The Worlds 10th largest economy (California) goes into default tommorrow (7/1/09)

Quote from peilthetraveler:

They are I believe. Its supposed to be a 9.9% tax
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I am suggesting a vehicle tax on the amount of fuel consumed; therefore, a "sort of" tax on highway usage.

If you have an expensive car and don't drive it, your fee is considerably higher than the guy who drives $50k miles a year in an older vehicle.
 
Quote from peilthetraveler:

California officially goes into default tommorrow. They are not calling it default though. They are just calling it "giving out IOU's until they can figure out how to save/make money." CA is the 10th largest economy in the world. This should be the worlds biggest news story, but its not. On yahoo, of the top 4 news stories right now, 2 of them are about wacko Jacko. In yahoo finance, no mention of it (unless you really search into the back logs but its not in the top 10 stories.)

This is the same thing zimbabwe was doing. Nobody reporting what was going on in the country, or anything that was reported was really not significant.

I mean come on people...the 10th largest economy in the world is in default! WAKE UP! We are 13% of the GDP...in my book that means 13% of the USA just defaulted. Only 87% to go, i guess. Tommorrow is the official beginning of the end. When people read the history books, they will mark July 1, 2009 as the offical day the USA started its collapse, in my opinion.
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Panic causes irrational reactions. It allows certain parties to act without question. We have seen what that might lead to (invading Iraq) . It excuses domestic terrorism, crime, and drug use. One must think carefully and study his/her options. Freaking out and bitching will not go far. You want to help California? And you are serious? Start a group and donate your time to clean up some of it streets. This will save the state money and ignite a unified effort to save a state at its darkest moment yet. You might even end up on the news. But if you want to sit on your ass and complain, then go ahead.......
 
Quote from Aboushi:

You want to help California? And you are serious? Start a group and donate your time to clean up some of it streets. This will save the state money and ignite a unified effort to save a state at its darkest moment yet. You might even end up on the news. But if you want to sit on your ass and complain, then go ahead.......
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This will work out great when those IOU's start ending up in the mailboxes in place of welfare checks....I have an idea why don't you hand deliver them and explain the economics of sweeping up the neighborhood.
 
IOUs, so who'll be clearing the OTC-trades :)

As for business opportunities; prisons (crime will rise), moving trucks (exodus), prostitution and pimping (women selling the one thing they have left).

Welcome to the Hotel California...
 
Quote from 4XQs:

IOUs, so who'll be clearing the OTC-trades :)

As for business opportunities; prisons (crime will rise), moving trucks (exodus), prostitution and pimping (women selling the one thing they have left).

Welcome to the Hotel California...
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where the working poor can check out anytime they like, but they can never leave.
 
Quote from Aboushi:

Panic causes irrational reactions. It allows certain parties to act without question. We have seen what that might lead to (invading Iraq) . It excuses domestic terrorism, crime, and drug use. One must think carefully and study his/her options. Freaking out and bitching will not go far. You want to help California? And you are serious? Start a group and donate your time to clean up some of it streets. This will save the state money and ignite a unified effort to save a state at its darkest moment yet. You might even end up on the news. But if you want to sit on your ass and complain, then go ahead.......
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I live in California... I'm happy today, I guess my inner anarchist is enjoying watching the left going into an embarrassing [well actually they are incapable of being embarrassed, they will blame Bush and Schwarzenegger anyhow] death spiral due to their thirty or forty year reign...

Somehow I don't feel like fixing my state at all... how is it my job to fix the f#$king state? I vote, fix my house and my car, work real hard to be economically viable and I try not to screw up properties public or private, that's the end of my responsibility... I vote for people that will fix the state by imposing rule of law to create an environment where well motivated people can thrive... and that sure as hell is never anybody on the left...
 
Quote from Aboushi:

Panic causes irrational reactions. . You want to help California? And you are serious? Start a group and donate your time to clean up some of it streets. This will save the state money and ignite a unified effort to save a state at its darkest moment yet. You might even end up on the news.
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1.Mr muscles could make a good start by sweeping the streets - more his level of expertise
2.Cali has plenty of money - so have a 100% tax on everything over a million $$$
3.Clear the prisons on an offend again and its the chop
4. No pensions, benefits or other sissy perks - anyone too sick to make it to the soup kitchen/work gets the chop.
5. No politicians, lawyers or other parasites
6. holidays are a thing of the past
7. Washington appoints action team
etc.

Until the State is sane and solvent again.
 
As a tribute to California, and their brilliant IOU payment plan, I offer:

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AND THE MARKET SOARS!


Link for first comment about argentinean patacones. It was the prelude (2001) to the peso falling from 1:1 to 3:1 to the dollar (early 2002?).

http://en.wikipedia.org/wiki/Patacón_(bond)

Not sure if they are still floating around as I havent been in 2 years, but Argentina is due for a new currency anyways so no biggie.
 
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