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California Runs Out Of Money Again, Comes Begging To Wall Street
ZeroHedge ^ | 7/14/2011 | Tyler Durden

Posted on 07/14/2011 10:24:07 AM PDT by mojito

First New Jersey, now California. The cash-strapped state, which begged for, and got, a "bridge" loan from JP Morgan as recently as October 2010 (the same bank that recently bailed out Chris Christie), is asking for another bridge to the old bridge loan, ergo a "bridge bridge" loan. The excuse: the potential upcoming government shutdown, which would lock California out of the muni market. Surely the fact that it already has little to no cash left was not a part of the equation.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; US: California
KEYWORDS: california; jerryskids
And for a Golden State update...

Title shortened for space reasons.

Full title: California Runs Out Of Money Again, Comes Begging To Wall Street As Moody's Threatens To Go Nuclear On Muni Market

1 posted on 07/14/2011 10:24:16 AM PDT by mojito
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To: mojito
Stop paying out money to illegals who have never contributed one dime and the problem would be solved. So many people want the government to take care of them. Talk about slavery. Obama has created one big plantation, and most of the “takers” are too ignorant to realize it.
2 posted on 07/14/2011 10:28:11 AM PDT by beethoven
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To: mojito

Wall Street will give them the money, knowing they can come begging to the federal government (ie, us taxpayers) for a bailout when California defaults on the loan.


3 posted on 07/14/2011 10:29:42 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: beethoven

Brilliant, you just articulated the real problem. Its us, we’re the problem. The elected pols merely reflect what we want, they’re doing exactly what they were sent to do. Until we curb our appetites for someone else’s $ then things will really change.


4 posted on 07/14/2011 10:30:53 AM PDT by 556x45
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To: mojito
CA could open up for offshore drilling, cut all payments to illegals and have lots of new cash.
5 posted on 07/14/2011 10:33:37 AM PDT by JPG (Palin '12)
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To: mojito
What a 'Kalifornia' bridge loan would look like if it was really a bridge!

Jiaozhou Bay Bridge

6 posted on 07/14/2011 10:41:59 AM PDT by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: mojito

California received a bridge loan? To where? Hawaii?


7 posted on 07/14/2011 10:42:26 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: mojito

Gee, all last week I’ve been reading about how Brown has amazingly turned things around for CA and they’re on the road to prosperity. What happened?


8 posted on 07/14/2011 10:54:30 AM PDT by Cementjungle
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To: Cementjungle
What happened?

Carmeggedon!!

9 posted on 07/14/2011 10:59:40 AM PDT by HOYA97 (twitter @hoya97)
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To: beethoven

“Stop paying out money to illegals who have never contributed one dime”

b b b b buttt, illegals... I mean undocumented victims... all pay their taxes and get nothing in return!!!! Haven’t you read the articles and seen the news stories? They contribute so much to our economy, and all they ask for is a job, nothing else!!!!!

/sarcasm


10 posted on 07/14/2011 11:05:59 AM PDT by esoxmagnum (The rats have been trained to pull the D voting lever to get their little food pellet)
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To: mojito

It’s like a drug addict family member contacting a distant relative that they never cared about to ask for money because they’ve alienated everyone else.


11 posted on 07/14/2011 11:09:10 AM PDT by SpaceBar
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To: mojito

“The excuse: the potential upcoming government shutdown”

or, if you read the whole article- it’s at the bottom, that federal payments to California will not be made.

That’s the great part of holding out for real cuts- if no deal is made then cuts are automatic.


12 posted on 07/14/2011 11:14:58 AM PDT by mrsmith
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To: mojito

The retread liberal governor can’t solve a problem rooted in liberal policies? SHOCKA!

Hope CA’s 8/2/11 is a blast.


13 posted on 07/14/2011 11:17:41 AM PDT by Made In The USA (This post may be recorded for quality purposes.)
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To: Kartographer

14 posted on 07/14/2011 11:23:37 AM PDT by UCANSEE2 (Lame and ill-informed post)
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To: mojito

Why doesn’t California embrace the new liberal economics? They have plenty of printing presses out there, why don’t they just print money like the fed does? Getting out of debt is easy.


15 posted on 07/14/2011 11:45:16 AM PDT by Mind-numbed Robot (I retain the right to be inconsistent, contradictory and even flat-out wrong!)
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To: Opinionated Blowhard

That will NEVER happen..the GOP House will never go for it..


16 posted on 07/14/2011 1:58:33 PM PDT by ken5050 (Save the earth..it's the ONLY planet with CHOCOLATE!!!)
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