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California's Bailout - "California Faces Insolvency within Weeks"

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  • California's Bailout - "California Faces Insolvency within Weeks"

    The government of one of the richest areas in the history of the world is nearing insolvency.

    More imminently, the state is projected to run out of cash in weeks, which may require it to delay tax refunds and other payments starting Feb. 1. "The reality is that our state is incapacitated until we resolve the budget crisis," Mr. Schwarzenegger plans to say...

    Mr. Schwarzenegger proposed on Dec. 31 a series of controversial ways to close the budget gap. They included reducing the school year by five days and increasing the sales tax, as well as taxes on oil extraction and alcohol. The state's school chief called the plan "devastating," while Republican lawmakers have rebuffed tax increases.

    Besides the halting of construction projects, Californians will also see a reduction in state services starting next month. By the governor's order, most state offices, such as the Department of Motor Vehicles, will shut down two Fridays a month. The unpaid furloughs will cost affected state workers about 10% of their pay.

    Still, the most far-reaching impacts may come next month. State Controller John Chiang has warned that California will run out of cash by late February unless state leaders act swiftly on the budget. Otherwise, starting Feb. 1, the state may issue IOUs as tax refunds to millions of Californians. It may also issue IOUs as payment to local governments, state vendors, judges and lawmakers and their staffers.
    http://online.wsj.com/article/SB123203902648986141.html

    http://www.calculatedriskblog.com/20...nia-faces.html
    A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

    "$250,000 a year won't get me to Central Park West."

  • #2
    Re: California's Bailout - "California Faces Insolvency within Weeks"

    Darn.... maybe this will give them a chance to reevaluate the way they run their crappy state.

    Comment


    • #3
      Re: California's Bailout - "California Faces Insolvency within Weeks"

      Originally posted by Global.Cooling View Post
      Darn.... maybe this will give them a chance to reevaluate the way they run their crappy state.
      That's not funny. At all. California is in very, very deep trouble, and it could (if it isn't already) drag the rest of us right down with it.

      Comment


      • #4
        Re: California's Bailout - "California Faces Insolvency within Weeks"

        I just hope this thread isn't directed towards "Republicans being at fault"

        The construction of the tallest tower in the world, which is being done in Dubai was put on hold.

        The plan to incorporate WiFi in NYC is no more, the company which was given the contract went out of business.

        The technology world is getting hit hard, Silicon Valley which is in Cali is getting hit very hard.

        Also take a look at the below Picture.
        Randy = Ace ! - Warlab
        Level II Volunteer FireFighter
        Level I HazMat Technician
        NYS EMT-B
        Town of Mamaroneck Fire Dept.

        sigpic




        Bring On Project Reality 1.0!!!
        RSS Feeds:Bamboo | | 9/11 - Never Forget |
        Apophis - "TG was created to cater to a VERY specific type of gamer rather than trying to appeal to the greater gaming population.
        Tactical Gamer is not mainstream.
        We are not trying to attract mainstream gamers."

        Comment


        • #5
          Re: California's Bailout - "California Faces Insolvency within Weeks"

          Originally posted by AMosely View Post
          That's not funny. At all. California is in very, very deep trouble, and it could (if it isn't already) drag the rest of us right down with it.
          I was under the impression that the drug down part was already a forgone conclusion? Everything else is just piling on.
          A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

          "$250,000 a year won't get me to Central Park West."

          Comment


          • #6
            Re: California's Bailout - "California Faces Insolvency within Weeks"

            Originally posted by xTYBALTx View Post
            I was under the impression that the drug down part was already a forgone conclusion? Everything else is just piling on.
            You're probably right. I'm just trying (desperately) to be slightly optimistic.

            What a mess.

            Comment


            • #7
              Re: California's Bailout - "California Faces Insolvency within Weeks"

              Well if they had their priorities straight with spending policies they wouldn't be in this mess... Hell, everyone else for that matter! Although my state just cut spending by $2.6 Billion. We have a constitutional amendment that the lawmakers have a balanced budget.

              Comment


              • #8
                Re: California's Bailout - "California Faces Insolvency within Weeks"

                Originally posted by Global.Cooling View Post
                Well if they had their priorities straight with spending policies they wouldn't be in this mess... Hell, everyone else for that matter! Although my state just cut spending by $2.6 Billion. We have a constitutional amendment that the lawmakers have a balanced budget.
                Instead of pointing the finger in a negative way, try and think of the people who are going to be affected, Mosely was right on in thinking in a optimistic way, there are many residents of California who are apart of the TG community, think of them, and their families and of others, rather then right away saying
                "Well they should have had their priorities in straight"
                Randy = Ace ! - Warlab
                Level II Volunteer FireFighter
                Level I HazMat Technician
                NYS EMT-B
                Town of Mamaroneck Fire Dept.

                sigpic




                Bring On Project Reality 1.0!!!
                RSS Feeds:Bamboo | | 9/11 - Never Forget |
                Apophis - "TG was created to cater to a VERY specific type of gamer rather than trying to appeal to the greater gaming population.
                Tactical Gamer is not mainstream.
                We are not trying to attract mainstream gamers."

                Comment


                • #9
                  Re: California's Bailout - "California Faces Insolvency within Weeks"

                  California is a wonderful and beautiful state, which of course, has it's own set of problems. Namely those who live "richly" yet cannot maintain that standard of living.

                  The daily expense involved in living in the state, and the equally-exorbitant cost of doing business, is a part of the state's budget issue. With the other part simply being bad management. A lot of public aid I believe does go out of that state ['s budget] which is also part of the problem. Heck, it was always MUCH more difficult to get any state aid in Michigan (even 10 years ago) than California, despite being a much more inexpensive state to live in.

                  Although California at least SEEMED to be in a healthier state-of-economy than Michigan, it looks now as if that's actually not the case.

                  So I guess I just ran from one nearly-bankrupt state, back home to another. So lovely :) But Cali has always had the advantage of a more diverse economy, and a much stronger small-business sector. Michigan does not, but has tremendous potential to diversify. Especially with extending science programs and whatnot, from great colleges like UofM.

                  Sorry for the comparison, I'm just trying to frame the situation in my mind from someone who spent the past 6 years in that state, and fled back to his home state.
                  "But way back where I come from, we never mean to bother. We don't like to make our passions other peoples' concern." -Dar Williams
                  Former Captain of the 55th Infantry Division

                  Comment


                  • #10
                    Re: California's Bailout - "California Faces Insolvency within Weeks"

                    Originally posted by Delta*RandyShugart* View Post
                    Instead of pointing the finger in a negative way, try and think of the people who are going to be affected, Mosely was right on in thinking in a optimistic way, there are many residents of California who are apart of the TG community, think of them, and their families and of others, rather then right away saying
                    "Well they should have had their priorities in straight"
                    Sometimes failure is good.

                    It gives you a chance to reevaluate the situation. It allows you to analyze and learn from your mistakes. Maybe when they get back in business they can start trimming their spending and ending some entitlement programs.

                    P.S. Thanks for the negative REP it made me laugh.

                    Comment


                    • #11
                      Re: California's Bailout - "California Faces Insolvency within Weeks"

                      Originally posted by Global.Cooling View Post
                      Sometimes failure is good.

                      It gives you a chance to reevaluate the situation. It allows you to analyze and learn from your mistakes. Maybe when they get back in business they can start trimming their spending and ending some entitlement programs.

                      P.S. Thanks for the negative REP it made me laugh.
                      Instead of saying the word, i am going to hold my what i really want to say, and give you a scene from a movie.

                      But IMHO that response is the same response Kevin Costner's character tells the umpire before he's ejected from the minor league ball game in Bull Durham in regards to a call the ump made.
                      Randy = Ace ! - Warlab
                      Level II Volunteer FireFighter
                      Level I HazMat Technician
                      NYS EMT-B
                      Town of Mamaroneck Fire Dept.

                      sigpic




                      Bring On Project Reality 1.0!!!
                      RSS Feeds:Bamboo | | 9/11 - Never Forget |
                      Apophis - "TG was created to cater to a VERY specific type of gamer rather than trying to appeal to the greater gaming population.
                      Tactical Gamer is not mainstream.
                      We are not trying to attract mainstream gamers."

                      Comment


                      • #12
                        Re: California's Bailout - "California Faces Insolvency within Weeks"

                        Um ok... not familiar with that scene....

                        Anyways... back to the topic...

                        Comment


                        • #13
                          Re: California's Bailout - "California Faces Insolvency within Weeks"

                          Where is the accountability? Sounds like the partisan blame game again. Now they want to take Joe the plumbers measly tax refund check. Shame.

                          Comment


                          • #14
                            Re: California's Bailout - "California Faces Insolvency within Weeks"

                            Originally posted by Delta*RandyShugart* View Post
                            Instead of pointing the finger in a negative way, try and think of the people who are going to be affected, Mosely was right on in thinking in a optimistic way, there are many residents of California who are apart of the TG community, think of them, and their families and of others, rather then right away saying
                            "Well they should have had their priorities in straight"
                            Be consistent, give a damn about all people or don't give a damn about any, picking and choosing those whom you do/dont care about based on geographic, religious or ethnic criteria invalidates your opinion.

                            Comment


                            • #15
                              Re: California's Bailout - "California Faces Insolvency within Weeks"

                              A few facts about Cali and taxes:
                              As of 2007, the gross state product (GSP) is about $1.812 trillion, the largest in the United States. California is responsible for 13 percent of the United States gross domestic product (GDP). As of 2006, California's GDP is larger than all but eight countries in the world (all but eleven countries by Purchasing Power Parity).

                              State spending increased from $56 billion in 1998 to $131 billion in 2008.

                              Many coastal cities include some of the wealthiest per-capita areas in the U.S.

                              In 2008 California had the 6th highest tax burden of the fifty states.
                              In ten years they more than doubled their state spending..... Hmmm, could that be the problem?

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