Atlas Puked...
Posted on 04/15/2009 2:34:08 PM PDT by FromLori
Pretty soon, all US taxpayers will be insuring state and muni debt of the broke state of California.
See, the state needs to raise $15 billion in fresh debt over the next few months, but of course, since the economy there is so terrible, and its government has been horribly mismanaged, nobody is willing to lend it money. Solution: Get the feds to insure the debt.
Governor Schwarzenegger and other state officials have sent a letter to Barack Obama and the Congress pleading for help. They claim there's very little risk of default, but that: “Currently, we have only limited access to the credit markets, and banks have shown little interest in enhancing government-issued debt in a declining market.
(Excerpt) Read more at businessinsider.com ...
Arnie is a gigantic pimp!
Sorry California you dug your own grave. Now get yourselves out.
Schwarzenegger with knee pads....you look pathetic!
It seems like California is trying to float a $15 billion bond issue every other week.
No one will insure or probably rate the bonds because the state is bankrupt. Send a few million illegals home and cut off any benefits to illegals. Maybe someone might think CA has a shot at solvency then.
California needs to go the way of GM and have an organized bankruptcy where labor and retiremnet contracts are reopened. I hope this happens and to any other insolvent state
CALPERS has blown billions on speculation and it is an outrage to have the California taxpayers make up the difference
Talk about unsustainable!
Big disappointment, that's for sure. Raised spending 40% or somesuch. I wonder if that is how he ran his businesses, a big selling point on his goals when he ran for office. I'm sending him a tea bag with a note that I will work my butt off against the tax raising propositions set for the June ballot...
Oh...wait. Silly me. I forgot that rules only apply to us little people.
Screw California.....and I live here. Let this place completely collapse financially, let it all go in the terlet. Only then will the idiots who mindlessly vote for lefties every time wake up, because only then will the impact be felt in their neighborhoods..........like when all the gang members smell blood in the water and start making themselves comfortable in some of these generally safe areas.
A low percentage chance of a highly destructive ecomomic event occurring isn't the same as "very little risk."
Stop spending then.
Oops, off to reeducation for me!
Well then, invest in California and make a killing! /s
After all, they are too big to fail.
Atlas Puked...
>>>They claim there’s very little risk of default, but that: “Currently, we have only limited access to the credit markets, and banks have shown little interest in enhancing government-issued debt in a declining market.<<<
This is a contradiction. If there was truly very little risk of default, banks and investors woluld be anxious to buy CA bonds.
I have the same problem in Maryland.
Maybe instead of Total Recall he should have called it Terminal Stupidity!
Will the madness ever end?
Just a few months ago, they were telling us that there wouldn't be enough money for our tax refunds, and that we were going to get IOU's instead.
-PJ
Re#17 ‘Morn. Yes it is. I loathe our ‘rat legislature and the unions.
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