Reform, rebuild ... repay - Schwarzenegger's vision involves trips to the bank

Ventura County Star ^ | September 28, 2005 | Timm Herdt

[calcowgirl]

I put that question to Finance Director Tom Campbell this week.

His answer was direct: The money will come from borrowing -- not just money for bridges and roads, but also money for school programs and other services.

Ping!

[NormsRevenge]

borrow borrow borrow

[Carry_Okie]

Even with the $15 billion in debt-repayment bonds voters approved last year, Campbell believes California still has more room to borrow. Debt service, now at just under 5 percent of the budget, could safely go to 6 percent, he believes.

Cut up the credit cards? Hell, we're not maxed out yet!

[FOG724]

Quick, order more credit cards.

[calcowgirl]

Schwarzenegger, he said, has told his advisers that they shouldn't blink at talk of a $9 billion or $10 billion bond when "we should be talking about $60 billion or $70 billion."

Think big! Big debt, that is.

[Frank T]

Reminds me of GWB. He isn't concerned with reducing federal spending. Just on figuring how much Fed spending can be, relative to the GNP, and not go over a certain percentage. Which is to say nothing of cutting back, paying down the debt, eliminating the deficit, etc.

Republicans like Bush and Schwarzenneger act to cynically, and sell out the conservative movement.

But don't blame pols like them. Who's responsible for nominating them in the first place?

[Czar]

In other words, we should look at Prop. #76 as merely the launching platform for another $10B of Arnold borrowing, and forget about any real reforms in cutting the cost of government in California. Great.

Whatever happened to all of those bold pre-Recall Arnold campaign promises? The ones like "blowing up the boxes", cutting the bloated state payroll, et., etc.?

[Frank T]

Remember this guy?

http://www.tommcclintock.net/

I think he could have been trusted with those promises.

[Carry_Okie]

Whatever happened to all of those bold pre-Recall Arnold campaign promises? The ones like "blowing up the boxes", cutting the bloated state payroll, et., etc.?

You just don't understand Arnold-speak, you know, like "special interests" didn't include Wall Street bankers who raided the state for an unnecessary cool quarter billion in Arnold's refi, that meant prison guards and Indian tribes. "Blowing up boxes"? That means blowing up the boxes that once limited growth in State debt. "Cutting bloated payroll?" Oh, we have those people doing meaningful work now, so it's not bloat any more.

"Everything for the people." Just watch.

[Carry_Okie]

Schwarzenegger, he (Campbell) said, has told his advisers that they shouldn't blink at talk of a $9 billion or $10 billion bond when "we should be talking about $60 billion or $70 billion."

Why I'll bet ol' buddy Warren an' his boyz are lickin' dare chops wit great interest. Gots to put in all that infernalstructure so that buddy Eli gets to build his time-bomb tenements on confiscated farm land. Gots to billed them happy trains so's they don't need cawrs an kin only go ware dare allowed. We'll git them riggillations up an runnin as suen as possebill!

[Czar]

No question.

Too bad we can't do a rerun...

[Czar]

""Everything for the people." Just watch."

It has become clearer and clearer, hasn't it. God, what a disappointment Arnold has become.

[NormsRevenge]

Not to "conservatives" at FR that pull his wagon. :-)

[NormsRevenge]

Poll: Initiatives lack public support (PPIC) ^

http://www.freerepublic.com/focus/f-news/1493809/posts

[Czar]

"Not to "conservatives" at FR that pull his wagon."

Yes indeed. Of course these "conservatives" are, in reality, residents of the Hispandering GOP Big Tent of RINOs, liberals and moderates.

They are not conservatives.

[SierraWasp]

And to think there are FReepers on here that think a few of us are out of our minds for objecting to what this maniac is doing to our progeny in the name of Republicanism!!! Sheesh!!!

This is the problem with pragmatism! The principles of limited government just gets flushed down the toilet when the businessman/politician start eyeballin those inordinately low interest rates. Principles be damned!!!

"We need not worry at those rates! We can make everybody happy by solving all the problems without raising taxes or cutting spending!" (they say)

The insanity goes into complete OVERDRIVE!!! (with an "R" headline!!!)

[calcowgirl]

Their strategy exposed in this article probably explains the observation  made yesterday by Amerigomag:

To: calcowgirl

I have reviewed the legislative text and can't find any language to support the premise posed by the OC Register.

The other small twist in time is that 76 specifically protects the existing obligations created by Prop 57. Prop 58 didn't protect the bonds specifically. Under 58 these recent bonding obligations would fall under the "contracts" language of existing legislation and might be subject to renegotiation should the governor declare an emergency prior to the passage of Prop 76.

"Renegotation" of Prop 57 bonds would be troubling for California's already weak bond rating and would certainly preclude the executive from borrowing more money which is authorized by the text of 76.

53 posted on 09/28/2005 7:09:43 PM PDT by Amerigomag

 

I have reviewed the legislative text and can't find any language to support the premise posed by the OC Register.

The other small twist in time is that 76 specifically protects the existing obligations created by Prop 57. Prop 58 didn't protect the bonds specifically. Under 58 these recent bonding obligations would fall under the "contracts" language of existing legislation and might be subject to renegotiation should the governor declare an emergency prior to the passage of Prop 76.

"Renegotation" of Prop 57 bonds would be troubling for California's already weak bond rating and would certainly preclude the executive from borrowing more money which is authorized by the text of 76.

[calcowgirl]

http://www.recordnet.com/apps/pbcs.dll/article?AID=/20050924/NEWS01/509240330/1001

Support builds to buttress levees
Stockton Record, CA
Hank Shaw, Capitol Bureau Chief
Published Saturday, Sep 24, 2005

SACRAMENTO -- Momentum is building for a massive state bond to fix California's roads, bridges -- and aging levees.

Gov. Arnold Schwarzenegger signaled support for the idea in an interview with The Record on Wednesday, and Senate President Pro Tem Don Perata said Friday he's edging closer to winning critical support from Republican lawmakers. The bond proposal also includes money to retire polluting diesel engines.

"It's kind of like selling air conditioning in the Sahara. People get this," Perata said in an interview. The Alameda County lawmaker said he had expected that the $10.3 billion proposal -- which includes $1.2 billion for levees and flood control -- he unveiled in February would need time to marinate with his colleagues.

"Now we are getting around to talking about our top priorities," he said.

(snip)

[SierraWasp]

Good Lord! And here we sit with no Auburn Reservoir and Flood Control dam to protect the Crapitol!!!

Is that white foam I'm seeing coming out of the corners of their mouths??? They need rabies shots, quick!!!