OMG! California controller to suspend tax refunds, welfare checks!, page 5
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reply posted on 16-1-2009 @ 09:34 PM by Alpha_Magnum
Originally posted by lel1111
reply to post by wutone


Hi there. I agree with much of what you're saying. There is a lot of waste in that many people being overpaid for what they "do." I just wish that the cost of living wasn't so high. Yeh, people can be greedy and buy unnecessary "stuff" but mortgages, rent, utilities is crazy. I wouldn't care if I was only paid $5 an hour if it didn't cost so much to just live - the basic necessities. Why DID everything become so expensive? Who puts value on things? Who says diamonds or houses or whatever is worth what they say they are? Yes demand is part of it, but for many other items. . .


The simple way to explain it is that....

THE PARTY IS OVER

We don't want it to be but at last it is 2AM and the bar is closed. Things are going to cost more than you will ever believe. Hyper inflation is on the move. What happened is that the USA in its need to secure the ready made income from holding the global reserve currency blew everything and then some on two wars that are still going on. They printed up billions of dollars and gave it to banks who are in the process of taking the money and running. There is more but none the less the party is over.



reply posted on 16-1-2009 @ 09:40 PM by marg6043
reply to post by detachedindividual


I agree, another problem is that the government figures that were manipulated for so long about the health of the economy can not be denied anymore.

In America the lost of employment is causing the taxable income to be less, that put a toll on the nations budget and as the "bail out to the financial institutions keeps on growing" the nation without a sizable taxable income will not be able to meets demands as is happening with many states like California.

The ballooning U.S. budget deficit rose by $83.6 billion in December alone and the budget deficit for the first three months of fiscal year 2009 has already surpassed the total deficit for the entire fiscal year 2008, the Congressional Budget Office said Tuesday.

Currently, for the fiscal year that began Oct. 1, the budget deficit is at $485.2 billion. In the previous fiscal year the deficit was $455 billion and the deficit total just $161 billion in fiscal year 2007.

The combined effect of plummeting tax revenues and increased spending on emergency measures is severely straining the budget. With the high level of unemployment, consumers reining in spending and businesses cutting back on production individual income tax revenues have been depressed by 6.7 percent compared to the same period last year. Corporate tax revenues are suffering even greater, declining by 45.5 percent over the same period one year ago.


States are finding themselves unable to finance their budgets as more and more people are unemployed and those that are lucky enought to qualified for unemployment benefits will drain the system and the budget as they can not find new jobs.

Is a deadly cycle and one that seems right now unstoppable.

www.economyincrisis.org...

This just about to get worst no better

Economists are anticipating the budget deficit to top $1 trillion for the fiscal year, not including the $775 billion stimulus package proposed by the Obama administration


money.cnn.com...





[edit on 16-1-2009 by marg6043]


reply posted on 16-1-2009 @ 09:41 PM by Rockpuck
Originally posted by marg6043
The problem is that this is not the only state that is facing this type of problem.

What bothers me the most is that there we have a government that is giving away billions of tax payer money to the corrupted banking institutions but here you see what they do when in comes to the citizens in this nation they just give the finger and tell them to bend over.

[edit on 16-1-2009 by marg6043]


Here is why..

When we loan money to the Banking industry we get Senior Preferred Shares, bringing in 10% interest payable per quarter. Bank of America for instance paid millions in interest payments on senior shares (dividends are suspended however there was negative growth anyways for common share holders). Every other bank also paid out money to Uncle Sam.

Hypothetically, if we survive the crisis, the Government will own and profit off of the entire banking sector. Fascism at it's best.

The reason why STATES are not getting the federal funding they need is more complex.

1. State Government's gdp (by state it varies) the covering of balance sheets does nothing to stabilize a state, and in fact aids in inflation by putting money directly into the money supply -- something Obama wishes to do to combat deflation --

essentially this means that the Gov would be throwing billions upon billions at every state and seeing nothing be done to solve the problems.

2. States will fight to the bloody end over who got what and how fair it was..

3. Lawmakers assume that the more cash you give the states the more they waste it on ridiculous projects. Read up on Obama's bailout bill to see some of the most retarded things you could find in a legal bill. (except Bush's bailout which included tax rebates for the likes of Rum, and Child Bow and Arrow makers....) Some cities proposed using the funds to build Aquariums, museums, new state buildings, or in my old state, building massive hospitals in regions that already had enough hospitals.

The idea is to LOAN the money to the States like we did to the banks and Auto's... thinking they would spend it much more wisely.

States are not in the business of making money, and they cannot afford to give benefit payments to blind and disabled people let alone interest payments to the Fed...

Tricky thing about Depressions. You cannot spend your way out of them, as usually you spent your way into the Depression to begin with.

PS-- it should be noted that the Federal Gov already gave Cali billions in emergency loans that it has already blown through in a matter of 4 months. Solidifying my positions above.

[edit on 1/16/2009 by Rockpuck]


reply posted on 16-1-2009 @ 09:47 PM by marg6043
reply to post by Rockpuck


Itsn't that what we are doing to the banking system? injecting billions upon billions of taxpayer money and they are still asking for more?

BofA got 25 billion, now they are sinking again and just got 18 billion more they actually wants about 200b put together, so much for the benefits that we the tax payer will get once they get out of their hole.

Look at citigroup they have been getting cash infusions since October of 2007, even got a billions on TARP money and what are they doing now? the are sinking again.

Is more of the so call bailout banks that are going to keep leaching tax payer money before they can get profitable enough to make a difference on the tax payer pockets and the nation.

I doubt that we the tax payer will ever be getting anything from them.





[edit on 16-1-2009 by marg6043]



reply posted on 16-1-2009 @ 09:51 PM by jefwane
Well a couple of days ago, I posted a thread asking what would blow up next. I was leaning toward Citigroup or Bank of America. They both went bag to the govt. teet this week and the market seems to like. I knew californicated had some serious budget problems, and I'd hate to be there when the welfare checks don't come. Unfortunately I have to say that the the people of California probably deserve it. They've let their government grow so large that it is unsustainable. They allow illegal aliens (ie criminal)to steal from taxpayers. The cities and state overpay for an under performing education system with lots of unionized dead weight. Have fun California you DESERVE this.

Unfortunately, the rest of us will probably be in the same boat soon too.

If I worked in California the first thing I would do Tuesday, is change my withholding to where I wouldn't have any taxes removed from my paycheck. I'd rather have to pay than risk being owed and not paid back. As a matter of fact I live way the heck away from Cali and I'm changing my withholding to make sure the state doesn't get a dime from my paycheck.

I don't care about bailouts anymore, I'm not going to rail and post against them anymore. I say bail em out, print more money, run higher deficits, GO right ahead. Sanity is obviously not going to assert itself before a systemic collapse so bring on the collapse lets get it over with and hopefully make something better out of the pieces.


reply posted on 16-1-2009 @ 09:52 PM by Alpha_Magnum
Originally posted by marg6043
reply to post by Rockpuck


It's that what we are doing to the banking system injecting billions upon billions of taxpayer money and they are still asking for more?

BofA got 25 billion now they are sinking again and just got more 18 billions actually they actually wants about 200b put together, so much for the benefits that we the tax payer will get once the get out of their hole.

Look at citigroup they have been getting cash infusions since October of 2007, even got a billions on TARP money and what are they doing now? the are sinking again.

Is more of the so call bailout banks that are going to keep leaching tax payer money before they can get profitable enough to make a difference on the tax payer pockets and the nation.

I doubt that we the tax payer will ever be getting anything from them.


Worse they are just taking it! The biggest swindle of all times! When Rome was near the end the politicians were so corrupted that they took everything that wasn't nailed down. Here we see the same thing. We invited them in to dine on our blood and they also helped themselves to the silverware.

[edit on 16-1-2009 by Alpha_Magnum]


reply posted on 16-1-2009 @ 09:54 PM by Rockpuck
reply to post by marg6043


Do not think of the Bank "Bail Out" as simply injecting capital.. and it was NOT a bail out by anymeans..

The Federal Government now OWNS every one of those corporations. We hold the most senior shares you can purchase, and those that once held Majority Shares and Control ceded the powers to the Treasury.

The banks need more money because we own them, if we didn't give them the funds, we would be letting our own investments implode.

Nationalization And nothing less. That's what it is. Feds might say it was a bailout, because we put the blame on the banks. In reality if you calculate the entire balance sheet of all sub-prime mortgages, it doesn't come anywhere near as much money that the Feds have pumped into the Financial sector.. Perhaps it was something else, something more sinister going on? .. all I know is in a very short time frame the US Government Nationalized nearly our entire Financial sector, hastily and seemingly without a second thought..

The last industry to ever be considered to be Nationalized was the Steel Industry, which Congress shot down. That was some 30-40 years ago.

Eventually the banking sector will re-model themselves and become solvent, not an easy task but I am certain we would never let the financial sector collapse. Our investment is secure.

Justified? Not for the reasons given, but I suspect something else is the cause of this current situation. It almost seems like economic warfare on a global scale.


reply posted on 16-1-2009 @ 09:57 PM by Rockpuck
reply to post by jefwane


Damn straight, every Nanny State deserve their own demise. Each gets it in their own due time too.


reply posted on 16-1-2009 @ 09:58 PM by marg6043
reply to post by Rockpuck


And so that is what they want us to believe, but truly if government is to run the banks they now own shares the way they have been running this nation I guess, my dearest Rockpuck that we are are indeed in a serious and catastrophic problem.

Let the corrupted thieves run the banks.



reply posted on 16-1-2009 @ 10:07 PM by amari
Originally posted by marg6043
I wonder when the rest of the states around the nation that are in the same situation will start doing the same.


This is only the beginning and will have a domino affect because California not only does business with major corporations that they can not pay what they owe but they do interstate trade with other states. California remember is in the top 10 economies of the world when it comes to GNP of the state verses other top producing countries that are economic power houses of the world.

How many individuals do you think will march on the capital of California, Sacramento and demand their money owed to them verses being given or sent an IOU for their money owed to them. This is real and scary at the same time.

Remember a state can not file bankruptsy including California and this means the bond holders of Calif. debt will take action to get their money promised them thru the bonds they pruchased thru the court system.

I have a friend a consultant and very successful by the way and is very respected in the banking business in the U.S. and his phone is ringing off the hook for him to help businesses that are failing. He can name his price and is very selective because most of these businesses are upside down and desperate and will not survive with the short term cash on Hand.

So I asked him point blank how long do we have before the collapse of the economy 6, 12, or 18 months. His answer sooner then latter and he said, 6 months.

My opinion is after the Super Bowl and the Ether wears off reality will hit home to most Americans that we as a Nation are in deeper trouble then they could of ever imagined.


reply posted on 16-1-2009 @ 10:11 PM by redhatty
It's Scary, when I re-read The Declaration of Independence just how much what we fought for freedom from the British way back when is happening again to us right now, by our own countrymen.


reply posted on 16-1-2009 @ 10:12 PM by TheRedneck
How to make a Depression in etn easy steps:

Step 1: Spend more money than you have. This will create a debt-based society.

Step 2: Give that money to people so they do not have to work, or they can work for a lower wage. Also give money to the states so they can become dependent on you.

Step 3: Insist that the people finance as many projects as possible. It doesn't matter if they are needed projects, just that they are financed with taxes. This will increase the national debt quickly and efficiently.

Step 4: Allow commerce to dictate that every man, woman, and child is deeply in debt as well. This will be easy, since most people will blindly follow their government. Promotion of materialism and denial of religions are effective measures to accomplish this.

Step 5: At the first sign of trouble, loan money directly from the government to ailing companies. If they pay you back, waste the money on something.

Step 6: When things get worse, start giving money to ailing companies. Banks would be best, but large industries work well also.

Step 7: When states start to collapse financially, give them money to cover their debts. You can loan the money, as long as there is no real expectation it will be paid back. This will cause other states in better situations to comply with earlier steps in order to receive their 'fair share'.

Step 8: Once all of the states are in deep debt to the Federal government, take drastic actions that will cut out the CEOs and executives from their high salaries. This will be legal, since the government now has a lien on the companies from the bailouts.

Step 9: Take over the state governments completely. They are spending the money foolishly.

Step 10: Collapse the currency completely and thereby remove 90% of the available jobs.

7 down, 3 to go.

TheRedneck

P.S.: It's already too late to succeed in preparedness if you have not done some preparation already.
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