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California Sends IOUs
California's fiscal emergency deepened Thursday with the announcement that the state will send nearly 30,000 IOUs to its creditors, reports the San Jose Mercury News. Recipients will receive 3.75 percent interest on their notes. Though unconventional, IOUs—formally called registered warrants—are not unprecedented for California; the last time they used the was in 1992. At a news conference, Gov. Arnold Schwarzenegger said the state's budgetary woes are the fault of Democrats who insist on prioritizing labor support instead of the state's fiscal needs, whereas Democrats say Schwarzenegger is pushing for too ambitious a budget. "We don't have the money to pay our bills," the governor said. "It's a sad story."
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I am so LMAO over this, we were sitting around this evening and discussing the true worth of an IOU as an instrument of trade! LOL If those IOU's were bought up by people outside of Cali then the holders would get their money. Of course there is no maturity date or forward value or interest but the novelty might be cool. Then again, if your name isn't on the paper then you can't get the money! I had no idea the gov't was so intertwined in the economy there! I thought Cali was a bastion of free and easy money, Hollywood and all that. What a mess and one to blame on Dems with a RINO in office. Pitiful, all of it.
Mirrors on the ceiling,
The pink champagne on ice
And she said %uFFFDwe are all just prisoners here, of our own device%uFFFD
The Eagles
Of course there's still a bastion of free and easy money here. As long as your illegal, on welfare, or in a union it's free free free..
What the Dems have accomplished in Cali they are trying desperately to instill coast to coast. That liberal philosophy MUST be stopped.
The IOU rap
We don't shred no paper, we don't even get down like that
You looking hot and all that LA, but you know
We just blow the back, get it smacked, and that's that
And it's a wrap.. you dig? I'm still checking for you though
Hahaha, I.O.U. 'Maybe I owe you something'
--Inspectah Deck
Why doesn't governator just donate his royalties to the state budget? That would cover a good chunk of the defecit.
Here's his new line....."I'll pay you back"
ba dum....chhhh
Unfortunately for us, California is the governing model for the Obama administration.
Get used to it. With Barack Obama as our President, pretty soon we'll all be Californians.
This comment has been removed by The Daily Beast's editors.
Big Democrat unions control everything in California to the extent where private businesses and the middle class have left the state. The number one employer in California is the state. You cannot have a public sector without a private sector. It's a ponzi scheme. Freaking Republicans? No. Not enough Republicans.
That's exactly how they want it, gov't is the biggest employer, they can protect their jobs and the hell with everyone else. Money grab no matter where you go. We are done if California is any indication.
Uh, Jake, from one dog to another: Private businesses and the middle class have not left the state. Private businesses have simply morphed into Big business, and the middle class is simply disappearing as the state becomes more and more polarized between the boys with the bucks, and the poor boys.
By the way, again just one dog to another, if the unions are the cause of all of California's financial problems, why does the oil industry say the price of fuel in California has to be exhorbitant because of all the clean-air regulations? The price of food has to be higher than the rest of the nation because ...? Oh, must be because California exports its produce to the other states, and has to then bring it back, this results in additional transportation expense.
Also, dog-to-dog, the largest employer in the entire nation is the U.S. Government, which has been expanded by every president regardless of party-affiliation.
So, the problem isn't really whether there are too many Democrats or Republicans, the problem is that the politicians have buggered it all up, and the politicians are incapable of un-buggering it.
But don't worry, in the end the U.S. Treasury will eventually bail out California, just like it has bailed out the Big Banks. In fact, look for Bank-friendly legislation to become more prominent in the Golden State, as its public holdings, land and the like will become privatized, and part of Goldman Sachs.
This comment has been removed by The Daily Beast's editors.
This comment has been removed by The Daily Beast's editors.
I think you have a rather skewed view of what's happening.
I was just joking about the food export/import deal.
A gallon of milk costs much more in California
than anywhere else in the country, along with
gasoline, bottled water, real estate, and just
about everything else. Why is that, exactly?
Plus, given the fact that there is more cash
circulating throughout California than pretty
much anyywhere else, shouldn't the State
be able to siphon off its fair share?
If that share is excessive, then it would not
be "fair"; but if it were a fair amount, and the
State was unable to manage its financial
situation appropriately, then the
blame sits squarely at the feet of the politicians.
Think about this though, what would happen to our
country's union if one of its states should fail, much
less if its most important state were to fail?
The Golden state is tarnished with debt.The mother load has ran out of gold.Its Very sad for my state which is a prison state.That spends alot of money to house inmate's and not only that The illegal worker who sends money out of state back to mexico.hurts california because the money does'nt get put back into the system or they work without paying into the system period .Its calld under the table......! something has to give which one I do not know.
All the gold in California Is in a bank in the middle of Beverly Hills in somebody else's name
Larry Gatlin
As goes CA so goes the country. Forget GM.
http://blogdredd.blogspot.com/2009/05/california-gold-blush.html
Hey California!
¿Cómo está esa elaboración de la cosa de la inmigración ilegal para usted?
So Arnie...how's that whole free-market thing working for ya?
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Don't you mean American Talaban?
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