What happens when a state goes bankrupt?

Bigpipn · Dec 30, 2009

LOL they are far from broke. It's time to open your eyes to the Comprehensive Annual Financial Report. It's a long video but the first 15minutes will give you all the pertinent information.

http://www.brasschecktv.com/page/512.html

Initially, I was in disbelief. There's no WAY they can get away with this degree of extortion.

nutmeg · Dec 30, 2009

Quote from Bigpipn:

LOL they are far from broke. It's time to open your eyes to the Comprehensive Annual Financial Report. It's a long video but the first 15minutes will give you all the pertinent information.

http://www.brasschecktv.com/page/512.html

Initially, I was in disbelief. There's no WAY they can get away with this degree of extortion.

Very good video. I watched about 25 minutes. My first thought regarding the "excluded" entities (Freddie fannie etc) is that perhaps wall street knew how much money these gse had and figured they could game the system, what would it matter (there was so much money off the book) Then when the whole derivative markt blew up, they were pretty sure the govt would bail them out because the money was there (no harm no foul).

Seriously, if you were a broker and knew a client had two sets of books and had an idea of how much was out of view, one would salivate at the prospect of tapping that.

PlusMinus · Dec 30, 2009

Quote from adadadog:

I remember Mr. Gobalchev said the direct reason the Soviet Union broke up was the central government ran out of money. I think U.S. is different, U.S. dollar is pegged by a lot currencies. U.S. can print to transfer the burden of debt to foreigners if it becomes desperate enough. But I do not think situation is that bad. I just finished reading Market Wizards book (third time), I found some of the Wizards (e.g. Martin Witze) had exact same sentiment after 1987 crash as current doomers.

Oh well good, we all feel better now. Guess everything will be fine.

adadadog · Dec 30, 2009

Quote from Bigpipn:

LOL they are far from broke. It's time to open your eyes to the Comprehensive Annual Financial Report. It's a long video but the first 15minutes will give you all the pertinent information.

http://www.brasschecktv.com/page/512.html

Initially, I was in disbelief. There's no WAY they can get away with this degree of extortion.

Amazing video! Thanks. So much about democracy; American people are treated like fools by elites, governmental or corporate.

straightstreet1 · Dec 31, 2009

Thanks for posting that link! Very eye opening. I'm passing this around.

dandxg · Dec 31, 2009

Quote from swingtrader123:

That's not the entire cause. The main cause was Proposition 13 that limited taxation ... requiring 2/3 majority to raise taxes. Now the state can't raise taxes and the liberals don't want to cut benefits. What a way to run a government!

You both make some good points. I don't blame illegals, I would do the same, but I am glad Colorado put a stop to benefits for illegals.

Bigpipn · Dec 31, 2009

Quote from nutmeg:

Very good video. I watched about 25 minutes. My first thought regarding the "excluded" entities (Freddie fannie etc) is that perhaps wall street knew how much money these gse had and figured they could game the system, what would it matter (there was so much money off the book) Then when the whole derivative markt blew up, they were pretty sure the govt would bail them out because the money was there (no harm no foul).

Seriously, if you were a broker and knew a client had two sets of books and had an idea of how much was out of view, one would salivate at the prospect of tapping that.

They issue bonds and fund the issuance with their extorted money thus locking in guaranteed payments through irrevocable trusts.

http://www.cafrman.com/Articles/Art-CA-S1.htm

"

Introduction

The State of California at the State-level has approximately $59.83 billion of the taxpayer's money it is not using, i. e. surpluses equal to $1,695 for every man, woman and child in California or $6,779 for a family of 4. This does not include all the additional surpluses that exist in the school districts, cities, or counties in California.

The Exhibit A below shows the results of the FY 2003 review. "

2003! 2003!!!!!!!!!! I know that since 2003 my vehicle registration cost has TRIPLED. I can't even imagine what it is now. I don't think I want to.

There are 50k entities extorting funds from the public.

Spread the word.

swtrader · Dec 31, 2009

Quote from adadadog:

Amazing video! Thanks. So much about democracy; American people are treated like fools by elites, governmental or corporate.

i'm listening to it now - it may be a good vid, but i will say this guy has the most painfully roundabout manner of speaking

Bigpipn · Dec 31, 2009

Quote from swtrader:

i'm listening to it now - it may be a good vid, but i will say this guy has the most painfully roundabout manner of speaking

So with... revenues... different venture projects.. thecitagrowsataphenomenalrate.. lol

He is blown out on sugar and stimulants, suffering from serious hyper-tension.

swtrader · Dec 31, 2009

Quote from Bigpipn:

So with... revenues... different venture projects.. thecitagrowsataphenomenalrate.. lol

He is blown out on sugar and stimulants, suffering from serious hyper-tension.

he has a habit of needlessly transcribing converations he's had (with editorial)

that's a habit that drives me nuts

that and saying the compreshenive annual finacial report over and over with no abbreviation - 22 sylables

rambling and repetative - could have been reduced by at least 2/3rds - clearly there was no preparation of the point he's trying to get across

and stuff like "ahhhhh......ch ch ch ch" when he doesnt know what to say next