Posted on 10/04/2008 1:56:59 PM PDT by reaganaut1
BOSTON (AP) -- The treasurer of Massachusetts has asked the federal government about lending Massachusetts money under the same favorable terms it has given banks and firms during the financial crisis.
Treasurer Timothy Cahill's requests to the U.S. Treasury and Federal Reserve Bank of Boston this week were prompted by the state's inability to borrow from the short-term debt markets, The Boston Globe reported Saturday. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates.
California has made a similar request, saying it would run out of money by the end of the month if the short-term debt markets do not ease. The state asked whether it could not obtain loans from the Fed.
Massachusetts has enough money to cover its expenses for the coming weeks, Cahill said. But a low-rate loan would ease a cash shortfall if the credit problems persist.
''That's all we would ask them to do: Treat us like the investment banks,'' Cahill said.
Federal officials have not responded to his request, Cahill said Friday.
The state's borrowing problems come as it deals with a $223 million shortfall in projected tax collections during the first quarter of the state's fiscal year. On Thursday, Gov. Deval Patrick announced the first of what could be a series of cuts to programs and operations to deal with the sagging collections.
(Excerpt) Read more at nytimes.com ...
MA
didn’t their Gov deval patrick run onthe campaign of change
now he ask for help
There’s a whole lot of people wanting money isn’t there
The top two rats rush to the trough.
The trouble with a ‘bailout’ is that all the other people feel like saps and stop paying.
Thh states will do anything but cut government and lay off useless government employees. That is only for the private sector.
MA
just had something like 15 billion $’s for their big dig project, not sure how much that was my tax money but I do know that many of us who are not in that state paid for MA massive project and which gave them jobs, corruption and a face lift for Boston
MA: a 10% across the board spending cut if it’s such an emergency.
Isn’t that what we have to do in our own lives in similar circumstances?
Hell to the no.
All people’s republics will line up starting with California, Mass, and Illinois....
The ongoing “Massachusetts politics” is an example of what will be coming throughout much of the U.S. at the national level, if leftist politics do indeed dominate the next Presidency and the next Congress after January 20, 2009.
Screw you. Get your own left wing fantasyland’s finances in order first before you start dipping into the federal treasury.
best thing to do for any republican is to get out of that place and either move to NH or elsewhere in the country.
I got my wife out of there and she said it was the best move she ever made.
Living there in liberal utopia for a republican must be heartbreaking
“Treat us like the investment banks,” Cahill said.
Sounds good to me. Let Mass be bought out or converted into a commercial bank... after cutting programs and operations to the bone. I’m glad to say we don’t live in Mass, but the liberal goofiness leaking from there affects us all.
I wonder if it’s too late for me to get a bigger house with a mortgage I can’t afford which will need to be renegotiated down by a judge to a payment I can afford?
“California, Mass, there is a gonna be alot more.”
Subtract Alaska and Texas, we’re probably talking about 53 more states.
agreed
All republican should get out and leave the homo’s, liberals, communists, radicals etc to their far left utopia.
VA, NH, are needing many republicans to make them more red
It is a shame as MA is a nice state if it wasn’t for the politics there.
when will these MA nuts realise that being left does not work at all , same as those in CA
Why are MA and CA in a financial mess? Because of their liberal, nanny state, socialist programs and anti-business policies, laws and regulations.
These states should cut their spending and increase taxation of their citizens. Federal taxpayers should not bail out irresponsible state governments.
it does effect us all as I live in a state where some of those MA left wing liberals have moved to and they carry on their vote as they did back in MA thus trying to make us look like their state they left.
unions have crippled that state along with corruption
This is the crux of the matter. It isn't that they can't borrow money, there's huge amounts of money out there to be borrowed. The problem is that these borrowers don't like the rates. Tough! I can borrow money all day long at very good rates because I am credit worthy. If you can't borrow or you can only borrow at high rates it's because you are a higher credit risk. It's impossible to change this without completely socializing our banking system. I believe this bailout bill was a giant step towards this "goal". The head of the Socialist Party was on Cavuto and was ecstatic about the bailout bill and how our Country was adopting Socialism. We didn't need to elect them. Our Repubocrats our doing just fine at ushering in the Socialist Utopia.
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