California is in default!

[Neubarth]

CALIFORNIA IS IN DEFAULT!


By issuing IOU's, they are in legal default on short term debt. Technically, those creditors can take the state into Federal Bankruptcy Court to get payment. With the economy rapidly collapsing week after week, the revenue to the state is rapidly collapsing, too.

Unemployed people do not pay taxes like employed people and well over 20 percent of the workforce population in California is not working with still further unemployment projected for years to come in this Depression. California has felt the full force of the Depression, and is falling apart. Not only the state, but the County and City governments too.

This, of course, underscores how fragile California's debt situation is. They could go under at any time, and cause horrific damage to the National Economy.

Other states will follow. We are going down, and we can not stop the momentum.

 

[JenT]

I'd like to see us relax the laws on tent communities for the homeless, we're going to need them.

 

[xsited1]

Obama will bail-out California, but he'll need to replace the governor with a politician that has a (D) at the end of their name.

 

[hjmick]

Just counting the days untilI pack up and vacate this state...

It's been on a down hill slide since 1978...

 

[JenT]

Obama will bail-out California, but he'll need to replace the governor with a politician that has a (D) at the end of their name.

If he does, it just puts us deeper into debt.

I blame our recalled Gov. Davis and all the voters that voted against all of Gov. Schwarzeneggar's proposals trying to fix the problem ever since he got into office.

Not a whole lot of sympathy for him since he betrayed all the voters that voted against gay marriage.

 

[Midnight Marauder]

Obama said he didn't want to repeat the "failed policies of the past" but someone forgot to tell him to take a look at how California's destroyed their own economy by the very same tax and spend nonsense Obama's doing.

Look no further than California to see where the country's headed.

 

[HippieChick75]

CA is going down fast. It is like a plague, an epidemic. The entire state is going to collapse yet the city and government officials are doing what they do best out here in CA ~ acting. Acting like everything is business as usual, acting like there is no reason to panic, acting like we are not riding a sinking ship that is in fact going to take our nation down. I actually am seeing articles, slogans, and signs telling the American consumer they deserve to spend, need to spend, have to spend........Gotta love the golden state.

Hippie Chick

 

[Toro]

lol awesome

what a basket case.

 

[wimpy77]

what's the basket case?

 

[Neubarth]

I'd like to see us relax the laws on tent communities for the homeless, we're going to need them.

Hoovervilles......!

Where is General MacArther when you need him? Bonus Army or not, we will need to disburse those shanty towns before they cause serious health problems. Tent Cities never have adaquate public facilities and are breeding grounds for pestilence and plague.