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Old 10-23-2010, 04:19 PM
 
1,011 posts, read 514,338 times
Reputation: 464

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Quote:
Originally Posted by steel7 View Post
Ca will never go bankrupt.
That's rather an absolute and unprovable statement. What's bad about this kind of attitude is that it masks the potentially catastrophic consequences of political decisions.

I bet Iceland and Greece folks were posting the same thing on their forums... - "we can never go bankrupt" Heck, even the entire country of the UK is concerned enough about their debt to take drastic steps to reduce their public wasti... ahem, spending.

I'd take a concerned pessimist over a giddy optimist every time. If reality exceeds pessimistic expectations all the better.
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Old 10-23-2010, 04:29 PM
 
Location: Zurich, Switzerland
25,327 posts, read 33,105,778 times
Reputation: 10740
Quote:
Originally Posted by Don9 View Post
What planet do you live on?


How ironic.

Quote:

From Wikipedia:
California levies a 9.3 percent maximum variable rate income tax, with six tax brackets, collecting about $40 billion per year (representing approximately 51% of General Fund revenue and 40% of tax revenue overall in FY2007). California has a state sales tax of 8.25%, which can total up to 10.75% with local sales tax included. All real property is taxable annually, the tax based on the property's fair market value at the time of purchase or completion of new construction. Property tax increases are capped at 2% per year (see Proposition 13).
However, California is facing a $26.3 billion budget deficit for the 2009–2010 budget year. While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the late 2008 decline in the economy and the credit crisis the problem became urgent in November 2008.
One potential problem is that a substantial portion of the state's income comes from income taxes on a small proportion of wealthy citizens. For example, it is estimated that in 2004 the richest 3% of state taxpayers (those with tax returns showing over 200K USD yearly income) paid approximately 60% of state income taxes.MOD CUT.
I stopped reading at Wikipedia--its not credible as anybody can write whatever they want..you did know that didnt you? Guess Not. LOL


LET ME SHARE WITH YOU THE WORDS STRAIGHT FROM THE HORSE'S MOUTH on OCT 6.2010:

"California has never defaulted on its debt and never will,"

-Bill Lockyer, State Treasurer, State of California.

MUNI WATCH: Calif To Sell Up To $10B Notes In Nov -Treasurer - WSJ.com (http://online.wsj.com/article/BT-CO-20101006-714725.html - broken link)

We are constitutionally bound to put bond payments higher above all other kinds of spending except Education.

So call California what you want, but the state is no deadbeat.

Last edited by NewToCA; 10-23-2010 at 04:32 PM.. Reason: altered source posting to avoid copyright problem
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Old 10-23-2010, 04:32 PM
 
5,375 posts, read 7,169,486 times
Reputation: 2768
Quote:
Originally Posted by mysticaltyger View Post
The citizens expect their governments to do more than is realistic. Entire political systems are bought and paid for by a small, moneyed, elite. And ordinary citizens are kept divided and fighting with each other over which moneyed elite faction is looking out for them, when the truth is it's, "none of the above".
Exactly!
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Old 10-23-2010, 05:15 PM
 
Location: GLAMA
16,585 posts, read 20,579,410 times
Reputation: 16146
You have any idea how many years I've been told to buy emergency food for the coming collapse?*

HINT: About as many years as I've been told "Jesus is coming back (insert time reference here), so get yourself right with god".

*95% of the time the people telling me that were somehow connected with the emergency food biz, naturally... much like that blog is.
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Old 10-23-2010, 05:20 PM
 
4,354 posts, read 2,448,070 times
Reputation: 1409
Quote:
Originally Posted by 18Montclair View Post
[/font]

How ironic.



I stopped reading at Wikipedia--its not credible as anybody can write whatever they want..you did know that didnt you? Guess Not. LOL


LET ME SHARE WITH YOU THE WORDS STRAIGHT FROM THE HORSE'S MOUTH on OCT 6.2010:

"California has never defaulted on its debt and never will,"

-Bill Lockyer, State Treasurer, State of California.

MUNI WATCH: Calif To Sell Up To $10B Notes In Nov -Treasurer - WSJ.com (http://online.wsj.com/article/BT-CO-20101006-714725.html - broken link)

We are constitutionally bound to put bond payments higher above all other kinds of spending except Education.

So call California what you want, but the state is no deadbeat.
Bill Lockyer ...

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Old 10-23-2010, 05:38 PM
 
Location: Northern California
3,480 posts, read 9,181,428 times
Reputation: 1475
Quote:
Originally Posted by Don9 View Post
For example, it is estimated that in 2004 the richest 3% of state taxpayers (those with tax returns showing over 200K USD yearly income) paid approximately 60% of state income taxes.
And they're all EVIL Republicans And they're taking all of their businesses out of the state. I say good riddance to all of them.

BTW, For 39 of the last 40 years, Sacramento has been run by the Dems. Hint, hint, could that be the problem?
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Old 10-23-2010, 11:12 PM
 
172 posts, read 193,154 times
Reputation: 372
Quote:
Originally Posted by mysticaltyger View Post
Entire political systems are bought and paid for by a small, moneyed, elite. And ordinary citizens are kept divided and fighting with each other over which moneyed elite faction is looking out for them, when the truth is it's, "none of the above".
IMO a very lucid and wise statement about what's going on generally in this country. And both political parties are complicit in this.
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Old 10-23-2010, 11:32 PM
 
Location: The High Seas
5,771 posts, read 7,321,023 times
Reputation: 6782
Quote:
Originally Posted by Fontucky View Post
You have any idea how many years I've been told to buy emergency food for the coming collapse?*

HINT: About as many years as I've been told "Jesus is coming back (insert time reference here), so get yourself right with god".

*95% of the time the people telling me that were somehow connected with the emergency food biz, naturally... much like that blog is.
I bet you can find a Jesus in your neighborhood. You're just not trying hard enough.
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Old 10-23-2010, 11:41 PM
 
Location: GLAMA
16,585 posts, read 20,579,410 times
Reputation: 16146
I'd find one if I put in a lawn.
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Old 10-23-2010, 11:44 PM
 
Location: The High Seas
5,771 posts, read 7,321,023 times
Reputation: 6782
Quote:
Originally Posted by Fontucky View Post
I'd find one if I put in a lawn.
...
or if you had an El Camino for sale with fuzzy dice hanging from the rear view mirror.
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