Posted on 06/19/2009 12:43:52 PM PDT by Kartographer
Moody's decision to place California's general obligation debt on alert for a possible "multi-notch" downgrade stunned state officials.
(Excerpt) Read more at reuters.com ...
California is sitting on enough oil to get itself out of this crisis.
Meanwhile the oil is leaching out of the rock and into the ocean without any human interaction at all.
Seems that people will go quite far to embrace non-science feel-good environmentalism.
The democrats and repubics can play games all they want but in the end business fundementals will bury their sorry butts!
Maybe they should listen to this guy...
http://www.theaustralian.news.com.au/story/0,25197,25657881-601,00.html
Chinese give PM Kevin Rudd lesson on neoliberalism
KEVIN Rudd has been accused by a leading Chinese economist of being “either short of economic knowledge or misleading his readers” in his famous essay attacking neoliberalism.
In a scathing assessment, Xu Xaonian, economics professor at China Europe International Business School in Shanghai, lambasts the essay, now translated and published in China, as “shallow and crude”.
Dr Xu says “Lu Kewen” - Mr Rudd’s Chinese name - made a “big, big mistake” in forming his “confident opinions” based on “the observation that the crisis came as a result of neoliberalism and the absence of supervision”.
Dr Xu, one of China’s leading liberal economists, has savaged the Rudd essay in the weekly Chinese newspaper The Economic Observer after the Prime Minister’s work was translated and reprinted in China’s leading business magazine, Caijing.
Dr Xu, who has a doctorate from the University of California and was formerly managing director of the country’s biggest investment bank, says it is not time to resurrect Keynesianism, as Mr Rudd proposes.
“Instead, it’s time to announce Keynesianism’s failure, time to announce the emperor Lord Keynes has no clothes.”
They should tax Google 90%. Those liberals should love to pay it.
YAH...REALITY HAS A WAY OF DOING THAT
And the state is “surprised” .... Gee. I wonder why.
LOL
You have grasped the concept!!!!!!!!!!!!!!
But the Feds will continue to ignore the obvious as they continue on their way to an illegal bailout.
re: The UCLA Anderson Forecast unit said earlier this week that the state economy would grow at more normal levels by the beginning of 2011
Based on what? Nothing they’re talking about doing stands a snowball’s chance in hell of improving the situation. They just sail along blissfully passing all sorts of new spending measures and hoping to raise taxes enough to fund the measures.
My solution would be to have every budget presenter give me a budget without any specified amounts or dollar figures. Just percentages. I have them give me a list of what they need to do, would like to do and lastly what they would do if money was available. Each item showing a percentage of the money they receive that will be used for that item. Then I would figure out what percentage of the total income each agency was entitled to and they could spend that money based on the percentages they budgeted. There would never be another dollar spent that hadn’t been already collected. And I’d let them keep and apply to the next budget year any funds they managed to save during the current year. As it is, most governments just take back any money not spent so it profits an agency nothing to try to cut back.
I know it’s not as simple as it sounds, but there’s simply GOT to be a way to get control of what governments and authorities and boards and tax districts, etc. are spending.
Nice to see some poele haven’t lost their minds, yet. My guess is bammy will do some arm twisting, and they will reverse thir “tragic mistake” or something along those lines.
You know the difference between the US, Europe, and China?
The US is socialist,
Europe is communist,
and China is capitalist.
Stunned? They need to give up that weed......
Time to reset your beebers, then.
Yup. They'll let other stressed Americans pay for their glamorous life style...I hope you're ready...I ain't paying crap...I'm done with all this BS!!
Tell you what... California has averaged about $0.70 on the dollar in Federal expenditures in return on tax levies within the State over the last thirty years. So, seeing as the rest of the country has been bleeding us forever, what do you say we go neutral and let you figure out what to do about the revenue cut?
Hoover started it with his tax increases but FDR finished it off with HIS tax increases. Overall FDR did the most damage.
Moody’s Investors Service soon to be incorporated and corrected by the 0bama administration. Their bad attitude will not be tolerated.
I can't argue with you about this...I know that my state (Alabama) receives back $1.49 for every $1.00 sent.
I've always considered it to be because we have such a large (26%) Black population and many, many are in the federal assistance programs. It was the Feds who decided to pay people not to work or contribute, not the states. My son (Dr blam), who lives in LA, often discuss (argue) about this subject.
You all needed McClintock as governor instead of Schwarnegger.
BTW, I have relatives who live just down the road from you in Soquel.
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