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

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.

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.

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
>