Insolvent California wants to nationalize bankrupt PG&E

American Thinker ^ | 02/15/2019 | Chriss Street

[SeekAndFind]

Gov. Gavin Newsom announced that the insolvent State of California is putting together a "Strike Team" that could move to nationalize the assets of the bankrupt PG&E utility.

Newsom told lawmakers in his State of the State speech, "We're facing hard decisions that are coming due."  In his first month in office, Newsom has been dealing with a $7-billion tax shortfall since December, $1 trillion in unfunded public employee pensions, President Trump threatening to withhold $9 billion in wildfire aid, and cancelation of the state's $98.1-billion high-speed rail boondoggle.

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Undeterred by the tsunami of grim financial challenges, the wildly progressive rookie governor trumpeted that he had convened a "Strike Team" supposedly crewed by the nation's best bankruptcy attorneys and financial experts from across the energy sector to develop a comprehensive PG&E strategy to unveil within the next 60 days. 

Many utility industry analysts believe that Newsom is scheming to have the State of California nationalize PG&E by engineering a wipeout of public shareholders and forcing holders of PG&E's $18-billion debt to take a "big principal haircut."

A webinar featuring Karol Denniston, senior bankruptcy partner in the San Francisco office of Squire Patton Boggs, highlighted that PG&E before filing its second Chapter 11 was still burdened from the aftermath of its first bankruptcy in 2001, on criminal probation for its gas line explosion in 2010, liable for $20 billion from 2017 wildfires, and liable for another $10 to $20 billion for 2018 wildfires.

[gibsonguy]

Nationalize the utilities, sound familiar?

[Captain Compassion]

What could possibly go wrong.

[Vaquero]

But who the heck is DANIEL BIER. (I don’t trust snopes, why the heck should I trust Bier?)

Easy to dismiss a quote as being misquoted. Perhaps translation from Russian can be interpreted in slightly different ways. Bourgeois and Middle Class is in my mind (and most people’s minds) interchangeably. Also a quote by someone like Lenin is probably repeated many times on the Marxist soapbox he lived to spout crap from. People tend to say the same things in slightly different ways each time but leave the meaning the same.

Here Is a source for Lenin or anyone of import.

https://www.brainyquote.com/authors/vladimir_lenin#pLlfVc14WQvTtbdr.99

[Captain Compassion]

>Nationalize or state-ize?

State-ized. Thw fwds wouldn’t touch this can of worms eith a 10 foot poll.

[Vaquero]

[RedMonqey]

"TRUMP TO GAVIN: DROP DEAD”

[fruser1]

Sounds like venezuelas nationalization of the oil industry but this is actually worse.

The only good thing here is it reveals the plans of Boris and Natasha:

Commie gov imposes insurmountable regs on utility.
Utility goes out of business.
Commie gov picks up utility at steep discount.
Commie leaders are now principals and make out like bandits while nincompoops run the utility.

If you aren’t planning for it already, get out of CA now!

[Buckeye McFrog]

If California were really about to go bankrupt I’m afraid enough Bush League Republicans would join with the Demorats to override Trump’s veto.

It’s the lesson of 2009. Show up with a terror-filled Chicken Little story of impending doom, and Congress WILL bail you out.

[FLT-bird]

Oh HELL NO! You broke it California. You pay for it.

[minnesota_bound]

So screw everyone. This is what politicians do.

[RedMonqey]

I’m afraid enough Bush League Republicans would join with the Democrats to override Trump’s veto.

If the time comes when there's enough republicans to overturn the president with 2/3s of congress, then we all deserve to be a "California Sh%thole."

The Republic is dead.

[Truthoverpower]

Took them 24 hours to fix Our power outage in Fairfax if state was with in charge would be out of power for the next 24 years and I

[dirtymac]

But I thought, or was told, that Governor J Brown and his socialist policies left CA financially stable and with billion dollars in excess cash. That was being heralded on all of the talk shows about how it can be done. Take head they are all liars.

[arthurus]

I am betting that unless DJT and the Republicans get control of the voting process they will take control in 2020. The vote fraud was almost oopen and much more widespread in 2016, just not well targeted. The SDs got away clean with it. They will go whole Hogg in 2020 with not a hell of a lot of trepidation about not being found out. With perhaps 2million illegals voting plus all the machine fraud and vote harvesting etc they can’t lose. We can’t beat that now without forcing total positive voter ID, one day only voting in physical polling places and no absentee ballots (Military can put in polling places on bases).

[catnipman]

there’s zero political or financial advantage for California to “nationalize” PG&E, and gigantic political and financial disadvantages ... PG&E currently is the perfect leftist boogeyman, but if “nationalized”, not only will it not be around for leftists to kick, but the leftists will be forced to kick the state around instead ...

the state would inherit ALL the bad will and all the financial woes of PG&E, thus a PG&E owned and operated by the state becomes a massive albatross around the neck of the state ... worse even than a $100 billion train that no one was going to ride ...