a structural budget problem that is not getting better. Any loan to them is a bad investment. This is a problem they need to work out themselves.
Just break the state up.
Is it really that painful of a thing to do?
|
Time to terminate Socialism. |
|
So, Arnold, how's that RINO thing working for ya?
.
Just break the state up.
The whack left liberals in Sacramento would never let that happen. Their control would be diminished.....
Let’s do the math - $7 Billion is 7,000 $1,000,000 bonds. Call the Holleywood crowd, the VC’s, the liberals - there are more than enough to buy 7,000 bonds. Arnold, you be the first.
No, let CA solve their own problem with a combination of higher taxes and cutting BS governemnt programs. CA’s gov worker’s can work by candle light now to save money...add by hand and use a manual type writer with everything in triplicate.
Call the Hollywood crowd......
Good idea!....let all the rich lefties in the movie industry make a loan to Anuld.....
Prop 13 insulates the tax rates from the current values. Taxes are based on the last sales price of a property, that only changes as properties are sold. (OK they go up 1% a year to account for inflation, but still, a market crash doesn't much change the rates paid)
The answer is NO.
Using federal funds to save California is the worst possible decision congress could make.
It sends a clear message to the other 49 (56?) states that they can be totally irresponsible ans profligate, and Uncle Sam will bail their sorry butts out.
What state politician could possibly resist wallpapering his power base with goodies when he gets the credit for providing them, and the rest of the country gets the bills?
Few seem to recall that the straw that broke the Soviet Union's back was the inability to pay employees. When the paychecks didn't come, the workers left and the government simply ceased to be.
**Housing prices have fallen quite dramatically and so will property taxes. **
NEVER HAPPEN!! House value UP ...Taxes UP!!!
House Values DOWN ... Taxes UP!!
That’s the way it works in the People’s Republic of New York.
I figger it’s the same in KALIFORNIA!!
I assure you our government will issue every paycheck, pay off every bill, every welfare check, and every Social Security payment 100 cents on the dollar.
I am fully confident that I will get back every penny I've ever put into retirement. A hamburger may cost $3000, but I'll get back every penny...
Where was California when Reagan left to come to Washington? Does anybody know? Thanks.
Let the state cut every piece of liberal left pork and cut all funding to illegal aliens in services and healthcare and send them back to their country of origin and I’d call that a start to finding some change under the sofa cushions in the state.
Cali should think of pulling a Mayor Beame and "renegotiate" its debt aggressively, as well as implement austerity measures. It was rough on NYC for a few years (subways and streets weren't maintained), but was better than a total federal bailout.
Not too big to slide into the ocean, baby...
“Take California and cut it in half. It is controlled by San Franfreeco and Los Angeles.”
I live in Northern California (State of Jefferson). We are a conservative voting block, and look forward to the day the state is chopped in half. We are trapped by large lib voting blocks in L.A, Sac, and S.F.
http://www.jeffersonstate.com/
My only fear is that we live about an hour out of Sac. We might fall into the So. Calif regime.
Virtual or physical cash?
There’s the problem with our economy: only some $1.5T of cash is in existence, but all the “payments” are via checks, which is really just credit (leveraged off Treasury bonds).
They’re not gonna print significantly more cash or mint signficantly more coins. It could happen in theory, and “fire up the presses” is a popular notion for making more cash, but in reality methinks there is neither the will nor the capacity to mint _that_ much more cash. The US Mint prides itself on having never devalued the dollar (go to their website - it’s prominently displayed, whether you agree or not). History is clear what happens to countries that try to inflate their way out of debt by printing more currency, and dumb as our leaders may be they’re smart enough to not risk themselves by going there.
I just had an epiphany.
In the ‘70s (IIRC), Nixon finally & totally disconnected the dollar from the gold standard. Aside from being the biggest heist in history (refusing to honor dollars to with gold certificates), it ended the value of gold as currency (you can’t pay taxes in gold coin save for the non-sequitor face value).
The ephiphany: we are on the cusp of having the physical dollar itself no longer be government-approved currency. The REAL currency now is Treasury bonds: fractions of government credit, cut into fractions and passed around as accounting entries. As the number of total virtual “dollars” (actually bond fractions) increases into the petadollar range, the disparity between on-books “dollars” and physical dollar bills becomes so great that the practical value of a real dollar unavoidably tears away from the fiat value of a on-book virtual “dollar”, and the government will be compelled to declare that it simply will not exchange real dollars for virtual ones - just as it simply declared it will not exchange gold for real dollars anmore.
Hooboy. Just scared myself again. Guess it’s October...
The only problem is that 13% of the US GDP comes from California and about 13% of federal taxes. If California goes into a recession, everyone is going to feel it.
I find it a little strange that politicians badmouth California and then quickly rush over there to raise large sums of money in relatively short periods of time. They even go to San Francisco to raise vast sums of money (just south of San Francisco is a fairly Republican area called Silicon Valley) and then turn around and complain about San Francisco being the most evil place in the US.
Honestly, I’m not a fan of badmouthing any US state. They all have good people in them.
Nothing is too big to fail.
Some ignorant democrat assemblywoman was on the radio the other night saying she just doesn’t know where any more cuts could possibly come from. “The budget we gave Schwarzenegger is as bare bones as it gets.” Uh.. what is it, that makes me think she might be fibbing?
You gave away the answer. She's a Democrat.
Maybe it's his, not mine.
She's just another out of state commie from the east coast. Pelosi is from Maine. Others like Boxer? From NY.
Just cut it in half.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
