[Ernest_at_the_Beach]

Thanks for the ping!

Davis is pulling out all the stops!

calgov2002:

calgov2002: for old calgov2002 articles. 

calgov2002: for new calgov2002 articles. 

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[Grampa Dave]

Well, kindly old grampa Dave, the warm and cuddly gramps in the Wine Country has been warning about Davis and his bonds for about a year now. First this week, Herr Davis tried to extort his Indian buddies who own casinos. They have found out how expensive it is to give Davis money. Now he is trying to extort more money from them. Now Davis is telling every loyal teacher who voted at least twice for him to drop their pants down to their ankles to prepare for BOHICA as they are about find out what an Indian giver Herr Davis is. BOHICA is coming to every teacher in Kali and no vaseline is available due to the budget problems.

Now for some quotes from this article: Gov. Gray Davis is proposing to help close the state's budget gap by selling $1.5 billion worth of pension obligation bonds and using the proceeds to make its annual contribution to the giant retirement plans for state employees and teachers.

Generally, states aren't supposed to sell long-term bonds to finance continuing costs, such as annual pension-plan contributions. It's kind of like taking out a home equity loan to buy groceries.

Pension obligation bonds are not permitted under California law. But the state Legislature could pass a new law to allow them, says Molly Arnold, a deputy state attorney general.

As an alternative to selling bonds, Davis also has proposed borrowing the money the state needs to pay the pension plans from the pension plans themselves. ============================================================

Isn't the unnamed agency in charge of these pension plans, the famous Cal Pers?