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#11
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OT any truth in this? - California will be out of money by February
"alittle" > wrote in message
... > The answer is NO. Its February and they still haven't run out of money, > however, I did. > Me too! And I've still got a whole lot of month left!!!! Mike -- Life isn't about how to survive the storm, But how to dance in the rain |
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#12
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OT any truth in this? - California will be out of money by February
Private industry is laying off at an unprecedented rate - at least in the
past few decades - but the best the state can do is furloughs for state workers, some of which they haven't even told not to come to work. -- Z~ On 7-Feb-2009, alittle > wrote: > The answer is NO. Its February and they still haven't run out of money, > however, I did. > > > Ron wrote: > > http://www.news.com.au/couriermail/s...78-954,00.html > > > > > > California will be out of money by February as huge debts mount > > Article from: The Australian > > > > By Chris Ayres in Los Angeles > > > > December 13, 2008 03:06am > > > > CALIFORNIA, one of the 10 largest economies in the world, will run out > > of > > money by February, causing "financial Armageddon", according to dire new > > > > budget projections. > > > > The state's debts are mounting at a rate of $US1.7 million ($2.5million) > > > > an hour. > > > > The de facto insolvency of the most populous US state - home to such > > economic engines as Silicon Valley, the Central Valley agricultural > > region, Hollywood, Napa Valley, the Long Beach ports and the defence > > research and production facilities of Los Angeles, San Diego and the > > Mojave Desert - would represent a new scale of catastrophe in a year > > that > > has seen financial markets and economies across the world implode. > > > > Treasurer Bill Lockyer has said that $US5billion of public works > > projects, including road and school construction, will have to be > > cancelled because the state's lenders are worried about an impending > > Iceland-style bankruptcy. California - which has a GDP of $US1.7 > > trillion > > - already has the worst credit rating of any of the 50US states, The > > Australian reports. > > > > He says "without a budget solution, state financing of infrastructure > > projects will stop". > > > > For California's Republican Governor, Arnold Schwarzenegger, the crisis > > represents a humiliating final act to his second term. Mr > > Schwarzenegger, > > 61, came to power in 2003 because of an almost identical financial > > calamity, which resulted in his Democratic predecessor, Gray Davis, > > being > > "recalled" from office. > > > > At the time, he promised an end to California's tax-and-spend policies > > and runaway expenses, yet over the past four years of his administration > > > > the state's budget has grown by 40 per cent to $US144.5 billion. After > > the housing crash, recession and credit crunch, the state can no longer > > afford this with tax collection. > > > > As the crisis continues and California's credit rating deteriorates, the > > > > cost to the state of borrowing keeps rising - a process that could > > ultimately lead to bankruptcy. |
#13
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OT any truth in this? - California will be out of money by February
well the governor will probably create another tax. that's sure to help!
"Zinc" > wrote in message ... > Private industry is laying off at an unprecedented rate - at least in the > past few decades - but the best the state can do is furloughs for state > workers, some of which they haven't even told not to come to work. > > -- > Z~ > > On 7-Feb-2009, alittle > wrote: > >> The answer is NO. Its February and they still haven't run out of money, >> however, I did. >> >> >> Ron wrote: >> > http://www.news.com.au/couriermail/s...78-954,00.html >> > >> > >> > California will be out of money by February as huge debts mount >> > Article from: The Australian >> > >> > By Chris Ayres in Los Angeles >> > >> > December 13, 2008 03:06am >> > >> > CALIFORNIA, one of the 10 largest economies in the world, will run out >> > of >> > money by February, causing "financial Armageddon", according to dire >> > new >> > >> > budget projections. >> > >> > The state's debts are mounting at a rate of $US1.7 million >> > ($2.5million) >> > >> > an hour. >> > >> > The de facto insolvency of the most populous US state - home to such >> > economic engines as Silicon Valley, the Central Valley agricultural >> > region, Hollywood, Napa Valley, the Long Beach ports and the defence >> > research and production facilities of Los Angeles, San Diego and the >> > Mojave Desert - would represent a new scale of catastrophe in a year >> > that >> > has seen financial markets and economies across the world implode. >> > >> > Treasurer Bill Lockyer has said that $US5billion of public works >> > projects, including road and school construction, will have to be >> > cancelled because the state's lenders are worried about an impending >> > Iceland-style bankruptcy. California - which has a GDP of $US1.7 >> > trillion >> > - already has the worst credit rating of any of the 50US states, The >> > Australian reports. >> > >> > He says "without a budget solution, state financing of infrastructure >> > projects will stop". >> > >> > For California's Republican Governor, Arnold Schwarzenegger, the crisis >> > represents a humiliating final act to his second term. Mr >> > Schwarzenegger, >> > 61, came to power in 2003 because of an almost identical financial >> > calamity, which resulted in his Democratic predecessor, Gray Davis, >> > being >> > "recalled" from office. >> > >> > At the time, he promised an end to California's tax-and-spend policies >> > and runaway expenses, yet over the past four years of his >> > administration >> > >> > the state's budget has grown by 40 per cent to $US144.5 billion. After >> > the housing crash, recession and credit crunch, the state can no longer >> > afford this with tax collection. >> > >> > As the crisis continues and California's credit rating deteriorates, >> > the >> > >> > cost to the state of borrowing keeps rising - a process that could >> > ultimately lead to bankruptcy. |
#14
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OT any truth in this? - California will be out of money by February
Seems to be a common malady. Me too!
-- Skip Middleton www.shadowcatcherimagery.com www.pbase.com/skipm "Mike G" > wrote in message m... > "alittle" > wrote in message > ... >> The answer is NO. Its February and they still haven't run out of money, >> however, I did. >> > > > Me too! > And I've still got a whole lot of month left!!!! > > Mike > -- > Life isn't about how to survive the storm, > But how to dance in the rain > |
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