Is Bailing Out California Necessary To Preserve The Union?

Business Insider ^ | Joe Weisenthal

[perfect_rovian_storm]

Marshall Auerbuck at New Deal2.0, a blog for the Franklin and Eleanor Roosevelt Institute (just so you know where they stand), sees dramatic consequences if California is allowed to continue printing IOUs and then use them to collect taxes. According to the San Diego Union-Tribune, Republicans and Democrats alike embraced legislation last Friday that would make California IOUs legal tender for all taxes, fees and other payments owed to the state - an action that effectively would mean that California is entering the currency business . . .

[cranked]

Bailing out California would defy the very merits and value of: “You reap what you sow.”

[Freedom56v2]

hEY! I live here. I pay my taxes and I deserve to see my state go down with a front row seat

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You have no idea how hard I laughed when I read your post...tho perhaps the Merlot contributed....

Sorry for the financial woes of Cali. It is a beautiful state in terms of weather and geography.

[Freedom56v2]

Yikes!

[dalereed]

Please, no body bail us out!

The social programs and the unions will never be eiminated or broken if there’s any bailout!

[Bernard Marx]

So far California is issuing IOU’s without any consequences. That is surprising, and frightening - because indeed, CA has entered the currency business - and no one seems to care.

I care a whole lot! I just filed my 2008 tax return late and got a "refund" in the form of an IOU. Hurry and bail us out! I need that 2 grand to move to another state!

[2harddrive]

SORRY! According to the US Constitution, NO STATE SHALL MAKE ANYTHING BUT GOLD AND SILVER COIN LEGAL TENDER. Has that been amended away yet? NO!