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BREAKING: CA credit rating now junk.
1 posted on 07/06/2009 2:08:29 PM PDT by anniegetyourgun
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To: anniegetyourgun

Right on schedule.


2 posted on 07/06/2009 2:10:37 PM PDT by Miss Behave (OMG, my tagline is stalking me.)
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To: anniegetyourgun

When the bank starts holding your checks, you are in serious trouble.


3 posted on 07/06/2009 2:10:37 PM PDT by GonzoGOP (There are millions of paranoid people in the world, and they are all out to get me.)
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To: wafflehouse; Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; ...
Per the UCC (via Wikipedia), IOUs (in California, registered warrants) are not considered negotiable instruments, so it's a wonder that the banks are accepting them for deposit at all. Certainly, availability of funds is not governed by the Fed's Reg CC.
4 posted on 07/06/2009 2:15:16 PM PDT by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: anniegetyourgun
So what's the latest poop with BoA?

The Kenyan owns Government Motors. He fixed it so the auto union will own it in a few years.

Hussein owns a big chunk of Bank of America. Unions paid The Obammunist a lot of bucks. The Service Employees International Union owns stock in B of A. SEIU wants to unionize banks.

Connect the dots.

yitbos

5 posted on 07/06/2009 2:15:17 PM PDT by bruinbirdman ("Those who control language control minds.")
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To: SmithL

Pinging you, L.


7 posted on 07/06/2009 2:16:15 PM PDT by Miss Behave (OMG, my tagline is stalking me.)
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To: anniegetyourgun

“Bank of America will accept California IOUs, but it won’t credit depositor accounts for at least a week.”

Ok, I’m confused. This sounds a lot like a laundering scheme or a debt rollover or something.


8 posted on 07/06/2009 2:17:49 PM PDT by DonaldC
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To: anniegetyourgun

B of A used to be headquartered in California, but that changed 5 or so years ago —does anyone now know where they’re based?

Does anyone here doubt that part of BofA’s decision had something to do with the fact that they left California? That if they had stayed, that they would have come under higher pressure to simply deposit the IOU’s...?


11 posted on 07/06/2009 2:20:18 PM PDT by gaijin
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To: anniegetyourgun

I am so glad I no longer live in the Communits state of California.


13 posted on 07/06/2009 2:21:40 PM PDT by Danae (Conservative does not equal Republican. Conservative does not compromise.)
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To: Travis McGee; TigerLikesRooster; sickoflibs

Looks like California is really f-ed this time around.


16 posted on 07/06/2009 2:22:43 PM PDT by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: anniegetyourgun

The bottom feeders are starting to appear on craigslist:

http://sfbay.craigslist.org/search/sss?query=california+iou&minAsk=min&maxAsk=max

My car registration is coming due. I have put the word out to my local friends that I would like to try to pay it with an IOU, and that I will write up the details of the transaction (or, as I believe is more likely, the refusal) for the local papers (SF Chronicle, SJ Mercury News).


28 posted on 07/06/2009 2:36:49 PM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: anniegetyourgun


34 posted on 07/06/2009 2:49:18 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: anniegetyourgun

I smell bailout.


35 posted on 07/06/2009 2:49:46 PM PDT by Carismar
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To: anniegetyourgun

Why only a 7-day hold. Does the bank expect cash available by then?


36 posted on 07/06/2009 2:53:20 PM PDT by silverleaf (Save the earth. It's the only planet with chocolate!)
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To: anniegetyourgun

Note also you have to be a B of A customer. Min checking a/cfee = $10/mo


38 posted on 07/06/2009 2:54:30 PM PDT by Selene
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To: anniegetyourgun

BoA will be bailed out by the Federal Reserve/Government
This is how they will funnel money to California government, indirectly


54 posted on 07/06/2009 3:56:34 PM PDT by 4rcane
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