loosecannon
Senior Member
- May 7, 2007
- 4,888
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is there a choice?
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IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
Yes...well CA has the highest debt to spending ratio in the nation.
It will have to be bailed out by the rest of the states or you will bo bankrupt.
Yeah...loose...healthy economy..
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
Serious? CA has lost a lot of businesses that have moved to other states. These aren't businesses going dying, these are relatively healthy businesses saying to hell with CA business unfriendly environment. That trend is going to continue, since CA continues to put big government, big spending, illegal immigrant loving, business unfriendly politicians into their state government.
http://www.usmessageboard.com/3122800-post1.html
In 1990 CA real estate lost 50% of it's value in one year, 20% of the people moved out of state.......
But ten years later we were roaring forward again
As soon as we figure out how to forcefully restructure our obligations to our employees and break the gridlock in the legislature we will be fine. IF there is a state in the nation that can be an engine of growth it is CA.
You know they said that about Greece, and Portugal, and Ireland and Spain and even Iceland and so far it hasn't been too big a deal.
In fact Greece has been in default more than half the time since it was founded. It doesn't seem to be that big a deal.
we aren't talking about the US, we are talking about IL, CA, MI etc.
CA doesn't need a bailout. We need a mean and nasty judge. One who despises socialism.
we aren't talking about the US, we are talking about IL, CA, MI etc.
CA doesn't need a bailout. We need a mean and nasty judge. One who despises socialism.
I am wondering tho>...
Are ya'll more worried about what happens to the:
>Bondholders who may get bilked
>the states themselves
>or the folks whose pensions may get raided coast to coast
>the overall effect on the economy
?
we aren't talking about the US, we are talking about IL, CA, MI etc.
CA doesn't need a bailout. We need a mean and nasty judge. One who despises socialism.
I am wondering tho>...
Are ya'll more worried about what happens to the:
>Bondholders who may get bilked
>the states themselves
>or the folks whose pensions may get raided coast to coast
>the overall effect on the economy
?
There is nobody big enough to bail out California except the US.
That won't happen.
Jerry Brown doesn't have the balls to do anything but try and tax his way out of this.
we aren't talking about the US, we are talking about IL, CA, MI etc.
CA doesn't need a bailout. We need a mean and nasty judge. One who despises socialism.
we have bailed out how many? and for how much? We simply cannot roll on another 3- 500 Billion dollars for another one.
I am worried about D. If that market erupts int. any 'recovery' is postponed for how long....?
A CA bailout much less an IL or MI bailout will not be funded by the house. With IL already at the plate the GOP would love to see the Dems destroy their base through back stabbing the public service unions. CA and MI are next up for passing through the default/bankruptcy sausage machine.
The Valley That Jobs Forgot
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posted at 11:35 am on December 31, 2010 by Ed Morrissey
If one had to guess where unemployment is highest in the US, most would probably suggest Detroit or Michigan as a whole. Others who paid attention to the midterm elections would know that Nevada surpassed Michigan as the state with the highest unemployment rate about mid-year. Others might guess Florida. However, in terms of metropolitan areas with the highest levels of joblessness, a new survey by the Birmingham Business Journal shows that Californias Central Valley is the epicenter for unemployment.
Verum Serum discovered this while analyzing the data and noting the incredible concentration of joblessness in the country:
The first thing that strikes me is how heavily concentrated the worst unemployment is. 22 of the 35 metro areas with the worst unemployment are either in California or Florida. Three of the remaining 13 are in Michigan.
But the concentration within the concentration clearly shows the Central Valley as the worst area for jobs. Nine of the top 10 metro jobless rates in the nation are California, and seven are in Californias Central Valley:
* El Centro, CA 29.3% (east of San Diego near border with Mexico)Four of the next five after that are in central California as well, with #15 being the Riverside-San Bernardino area, not necessarily considered a Central Valley locale but also an area of significant agricultural production in normal times.
* Yuma, AZ 26.7%
* Yuba City, CA 17.8%
* Merced, CA 16.3%
* Stockton, CA 16.3%
* Modesto, CA 16.2%
* Visalia-Porterville, CA 15.9%
* Fresno, CA 15.7%
* Palm Coast, FL 15.5%
* Hanford Corcoran, CA 15.0%
Why has California become the epicenter of unemployment? While Michigan and Florida have a mix of problems, including (in Michigans case) a history of bad management decisions on labor contracts, Californias Central Valley woes are entirely a government creation. As I wrote yesterday, the decision by a federal judge to cut off water supplies to an area that literally fed the world turned the Central Valley from an agricultural export powerhouse to a center of starvation within two years. Congress has refused to act to reverse this decision, and as a result, almost a quarter of the families in the area now need government assistance to feed themselves while living on some of the most productive land in the world.
John at VS concludes that the federal government can take just three actions to address these concentrations of chronic joblessness: Control the border, turn on the water in the central valley, and prevent unions from negotiating any more devastating contracts like the ones that almost destroyed the nations auto industry. Turning the water back on to the Central Valley is the easiest and quickest of the three, and unlike the labor-management relationship in (what used to be) a private industry, falls entirely within the purview of the federal government, thanks to the much-abused Endangered Species Act. Until Congress turns the water back on to this breadbasket to the nation, nothing they do on joblessness can be taken seriously.
Why do they want more?I was thinking about this.
Why would they borrow $3billion more than they need?
Then it hit me.
They KNOW they will wast $3 Billion just trying, and failing, to pay it off. They know they will waste it, so they are borrowing more to cover the waste.
I'm 100% certain they will end up owing WAY more than they will let on.