California To Run Out Of Cash In One Month, Controller Warns (Sacramento: sales, real estate)

[dmode]

Some guys in this board are like evangelical Christians. Waiting patiently for years for Jesus to return or in this case California to implode, decimate, detach from the mainland USA and dissolve in the Pacific Ocean. They scour the internet looking for desperate signs that may indicate the fulfillment of their dreams [and in the process post useless articles from biased sources]. But alas, like the evangelicals, their dream is never going to be fulfilled.

[Hwy phantom]

Originally Posted by dmode

Some guys in this board are like evangelical Christians. Waiting patiently for years for Jesus to return or in this case California to implode, decimate, detach from the mainland USA and dissolve in the Pacific Ocean. They scour the internet looking for desperate signs that may indicate the fulfillment of their dreams [and in the process post useless articles from biased sources]. But alas, like the evangelicals, their dream is never going to be fulfilled.

Articles from bias source? Here's the same story from the San Francisco Chronicle, are you gonna tell me that's a some right wing paper?

State controller: California is running out of cash

[TrueTimbers]

Originally Posted by nullgeo

Or our "debtors" -- most of whom are ourselves, actually, not foreign investors or aliens from outer space -- look it up, btw: we hold the vast majority of our own debt -- can join in and participate in the realizations that our debt positions are untenable and need adjustment. Just as great cries are being heard for corrections of out of control pension systems and commitments -- including for re-negotiation of promises of the past -- promises of earnings and levels of commitment may / probably need to be altered. You know, debt obligations do not come with wires to explosives strapped to our bodies. Debt can be renegotiated in light of reality just as can pensions and salaries.

But "readjusting/renegotiating" the debt comes at a cost... Sometimes a very steep cost.. Such as in Weimar Germany, when a currency is readjusted so much that faith is lost in it... Boom hyperinflation which wipes out everything! After all our currency is based on nothing physical like gold anymore... It's value is purely based on "faith".

When Mexico made that "adjustment" to the new peso, they never really recovered... and it hurts anyone with cash savings....Particularly the working class poor.. (These things never hurt the wealthy)

Printing or "readjusting" debt is one of the same in my mind...it equals inflation which waters down the working classes purchasing power.

I am not a Keynesian, nor subscribe to Tea Party austerity .... I am a Socialist with a fiscal responsibility mindset, like those in Germany or Scandinavian countries.

It is my opinion that with California's like sized economy, it can learn alot form Germany's bold attempt to keep the lazy mediterranean countries from going under, without printing...

[sunshine7793]

"I am a socialist".

Freely admitted and seemingly proud to be one. Well it is the California forum.

[Mathguy]

Originally Posted by EscapeCalifornia

Maybe they can hit up one of those payday loan places.

Yeah, his name is Warren Buffett.

He's made a lot of money over the years by carefully watching his money and bailing out fools.

Wasn't too many years ago that he reinsured the CA earthquake fund.
He made a fortune bailing out GE when their CMO's blew thier foot off.
Made great money providing surety type bonds to the moronic Florida Citizens insurance program.

and so on and so forth.....

[Mathguy]

Originally Posted by TrueTimbers

But "readjusting/renegotiating" the debt comes at a cost... Sometimes a very steep cost.. Such as in Weimar Germany, when a currency is readjusted so much that faith is lost in it... Boom hyperinflation which wipes out everything! After all our currency is based on nothing physical like gold anymore... It's value is purely based on "faith".

When Mexico made that "adjustment" to the new peso, they never really recovered... and it hurts anyone with cash savings....Particularly the working class poor.. (These things never hurt the wealthy)

Printing or "readjusting" debt is one of the same in my mind...it equals inflation which waters down the working classes purchasing power.

I am not a Keynesian, nor subscribe to Tea Party austerity .... I am a Socialist with a fiscal responsibility mindset, like those in Germany or Scandinavian countries.

It is my opinion that with California's like sized economy, it can learn alot form Germany's bold attempt to keep the lazy mediterranean countries from going under, without printing...

But the "lazy" mediterranean countries are being forced into severe austerity programs. THAT is largely how Germany's bold attempt is being solved. And crackdowns on tax cheats.

P.S. Ever wonder why Tiger Woods and many others have moved to Florida?

[Mathguy]

Originally Posted by dmode

Some guys in this board are like evangelical Christians. Waiting patiently for years for Jesus to return or in this case California to implode, decimate, detach from the mainland USA and dissolve in the Pacific Ocean. They scour the internet looking for desperate signs that may indicate the fulfillment of their dreams [and in the process post useless articles from biased sources]. But alas, like the evangelicals, their dream is never going to be fulfilled.

Was it really neccessary to take a swipe at a religious group?

[BayAreaHillbilly]

Originally Posted by Mathguy

Was it really neccessary to take a swipe at a religious group?

CA may not be heading for a complete melt down, but something like the Rust Belt is definitely a possibility.

I think this is something Evangelicals and others who are not in denial will all definitely agree on.

Dmode, ever read Joel Kotkin's blog?

[Huckleberry3911948]

they cant keep spending like this the governor is going to have to stop them but the last one could not either. the political agenda of CA makes a budget impossible. i think sacramento is going to have to put their job on the line and vote honestly instead of what the lobby tells them to do. we the taxpayers, have housed and fed them a long time they owe us that.

[1AngryTaxPayer]

So they were lying to us when they said this last budget was balanced? Where is my shocked face. Talk again in a few months.