But hey, the recession is easing...
1 posted on
07/03/2009 3:14:41 AM PDT by
mylife
“will you take a registered warrant?”
2 posted on
07/03/2009 3:17:08 AM PDT by
mylife
(The Roar Of The Masses Could Be Farts)
To: mylife
Get out your wheel barrows! It’s time for Arnie Bucks!
3 posted on
07/03/2009 3:20:21 AM PDT by
spikeytx86
(Pray for Democrats for they have been brainwashed by their fruity little club.)
To: mylife
These sound more like junk bonds than currency.
Once my severance runs out, I’m going to start paying in MoleMan money. That’s a currency you can bank on. (Well, you could burn it on a river bank to keep you warm.)
5 posted on
07/03/2009 3:21:34 AM PDT by
MediaMole
To: mylife
And yet, with all of this, does anyone think the damned DemocRATS will seriously consider cutting spending?
Not a chance!
8 posted on
07/03/2009 3:25:22 AM PDT by
Jimmy Valentine
(DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
To: mylife
So the IOUs are like Savings Bonds? Can individuals buy them, or just banks? (Not that I would want to invest in anything the California government has control of)
Maybe this isn't such a bad idea. In fact, why not raise taxes, with the provision that the additional tax would be repaid in full, plus a certain amount of interest, within a certain period of time? I have a feeling that most people would not mind paying the extra taxes quite so much, if they knew they would get it back with interest, in a few years. Of course, I would much rather see the state cut wasteful spending, but how likely is that to happen? Even if by some miracle we elected a Republican majority, they would never have the cajones for that.
10 posted on
07/03/2009 3:31:15 AM PDT by
giotto
To: mylife
La Raza and the ReConquista’s have won and no one sees it.
14 posted on
07/03/2009 3:35:35 AM PDT by
knarf
(I say things that are true ... I have no proof ... but they're true)
To: mylife
Will these California things survive an Article I test? These notes may fall under the several things that States bound themselves under Article I not to do, including the prohibition against making anything but United States money (or "gold and silver") legal tender.
IOW, California can't do this?
To: mylife
I would like to know how federal banking law and regulations restrict federal and state chartered banks in their treatment of these IOUs. They are not “money” so if a bank accepts an IOU must it essentially buy it from the customer in exchange for real money. Will the bank discount it as was done in the old days? And is the bank restricted in doing this? Also, a California IOU cannot possibly be covered by FDIC insurance, I would think.
19 posted on
07/03/2009 3:41:58 AM PDT by
Aldebert
To: mylife
No State shall... coin Money; emit Bills of Credit;...
24 posted on
07/03/2009 3:55:24 AM PDT by
djf
(Go tell everybody its calm before the storm Can you hear the distant thunder baby....)
To: mylife
Registered warrants are the root of all evil.
25 posted on
07/03/2009 3:57:55 AM PDT by
Mr Ramsbotham
("Baldrick, to you the Renaissance was just something that happened to other people, wasn't it?")
To: mylife
Morgan and BOA can take those warrants, buy others, bundle them into CDOs and then sell them on the exchanges maybe as Californicated CDO maturing 10/1/09.
Just think of all the MBSs that could be written off the Cali IOUs! It could ignite another round of home building.
Why, we could have infinite fiat between this and the ClownBuck. Whatta job! /s
*Yeah, it’s sarcasm.
32 posted on
07/03/2009 4:30:09 AM PDT by
OpusatFR
(Those embryos are little humans in progress. Using them for profit is slavery.)
To: mylife
Californias ingenuity poses an interesting dilemma for the Fed. The IOUs would be structured as short-term tax-free bills, but trade like cash. Banks are being asked to accept the IOUs and advance customers interest. Should the Fed sanction alternate forms of money? If they are traded like cash, this is clearly unconstitutional: it was declared such in 1830 Craig v. Missouri. The Fed notwithstanding, this was forbidden the states period. The "Consent of Congress" begins the next clause.
To: mylife
We are losing the last, best hope of mankind at a pretty fast clip here. So sorry, Mr. Madison, Mr. Jefferson, and Mr Lincoln. Nice try, but it appears a government conceived in Liberty and dedicated to the proposition that all men are created equal (a government of the people, by the people, and for the people) may be able to endure only until the evil heart of man (and the stupid heart of man) ushers in the age of Obama and his groupies.
49 posted on
07/03/2009 5:15:13 AM PDT by
olrtex
To: mylife
What is the California IOU currency or an interest bearing note? That should help not.
54 posted on
07/03/2009 5:36:14 AM PDT by
Vaduz
To: mylife
United States Constitution Article 1 Section 10: Limits on the States.
The final section of Article One outlines the limits on the powers of the States:
Section 10, Clause 1 (Contracts Clause): No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
55 posted on
07/03/2009 5:36:16 AM PDT by
broken_arrow1
(I regret that I have but one life to give for my country - Nathan Hale "Patriot")
To: mylife
I don’t know about y’all, but if California owed me money, I wouldn’t accept anything but US currency. Realistically, I should demand my payment in gold or silver or oil. Something of value.
62 posted on
07/03/2009 5:49:11 AM PDT by
meyer
( "The world is a beautiful place and worth fighting for. But not without Freedom.")
To: mylife
Is that a green shoot I’m seeing?
68 posted on
07/03/2009 6:28:12 AM PDT by
reefdiver
(So how's that HOPE & CHANGE working out for ya ?)
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