The Worlds 10th largest economy (California) goes into default tommorrow (7/1/09)
- Thread starter peilthetraveler
- Start date
The One is just making CA sweat a little. There's no end in sight for bailouts:
Freddie Mac receives additional $6.1B from gov't
NEW YORK (AP) -- Battered mortgage giant Freddie Mac has received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities.
The Federal Housing Finance Agency, which has been operating Freddie Mac since last fall, requested the funds for Freddie Mac after the mortgage firm's liabilities exceeded its assets by more than $6 billion.
After drawing the funds, Freddie Mac has now received $51.7 billion from the Treasury Department and still has access to an additional $149.3 billion to help it finance operations.
McLean, Va.-based Freddie Mac nearly collapsed last fall amid the growing credit crisis, weighed down by rising mortgage defaults and deterioration in the housing market.
http://finance.yahoo.com/news/Fredd...tml?x=0&sec=topStories&pos=main&asset=&ccode=
50 B down the tubes, 150 B more to go just for these guys.
From what i understand so far of what they plan to do is add a 1.50 tax on a pack of cigarettes and another 9.9% tax on gas. Arnold was also talking a few weeks ago about selling things that generate income for CA like those concert arenas and such.
I've always been saying "cut education" but apparently there is something in the CA constitution that prevents this. So it seems we actually have an incurable cancer.
I only see 3 possible outcomes for CA.
1. We just never pay these IOUs, and people start moving out of CA so there is less income so this issue more IOUs (death spiral)
2. Federal Gov. bails out CA and the party keeps going a little longer
3. CA just waits for hyperinflation to hurry its ass up so CA can pay its bills.
I've always been saying "cut education" but apparently there is something in the CA constitution that prevents this. So it seems we actually have an incurable cancer.
I only see 3 possible outcomes for CA.
1. We just never pay these IOUs, and people start moving out of CA so there is less income so this issue more IOUs (death spiral)
2. Federal Gov. bails out CA and the party keeps going a little longer
3. CA just waits for hyperinflation to hurry its ass up so CA can pay its bills.
Is that $409 for just one vehicle? Is California's registration tax a flat rate, or variable based on car value?
Even then, $409, at least to me, is just insane for vehicle taxes...
I can't imagine someone making $25K a year being able to afford that, assuming the rate is a flat rate...
Looks like George Push got out just in time !
Before the roof fell in.
Strange really when you consider how rich Cali is. It's just that they won't pay their taxes and want everything for free.
Funny to see their latest attempt to make money by putting their greatest son, Wacko Jacko on display like Lenin ? Could run him for Governor too - nobody would notice the difference
Before the roof fell in.
Strange really when you consider how rich Cali is. It's just that they won't pay their taxes and want everything for free.
Funny to see their latest attempt to make money by putting their greatest son, Wacko Jacko on display like Lenin ? Could run him for Governor too - nobody would notice the difference