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Old 10-23-2010, 01:42 AM
 
Location: Los Angeles
749 posts, read 1,518,790 times
Reputation: 421

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Quote:
Originally Posted by Inter441 View Post
I know economy is bad everywhere in the US but it seems California is becoming bankrupt like Greece that is negative -101 % or worse than Greece ? I love California lifestyle thinking of moving there from Florida .

What a pity such a beautiful god blessed scenery and nice weather State is going through rough times how worse can California can be. worse to worse Federal Government come in and take over the State . USA is still the strongest and richest country in the world in terms of our government
Actually, Chapter 9 of U.S. bankruptcy law prevents a state from filing "bankruptcy" like a municipality can do (e.g., a city, town, etc.). New York City nearly did that in the 1970's.

A state "could" be put into a receivership which would somewhat resemble a bankrkuptcy.

California's debt to GDP ratio is something like 7% to 10%. By contrast, Greece is something like 110%. Yes, we need to get our house in order but this is a problem that can be solved.

Can California declare bankruptcy? What about Greece? - By Christopher Beam - Slate Magazine
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Old 10-23-2010, 07:36 AM
 
Location: Los Angeles
406 posts, read 612,487 times
Reputation: 136
Quote:
Originally Posted by BluSpark View Post
Actually, Chapter 9 of U.S. bankruptcy law prevents a state from filing "bankruptcy" like a municipality can do (e.g., a city, town, etc.). New York City nearly did that in the 1970's.

A state "could" be put into a receivership which would somewhat resemble a bankrkuptcy.

California's debt to GDP ratio is something like 7% to 10%. By contrast, Greece is something like 110%. Yes, we need to get our house in order but this is a problem that can be solved.

Can California declare bankruptcy? What about Greece? - By Christopher Beam - Slate Magazine
i guess Greece is in worse shape as their foundation is weak and EU is not giving them enough support. California is part of USA and USA has been through period of rough times and good times . I believe it is just a matter of time things will be the same again . As for Greece it is hard to say because they got way greedy than US and people over there are uneducated unlike the United States tons of people have college degree including myself nowadays .
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Old 10-23-2010, 09:41 AM
 
Location: Los Angeles
11,084 posts, read 13,116,576 times
Reputation: 7959
Quote:
Originally Posted by Inter441 View Post
I know economy is bad everywhere in the US but it seems California is becoming bankrupt like Greece that is negative -101 % or worse than Greece ?
California can't go bankrupt (due to the laws) but it could become sufficiently dysfunctional that the federal government could possibly be required to step in some day. But until then remember that taxpayers have practically unlimited funds that could be taxed and taken by the state to continue operation. It seems to me that the tax and spend forces will eventually transcend fiscal conservatives and then taxes will increase sharply and the state will have plenty of money for all the programs and retirements and give-aways and boondoggles it wants.
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Old 10-23-2010, 09:42 AM
 
Location: Los Angeles
406 posts, read 612,487 times
Reputation: 136
Quote:
Originally Posted by Lovehound View Post
California can't go bankrupt (due to the laws) but it could become sufficiently dysfunctional that the federal government could possibly be required to step in some day. But until then remember that taxpayers have practically unlimited funds that could be taxed and taken by the state to continue operation. It seems to me that the tax and spend forces will eventually transcend fiscal conservatives and then taxes will increase sharply and the state will have plenty of money for all the programs and retirements and give-aways and boondoggles it wants.
Just let Federal government take over !
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Old 10-23-2010, 09:50 AM
 
Location: SW MO
23,609 posts, read 29,698,221 times
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Quote:
Originally Posted by Lovehound View Post
...and then taxes will increase sharply and the state will have plenty of money for all the programs and retirements and give-aways and boondoggles it wants.
Which will be real easy for the small handful of people who will be left there to collect on the public services. If that happens, those who can will leave!

Quote:
Originally Posted by Inter441 View Post
Just let Federal government take over !
Yeah! They've done so well with the country!
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Old 10-23-2010, 10:57 AM
 
Location: Los Angeles
11,084 posts, read 13,116,576 times
Reputation: 7959
Quote:
Originally Posted by Curmudgeon View Post
Which will be real easy for the small handful of people who will be left there to collect on the public services. If that happens, those who can will leave!
Yeah, people like you, people like me.


Quote:
Originally Posted by Curmudgeon View Post
Quote:
Originally Posted by Inter441 View Post
Just let Federal government take over !
Yeah! They've done so well with the country!
The federal government has done such a great job of ruining ... er ... running the federal government that I can hardly wait for them to do the same great job in California.

Actually I think that both California and US have the same disease, the same structural problems, that I think California's symptoms are more obvious but eventually the federal government will come to have the same problems that California has. The government has gotten too big. The government has become more important than the wellbeing of the citizens.
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Old 10-23-2010, 11:05 AM
 
5,113 posts, read 4,651,486 times
Reputation: 1720
Almost all states are in financial crisis with California leading the pack. The federal government is in deep unsustainable debt and the printing machines have working 24/7 printing new money which will result in hyperinflation. The feds no longer have the capability to bailout states.
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Old 10-23-2010, 01:01 PM
 
Location: Los Angeles
406 posts, read 612,487 times
Reputation: 136
lol let IMF take over !
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Old 10-23-2010, 04:46 PM
 
Location: Los Angeles
3,183 posts, read 1,780,320 times
Reputation: 9477
According to an April, 2010 article in the L.A. Times, California's unfunded pension liability exceeds $ 500 BILLION. These are debts that you never hear about and are not part of the $20 BILLION deficit they are always talking about. We are completely screwed. L.A. is only really good for two things anymore. The climate and making money. When it's time to retire, it will be hard to stomach the tax burden that is most certainly coming for California.

California's $500-billion pension time bomb - Los Angeles Times

Mike
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Old 10-23-2010, 06:43 PM
 
Location: Los Angeles
11,084 posts, read 13,116,576 times
Reputation: 7959
Quote:
Originally Posted by LAappraiser View Post
According to an April, 2010 article in the L.A. Times, California's unfunded pension liability exceeds $ 500 BILLION. These are debts that you never hear about and are not part of the $20 BILLION deficit they are always talking about. We are completely screwed. L.A. is only really good for two things anymore. The climate and making money. When it's time to retire, it will be hard to stomach the tax burden that is most certainly coming for California.
Now you know why I'm getting the heck out of here!

What's worse, most states and the federal government too have been making retirement commitments in a similar manner. It's like watching two trains speeding towards one another on the same track, the state and federal government (and taxpayers along for the ride) making retirement commitments exceeding 100% of the budget, and public employment retirees expecting their employer to honor workplace commitments. And worse, private retirement funds are in the same situation.

The only way this will work out well is if a whole bunch of people die sooner than expected.
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