“I looked as hard as I could at how states could declare bankruptcy,” said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. “I literally looked at the federal constitution to see if there was a way for states to return to territory status.”
States are [...]
Posts Tagged ‘California budget crisis’
How bad are things in California?
The wheels are coming off, it seems
Ten Bears comments in California failin’ is becoming a reality.
Physics is everything, everything is physics. Wheels coming off implies momentum. Momentum implies a degree of anticipation of where the wheels will go.
Is it not far better to view not accounts in dusty old tomes but to live each turning page as times so interesting unfold?
Might [...]
Petty, petulant, and irrelevant: Schwarzenegger threatens to veto 700 bills unless his pet bill passes
California governor Arnold Schwarzenegger is having a infantile temper tantrum, threatening to veto 700 unrelated bills unless his bill for new dams passes. Inquiring minds want to know why his particular interest in this bill and who benefits if it passes.
The San Francisco Chronicle put it best: “Governor, you’re making yourself look petty, petulant, even [...]
California IOUs now selling as illiquid assets
Those IOUs the State of California is currently issuing join the Hall of Shame of auction-rate securities, CDOs, mortgage-backed securities and other such financial detritus on Second Market. Hey vultures, now’s the time to swoop in and buy and sell deeply dicey financial wreckage for pennies on the dollar.
Way to go, Governator and California [...]
Schwarzenegger brandishes knife talking about budget cuts. Yuk yuk.
He then chortles in a video he posted on Twitter about how the the State of California will sell cars on eBay and he’ll autograph them to boost their value. This is what now passes as reasoned political dialogue in California. Like a few extra hundred thousand dollars raised by the Governator signing a car [...]
California reaches stop-gap budget agreement
Basically, they’ve solved nothing and just drop-kicked the problems into the future.
State employees will now have three “furlough days” which works out to a 15% pay rate. The state will also take money from local governments, promising to pay it back starting in 2013. Gosh, I’m sure state workers and local governments are just thrilled [...]
California IOU vs. cash payments
The pattern is obvious, isn’t it? The powerful get cash, the weak and helpless get screwed.
California tragicomedy continues
The California budget train wreck continues with yet more days of frenzied inaction.
Just don’t go trading those IOUs unless you’re registered to trade securities, says the Feds. Plus, three major banks stopped taking the IOUs yesterday and state workers, who already have gotten a pay cut of about 15%, may well go on strike.
Schwarzenegger: What, I need a backup plan?
Today is the day the revised budget must pass the California legislature else disaster looms. Yet again.
If California’s political leaders fail to balance the state’s budget by midnight Tuesday they may need to trim about $3 billion more.
That’s because the plans by both Democratic leaders and Gov. Arnold Schwarzenegger include about $3 billion in spending [...]
California continues on its Highway to Hell
California Assembly Democrats have passed a budget package but the Governator says he’ll veto it because it raises taxes. So, how does he proposes closing the gap then? With more budget cuts?
Respected LA Times columnist George Skelton says that won’t help
Once again, Capitol politicians are fighting over how to fix the chronically bleeding state budget. [...]
The children are squabbling again
The California legislature yet again has failed to pass a balanced budget, which means the state may issue IOUs starting next week.
Is there any chance they could, y’know, all act in unison as adults, putting the state before their own narrow-minded self-interest and ideologies? Ah ha ha ha, I crack myself up…
Could ‘Latvia on the Pacific’ default on its debt
It could happen.
California has $5.7-billion in debt obligations. And while that will grow, debt occupies pride of place in California’s constitution — only education must be paid off before the next slug of cash goes to creditors. Get that? Healthcare, prisons, and other frivolities can all go to rack and ruin, but creditors must be [...]
It’s Train Wreck Day in California
Grab some popcorn and watch the madness as the state stops paying its bills and politicians continue to do nothing except blame each other. Is this Latvia yet?
Oh, wait. Maybe I should stop being snarky. I live in California.
California is broke
The California Progress Report and Rough and Tumble have continuing coverage of the continuing California budget crisis. Look, all the special interests including plenty of my own can yell and protest about how horrible the budget cuts will be. But California really doesn’t have the money. With the frozen credit markets and the state deficit, [...]
State of California adding $9.50 surcharge to local parking tickets
In his recent speech to the legislature on the budget crisis, Gov. Schwarzenegger said that since the state is supplying less money to municipalities that it needs to have less rules and oversight, and that the state needs to clean up its act so the populace trusts them again.
A real good place to start would [...]
