California; Too Big To Fail?

The real solution is to stop spending money you don't have and balance the budget. It's spending all kinds of money they don't have that is causing this.

So really, just taking money from the rich will not solve the problem. Learning how to live within your means will.

You see, this is part of the hypocrisy of government, is that government gets to spend all kinds of money it doesn't have and citizens don't get to.

I live here in CA and think the idea is that our uber-liberal governor wants to get in on the cronyism while he can. We were the number 8 GDP in the world in '11 regardless. Besides our insanely high taxes the economic undergame of regulation and permitting that goes on between the state and agriculture,Hollywood,hospitality,transportation,technology,etc. is serious business. Add in stupid money torching ideas like a high speed rail project that is unneeded and one wonders how they could be serious or even have a straight face when considering a bailout.
I don't blame some of my fellow Americans that hope we fall into the pacific as I type from west of the San Andreas.
S+F ..back to football.

Beer budget and champagne taste. Absolutely let it fail. If not it will only get worse across the country with the same mindset. The unintended consequences of their feel good policies are their own fault.

Beez, You ask as if the American people have any say in the matter.

California faces the question that all the states and even the country as a whole must answer to. Do legislatures cut spending, or do they raise revenue?

I think it is obvious that this question has been answered. Raise revenue, IE, raise taxes. They really have no choice. Americans, for better or for worse, aren't willing to cut programs. Neither are legislators, as they use programs as political capital or constituent bribery.

What should California do? I'm a New Englander who lived in NorCal for 6 years. I could never figure Californians out. They should do whatever they believe is in their best interest. That being said, the slope is so slippery and steep at this point, that what ends up being in their best interest will likely be drastic measures. Best of luck to them.

Originally posted by ColCurious
Whoever advocates even more fiscal centralism and entanglement in view of the contagious situation within our centralized systems in this current global financial crisis is either blind or mentally ill.

*or just evil.

Quoted for the simple truth of this statement.

reply to post by beezzer


That's exactly what it's like. Except in a Keynesian Economies you cannot have austerity ... you simply devalue your currency until you either collapse or recover.