Moody's warns of mass California municipal bankruptcies

Originally posted by Rockpuck
reply to post by xuenchen

 

WOW.. how the holy hell did their sales tax revenue fall so much so fast???

Putting it into a perspective we can all understand.. a 33% decline in general consumption in the broader Federal economy would put us into a technically classified depression.

When all your money goes into income tax and you have no disposable income to spend on goods there are no sales for the sales tax. This is what happens when you put Illegal Immigrants ahead of US citizens.
California allows college aid to illegal immigrants

Just an FYI, I do not blame all our woes on Illegal Immigrants. This is plain stupidity, but hey it will get votes!

I honestly have no idea how people with bankruptcy on their record are able to rent a home/apt. We've been trying to rent a place in CA and no one will take you if you have bankruptcy or foreclosure. Thank God we don't.

Originally posted by bjax9er
california, your liberal utopia is collapsing.

but don't worry, your government will save you.

i mean someone else's money will save you.

You know what is funny about CA? All my life I always thought it was a liberal state with a bunch of hippies and surfers. Boy was I surprised after moving there, and living there for years. It's not THAT liberal!

Plenty of disgusting replies from people who believe all that muck that the media shoves down their throats.

Let's just say, many of you would not be making such snide replies if such a crisis affected YOU personally.

Originally posted by Alxandro
Tax the hell out of the super rich Hollywood actors and get them to bail out their state before all their citizens start moving to other states.
I'd rather take my chances with West Nile than deal with Californicated left wing ideologies.

Well said, but be careful. I said almost the same thing to my brother who just moved here to Dallas from California. Now I have a ton of mosquito bites on my ankles so I hope I don't get West Nile!

hmmmm,

replace working, taxpaying citizens with welfare recipients.

tax the employed so much that they fold their hand and move out of state.

continue to legislate unfunded social programs.

give free health care to all.......wooooohoooooo!!!!!

Originally posted by Samuelis

Which solution do YOU want ?

Economic collapse and a clean slate. It's gotten way out of hand.

Yes this will do nicely.......can we have it to go please? And make it quick Im in a hurry......

Which solution do YOU want ?

How about a state bank? North Dakota is the only state with the common sense to realize that owning and operating a bank makes it infinitely easier to affect an economy. I assume that most states would like to be able to affect their own economies, yet only one state has decided to take that step.

banknd.nd.gov...

North Dakota:
-the third least-populous state
-lowest unemployment rate
-$1 billion budget surplus

Of course the production of oil in North Dakota helps these figures, but so does the state bank.

www.bloomberg.com...

“The benefit to commercial businesses is they receive affordable low-cost loans, including some as low as 1 percent per year,” Armstrong said. “The benefit to the state’s public is a more affordable and competitive rate for student loans and home mortgages.”

So why don't more states have a state-owned bank?

“A state bank has the ability to use the enormous resources of the state to nearly monopolize the market and as a result, create an unfair advantage over commercial banks,”

Oh so commercial bankers are concerned that someone would use their enormous resources to monopolize the market and create an unfair advantage for itself... who would do such a thing?!

“We (Bank of North Dakota) have a specific mission that we’re trying to achieve that’s not necessarily bottom-line driven,” Hardmeyer said.

Sounds terrible.

reply to post by wagnificent


North Dakota here I come!!

I imagine it will be plenty warmer there soon with global warming and all, so maybe it will soon be almost like Omaha, where I grew up. I can barely withstand the winters there...

But seriously, ND is doing the right thing. How often does one hear about North Dakota?!? Time for the wise underdogs to rise up.

Originally posted by VaterOrlaag
Plenty of disgusting replies from people who believe all that muck that the media shoves down their throats.

Let's just say, many of you would not be making such snide replies if such a crisis affected YOU personally.

Are you saying that we should do what the people in Cali are doing? Which is NOTHING! If the people would stand up and do something maybe we wouldn't make such snide replies, and no settting up a tent in the park doesn't define as doing something.

reply to post by Alxandro


Yes perhaps like France! How about a 75% tax on Hollywood?

Originally posted by Samuelis
reply to post by xuenchen

 

Who would be the main victims?

The citizens of coarse.

Who would be the main benefactors?

Also the citizens. The end of one kind of system marks the beginning of a new an improved beta economy. One without career politicians, and their constant greed and collusion with the private sector. A true and fair media owned and moderated by the people. A brand new banking system.

Who would be the main beneficiaries?

The citizens.

One thing I know, the main victims would be children, veterans, the disabled and elderly during the first wave, then other "citizens" who have managed to survive the riots for food, they would be the second wave of victims; as far as the third wave? Lets just say hopefully the system could be restored before a third wave of mass death could occur...

reply to post by xuenchen


Wasnt this the same issue when Arnold was governor? The issue atleast at that time people were moving out of California because there were more people collecting welfare than the taxes could support..the other issue if I recall is that the state was giving out IOU's to state employees..I'm not sure the state recovered from a few years ago so this shouldn't be too much of a shock...

reply to post by Starwise


Don't think there is going to be a third wave or a second wave for that matter...I'm quite sure they will be bailed out by the government...Obama or Mitt would have to bail them out so this is not a republican democrat thing...it's a bailout thing...some people will lose jobs but what you are predicting or hoping not to happen will not happen...California cannot fail just as some of the other major metropolisis cannot fail..

let it fail!!!

people need to learn a hard lesson.

bailing them out will only encourage bad behavior.

reply to post by bjax9er


The U.S. should be careful not to follow California's path of over-regulation. Just as businesses left California, they can also easily leave the U.S.

Jerry Brown sold out the Youth to the Illegals, just like his Master OBAMA.