“meltdown of state government that threatens the delivery of critical public services our citizens deserve and expect,”
Unfortunately, expectations outstrip both their ability or willingness to pay. Therefore, they certainly do not deserve them.
rwneill wrote on 12/22/2008 07:21:59 PM:
“States can not file bankruptcy.
True. And they can’t print money either.
That’s why, when a State becomes insolvent, the Courts would order that a Federal Receiver takeover administering the reorganization of that State by allowing the People of the State time to form a new, stable, solvent State government to govern the people of that State.
Federal troops could be involved, Federal money (the Feds CAN print money), whatever it takes to provide time for the reorganization.
This is the best plan for California under the current circumstances, IMHO.”
“...Chiang said his office is also pursuing the issuance of “revenue-anticipation warrants,” a form of short-term borrowing that carries high interest and heavy fees because it’s believed that the state cannot issue “revenue anticipation notes” that would have to be repaid by June.
Treasurer Bill Lockyer has said he doubted whether lenders would respond to the revenue warrants, known as “RAWs,” but Chiang said his staff is pursuing that option to avoid the cash crunch expected in February.”
“Without action by the Legislature and the governor, we literally are weeks away from a meltdown of state government that threatens the delivery of critical public services our citizens deserve and expect,” Chiang said.
____________________________________________________________________________
Revenue Warrants sound mighty sinister to my unschooled ears. Will the State start seizing private assets willy-nilly?
Or will they finally have no choice but to start butchering their sacred cows?
LET THE BODIES HIT THE FLOOR!!
This state has spent and borrowed recklessly and have no intention to ever change their ways. It must be forced on them. A total timeout on everyone. Make everything stop. Schools, prisons, everything. Armageddon will make it all right. Just raising taxes will just pass the buck on to the next generation.
Screw california, they have the government they deserve. Ca. FReepers, time to leave my FRiends. Give it back to mexico.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
It’s getting easier and easier to see why See BS went all out on the sewage treatment of Arnie on 60 Minutes. I saw part of it...about half, before my gagging caused Hubby to change the channel in a hurry. There is NO WAY that somebody with Arnie’s moonbat-like environmental vision is capable of dragging CA out of it’s financial difficulties. His arrogance is worthy of a ...of a Kennedy. No wonder he’s shamelessly sucking up to Obama.