Posted on 10/03/2008 5:47:23 AM PDT by rabscuttle385
SACRAMENTO -- California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.
(Excerpt) Read more at latimes.com ...
Drill Arnold or shut up
I live here, and I hope the Feds tell CA to pound sand.
California is trending wrong, in just about everything.
The state is well and truly lost. The only question is when, and how, the collapse happens.
The rest of America should only be concerned with preventing Mexico from actually taking back the state a-la Santa Ana.
Otherwise, let all the liberal policies work.
To the end... It will be messy. A lot of people will move out of the state.
Real estate will collapse, to such an extent as to re-write history books. Social order will probably become somewhat less orderly, in the larger cities.
Finally the state will go truly bankrupt. Some of the worst spending mistakes will be corrected. The budgeting process will be improved. And 10 years from now, the state will get back on its feet.
Then. Some of us will move (back) in. :)
Rodney, you deserve a time out for that. (snicker)
Ask Mexico for the loan, Arnie.
This makes me SOOO angry. Politicians are out there telling us WE have to tighten our belts and that they’re even going to raise our taxes because of the deficit. Then they spend their states into oblivion. Why don’t the governments EVER tighten their belts? It’s always “gimme, gimme, gimme” and then when they spend it all AND MORE, they come back with more “gimme, gimme, gimme”.
We need a taxpayer revolt and a complete house cleaning at all levels of government - pronto.
How about this, Arnie. CUT SPENDING NOW!
Who else do we need to bail out?
This time its different. They can hang on the coat tails of the make believe financial crisis. Citibank bluff was just exposed by Wells Fargo.
That's a classic!
The fifth largest economy in the world is going broke?
I say let the state fail. California government is too big. Let them cut it. Terminate some employees Arnold and if you have individuals who won’t fire anyone or cut the pay as you instruct then have them arrested. Liberals always want something for nothing. I think it is time we give them nothing.
The mexicali Assembly and Senate will keep spending.
Too friggin’ bad, Arnie! Cut spending!!
I seem to remember back when was running for Governor he was saying (paraphrased) “I am going ta lower da tahses on bidnesses und bring dem bahk ta Callifourneeya und tings und stuff like dat”
What happened Ahnold?
Answer = CUT SPENDING!
Cali lost a 2007 legal battle over selling bonds to raise money for the public employees pension fund "CalPers"---- CalPers is holding a lot of “hedge fund securities” backed by "funny mortgages." Mortgages handed out like candy to unqualified----probably illegal--- borrowers.
SOME OF ARNOLD'S ATROCITIES:
1) Whole-hog spending (showering illegals with state monies to get votes)
2) Setting state and national records for borrowing
3) Deferred payment or refused to recognize significant, long term liabilities.
4) Dramatically increased per capita taxation on California residents
5) Announced plans to illegally tax Californians twice for basic services.
6) Global stupidity---entered into treaties with foreign/sovereign gov'ts supported by domestic taxation.
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REFERENCE State loses legal battle over pension bonds AP via Bakersfield Californian | 7/3/07 | By Aaron C. Davis -
FR Posted on 07/03/2007 by NormsRevenge
Gov. Arnold Schwarzenegger's administration lost a long-running court battle over its plan to sell bonds to cover the state's public employee pension costs. The ruling could complicate negotiations over the state's already overdue budget. Republican lawmakers are holding up the $104 billion spending plan in part because they believe it will leave California with an unmanageably large budget deficit next year.
Tuesday's ruling may only add to that concern, depriving the state of more than $500 million to help close the estimated $5 billion-plus deficit in the 2008-09 budget year. Schwarzenegger and Democratic leaders have proposed balancing the current, 2007-08 fiscal year budget with billions of dollars from a prior-year tax windfall.
That money will run out by the time officials begin drafting the budget that begins on July 1, 2008.
Consumer rights and anti-tax groups praised Tuesday's ruling. They said it set an important precedent limiting the state's ability to borrow money to pay ongoing expenses without voter approval. "If they had gotten permission to do this, we could have seen massive deficit spending," said Harold Johnson, an attorney for the Pacific Legal Foundation, which fought the bonds. "It's a big victory and a sobering message for the spendthrifts in the Legislature. They can't use the credit card to cover ongoing costs of government." --SNIP--
One of the first of many hands that will be held out for the “gifts” of our benevolent government.
Outstanding!! LOL...and no, I won't call you Rodney!
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