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Schwarzenegger Declares Fiscal Emergency in California

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posted on Dec, 1 2008 @ 07:12 PM
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Schwarzenegger declares emergency


money.cnn.com

SACRAMENTO, Calif. (AP) -- Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit.
(visit the link for the full news article)





[edit on 12/1/2008 by Mr Knowledge]




posted on Dec, 1 2008 @ 07:12 PM
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*Snip* is really about to hit the fan and we all knew it was coming. But from here on out, I'm going to feel like just closing my eyes like "I just can't bear to look at what's going to happen". All I can say is, everyone had better start getting those survival kits ready if you haven't already. Let the economic free-fall continue... or perhaps not.


money.cnn.com
(visit the link for the full news article)



[edit on 12/1/2008 by Mr Knowledge]

Mod Edit: Please Do Not Evade The Automatic Censors.

[edit on 1-12-2008 by MemoryShock]



posted on Dec, 1 2008 @ 07:21 PM
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Correct me if I'm wrong, but wasnt California in deep $hit even before Arnie took office? Now the chickins are coming to roost and it makes me wonder what other states are next.



posted on Dec, 1 2008 @ 07:26 PM
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reply to post by solarstorm
 


Yes, that's the big question. What states are next? I hope states don't start a trend where states left and right begin declaring emergencies.



posted on Dec, 1 2008 @ 07:31 PM
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All we need are more tax cuts especially for the corporations!! Tax cuts and this problem will disappear! You guys worry too much!



posted on Dec, 1 2008 @ 07:34 PM
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Florida is next. I heard they were to be in a 31 billions deficit by 2013...

So next, states bailouts.

[edit on 1-12-2008 by Vitchilo]



posted on Dec, 1 2008 @ 07:35 PM
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reply to post by Leo Strauss
 


Who are you referring to as "you guys". Schwartzenegger's the one that declared the emergency. I think the governor is in a better position to justify whether or not his state is in an emergency situation. This is serious. I don't know if you've been hiding in a closet all this time or not, but in case you didn't know, America is in a serious financial crisis right now. It would be foolish to remain in a mindset that everything is going to be okay. No the problem is not going to disappear and yes, we're as worried as we should be. Sorry to disappoint you. Now is the time to take action. We'd better do like the Dutch and start getting the message out quickly to the rest of the masses.

[edit on 12/1/2008 by Mr Knowledge]



posted on Dec, 1 2008 @ 07:38 PM
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reply to post by Vitchilo
 


I guess that means all the rich states will go bankrupt first. Illinois, New York and Texas may be next.

[edit on 12/1/2008 by Mr Knowledge]



posted on Dec, 1 2008 @ 07:45 PM
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I can tell you now Nevada is in the same toilet. We will eventually have to declare a financial emergency of our own in the next few weeks to a months. Nevada is in really bad shape right now and have had to make major cuts in educations and social services. Eventually they will start laying people off, or telling them not to come to work on certain days. Then a state of emergency will be declared.



posted on Dec, 1 2008 @ 08:31 PM
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reply to post by Mr Knowledge
 


Texas it's unlikely, they've got oil... last mesure until bankruptcy would be to nationalize state oil. And CLOSE THE BORDER, and give amnesty to illegals aliens who don't have a criminal background, so they pay taxes. The others with criminals backgrounds, KICK THEM OUT.

Ask for money for the border and place the army there. That's right, THE ARMY, with foxholes and tanks.



posted on Dec, 2 2008 @ 07:54 AM
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It was just a matter of time,with all the foreclosures and buisnesses failing,I could see the revenue fly out the window,I'm thinking they will try to repel Prop 13,and taxes will be in 20% range come next year,IMO



posted on Dec, 2 2008 @ 10:59 AM
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Originally posted by projectvxn
I can tell you now Nevada is in the same toilet. We will eventually have to declare a financial emergency of our own in the next few weeks to a months. Nevada is in really bad shape right now and have had to make major cuts in educations and social services. Eventually they will start laying people off, or telling them not to come to work on certain days. Then a state of emergency will be declared.


Not to mention Nevada's upcoming water crisis. And it's not the only state in danger of running out of water in the next 20 years.



posted on Dec, 2 2008 @ 12:24 PM
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The California government spends so much on their employees. State workers get far more in comparison to their private sector counterparts and get far better benefits.

Then the California government spends a ton of money on welfare for illegal immigrants.

Then there is the broken education system. California spends so a ton of money on students (including illegals) only to see many of them drop out in high school.

Then there is the ballot measures. California voters love voting for new bond measures for whatever new project that can be thought of (voting money for themselves) without thinking that the state has to borrow money or raise taxes.

The the California budget was set around good times like the dot-com bubble or the housing bubble. Now the economy is tanking, the state dares not cut back on their unionized employees nor do they dare cut back on their precious education system nor do they dare cut back on their welfare programs that the Mexican government should be paying for.

Then there is.......

Yea I can keep going with this.

It is no surprise how the Cali government is in the hole. What pisses me off though is that we pay such high taxes and the government STILL doesn't have enough.



posted on Dec, 2 2008 @ 02:49 PM
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You know, IF some major regulations and requirements were enacted around the eligibillity and amount of federal bailout funds, I wouldn't be totally opposed to the idea of the federal government lending some assistance to troubled states. Afterall, in many ways it is the fault of the federal government that some of these states are in such a crunch. In fact, if you really get right down to it, the federal government's primary responsibillity is to protect their member states from harm, including financial ruin.

Some of those aforementioned restrictions and regulations I'd want to see enacted first include:

1. Abolishment of "safe haven" policies in regards to enforcement of federal laws. If a state allows some of its counties or cities to harbor and protect illegal aliens, drug dealers, or drunk drivers then they get nothing.

2. Elimination of non vital spending. IMHO, it is an abomination to see tax payer dollars wasted on things like art projects, cultural endeavors, sports stadiums, and the like during a period in which the crappy economy is forcing budget cuts to important sectors like education, infrastructure, and health care. It's called prioritization. It is irresponsible and childish for a family to not be able to afford new shoes for their barefoot kid because they spent the shoe budget on tickets to a movie or a PPV... why then does it seem to be perfectly fine for governments to essentially do the same thing? In times of great financial distress you cut the fat from infrastructure improvements, funding only what is needed to safely construct a project, and leaving the frou-frou crap for a sunnier day.

3. Development of a rainy day fund. Every state should be required by federal law to maintain at least a 90 day working surplus which would cover all required expenditures for that period and which can only be tapped into following either arbitration of a specially designated panel of federal COngress or through a supermajority vote from the state in question's house of representatives. This fund would have some leeway for use of any uinterest it generates, but it would also have to be added to to maintain the full 90 day supply as normal expenditures rise during fruitfull times.

4. Development of a biannually updated sustainabillity plan. This plan should include a prioritization of all state level expenditures. This goes along with #5

5. Complete transparency of all expenditures AND prioritizations. The tax payer deserves the right to know where his dollars are going and not only what they're being used for, but also what they're not being used for. For example, if $10 Mil is used towards beautifying the grounds around the state capital building, yet the state's school districts fell short by $10 Mil, the tax payer should know this. This also goes along with #6

6. Accessabillity by the public for airing of grievances and demands for explanations. There should be an open and accessible outlet for the public to demand their state account and explain every cent which is used. Our lawmakers should have to look the tax payer in the eye and defend using money to fund projects of lesser tangible importance while taking funding away from more crucial programs.

If the states were required to ratify and follow these regulations, I'd have no problem with the federal government bailing them out. I certainly have been opposed to the commercial bailouts, but seeing as how this would be more akin to a parent helping their own child, I don't t have the same outrage over the idea as I had to the other bailouts.



posted on Dec, 2 2008 @ 02:49 PM
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I'm sorry. Double post caused by overly excited, fat, twitchy fingers.

[edit on 2-12-2008 by burdman30ott6]



posted on Dec, 2 2008 @ 02:54 PM
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Originally posted by Mr Knowledge

Schwarzenegger declares emergency




SACRAMENTO, Calif. (AP) -- Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit.



Why should the lawmakers address it... It's that HIS job???



posted on Dec, 2 2008 @ 05:24 PM
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reply to post by burdman30ott6
 


Great post. As a matter of fact, I agree with all your points wholeheartedly. The only problem is, the Feds allowed overspending to occur. They avoided regulating their own system so that debt would continue to increase exponentially as it has. Who in their right mind would allow such an unsustainable system to exist unless they knew that it would eventually fail? This is what the Feds wanted. When the economy appeared to be booming, it was a win-win for everyone. The government on both national and state levels were happy because they were able to borrow enough money to literally live beyond their means, and the Feds were happy because they knew they had our government right where they wanted us. The Federal Reserve only reflects the agenda of the global elite, so we should have already known we were in a fix a long time ago. Now look at us. We're on the brink of the worst economic collapse in human history and there appears to be nothing we can do to save ourselves from the impending crisis. It's like watching the Titanic sink. It deeply disgusts me. This is the product of ill-gotten gain. If we get the chance to, I surely hope we learn from our mistake, but if we look at history, countless civilizations have fallen in the past for the same reasons.



posted on Dec, 2 2008 @ 05:29 PM
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So the worlds 5th largest economy is going Bankrupt?

Its the equivalent to the UK going into Fiscal Emergency.....

Been waiting very concerned for us all.

very very worried.....

Elf.



posted on Dec, 2 2008 @ 05:44 PM
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reply to post by MischeviousElf
 


Depending on the which list you choose, Cali is the 7th-10th largest economy in the world. In 2003 it was 5th-6th.

It aint that rich no mo'.



posted on Dec, 2 2008 @ 05:53 PM
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Originally posted by MischeviousElf
So the worlds 5th largest economy is going Bankrupt?

Its the equivalent to the UK going into Fiscal Emergency.....

Been waiting very concerned for us all.

very very worried.....

Elf.


I second the weirdness of California's move here... I don't think so. Something else is afoot, and the smell of it is "bailout" dollars for preparation for something else. Yes, the people of California are about to be raped some more - because California, like was mentioned earlier, the 5th largest economy IN THE WORLD, has oil too. They have a lot more going for them than oil too. They have an immense seafood harvest. They have two immense farming regions both in the San Jauoquin and Imperial Valleys. They have tourism, the entertainment industry, a large cyber industrial complex, not to mention a wealth of federal spending supporting their economy with satellite, aerospace, and other military industrial complexes such as Teledyne, Rocketdyne, TRW, Hughes, LockHeed Martin, and Boeing.

And let's not forget the vast wealth California possesses in gold - yes, there is still a lot of gold in California...

Plus... taking the economic gambit to it's extreme we have to remember the vast black market bounty California harvests annually in Marijuana - which the government there has conveniently benefited from.

Nope... I'm not buying it Arnie. I would have expected Nevada to proclaim an economic emergency before California, and while we have not, but are expected to soon, it goes to show that something is just not adding up. Sure, this year California saw one of it's worst years during their fire season in quite awhile, but that too shouldn't have affected their economy as bad as Nevada's.

You do the math, like I just did, and lets see if this isn't an inside operation about to go poof in the peoples face once again...




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