[jiggyboy]

Apparently the IOUs that were issued are tranferable. They are now being bargained for pennies on the dollar.

I'm seeing 70c to 95c on LA craigslist: http://losangeles.craigslist.org/search/sss?query=california+iou&minAsk=min&maxAsk=max

If I needed to pay a lot of money to some state office, I'd be happy to buy what I needed at face value to help out somebody who needed to sell them, but I would do it only as a three-person transaction right at the state office in question (in fact I might try this at the DMV later this month). And that's because I don't trust the state to pay me as a third party in October.

Also, and this may be more quixotic justification than anything else, enabling a market for these things allows the system to continue to limp along. It must fail!

[Jacquerie]

Taxpayers due refunds on their CA income taxes are given IOUs.

I better understand now why people go postal.

[Frantzie]

This is third world sh**t when you have IOUs trading on the black market. Zimbabwe here we come. CA can take down the whole country as long as the illegals are protected.