California....what happened?

Quote from duffman:
At the height of the internet bubble when California was flush with revenue, Gray Davis increased spending on the assumption that this trend would continue. Many of these contracts were backloaded and are punishing us now. Take a look at revenues and expenditures for California over the last ten years and you will see this.
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I recently heard Sarah Palin basically saying the same thing about the oil in Alaska. But she said when oil was $100+ that she didn’t give into the state legislature’s demands to spend money and instead put it into a rainy day fund. At $40, I wonder how much they’re making now. Of course she’ll get no credit whatsoever for this.
 
Quote from Sandybestdog:

I recently heard Sarah Palin basically saying the same thing about the oil in Alaska. But she said when oil was $100+ that she didn’t give into the state legislature’s demands to spend money and instead put it into a rainy day fund. At $40, I wonder how much they’re making now. Of course she’ll get no credit whatsoever for this.
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"Rainy day fund"? What a stupid concept!
 
Quote from gnome:

"Rainy day fund"? What a stupid concept!
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It is what John Maynard Keynes said that gov't should do in good times, but the Keynsians must have decided that that part of his theory was too difficult (i.e., doesn't get votes).
 
Quote from gnome:"Rainy day fund"? What a stupid concept!
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Call it whatever you want. She rejected the idea of spending the excess cash knowing that $100+ oil might not last. Whether this was good planning or just coincidence, I guess we’ll never know. It’s a good rule for everybody to follow. Don’t expect that the good times will keep on going. You don’t think the Saudi’s know about this?
 
Quote from Mike805:


Nobody seems to have mentioned that Enron fucked this state out of about 30 billion (some estimates are higher) during those fabricated "rolling" blackouts.

That's what put us into debt in the first place and got Davis essentially thrown out of office.
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enron screwed a lot of people not just californians, but why is california in the most dire straits of all now (except maybe louisiana, but they have a slightly more legitimate excuse)
 
Quote from EMRGLOBAL:

LA TIMES ( READ IT) this past weekend, had a break down of just LA Proper.

Huge illegal imigration issue.

40% of the population does not pay taxes.
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if they mean 40% of the total population, that's not so unbelievably bad since it includes children, who make up about 28% of the population. the remaining 10%+ are deadbeats. wish we could ship them off to afghanistan to defuse roadside bombs or do something useful.
 
Quote from Stosh:

Funny how the liberal left seemed to stay away from this thread. Seems like they should be able to blame it on somebody.......maybe it was Bush's fault. Stosh
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Damn right

I would like to see him and his gang out on the streets with brooms helping clear up
 
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