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Old 04-04-2013, 07:41 PM
 
11,715 posts, read 37,511,955 times
Reputation: 7540

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Quote:
Originally Posted by Tex?Il? View Post
I'm not sure what that has to do with anything.
Because we're discussing an accounting issue and you're out in left field. Having a mortgage greater than one's annual income is not the same thing as having a negative net worth.
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Old 04-04-2013, 08:24 PM
 
Location: LBC
4,155 posts, read 4,811,432 times
Reputation: 3554
Quote:
Originally Posted by EscapeCalifornia View Post
I don't think you know what "insolvent" means.
Accounting course? I think you skipped third-grade reading:

Insolvent:
a (1): unable to pay debts as they fall due in the usual course of business (2): having liabilities in excess of a reasonable market value of assets held

b: insufficient to pay all debts <an insolvent estate>
Insolvent - Definition and More from the Free Merriam-Webster Dictionary

Considering you're the one making this claim and attacking others' judgment- has CA defaulted? Is it in default?

Yes or no.
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Old 04-04-2013, 09:19 PM
 
Location: On the water.
17,639 posts, read 10,125,704 times
Reputation: 14808
Quote:
Originally Posted by EscapeCalifornia View Post
California could default on bonds and bounce payroll checks and people like you would still be making up excuses about how its not that bad and the weather's still great.
The weather is great, isn't it!

Quote:
Originally Posted by EscapeCalifornia View Post
The thing about faith is that it allows you to ignore reality. Its a coping mechanism that lets starving people have more kids with the faith that somehow they'll get by.
Starving people have kids for the same reason most people do: as a consequence of sex.
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Old 04-04-2013, 09:30 PM
 
Location: On the water.
17,639 posts, read 10,125,704 times
Reputation: 14808
Quote:
Originally Posted by slowbill View Post
[quote=Tulemutt;28970568]Not when you have assets like the continent's most fertile and productive farmland that provides 25% of the nation's food. And ports that handle 75% of the nation's trade with Asia. And most of the nation's venture capital investments. And the world's leading high tech design and development community. And the nation's greatest infrastructure of roads and highways. And the greatest concentration of highest quality academia and brain trust. And one of the greates tourist industries. And and and and and and and and.



The State of California does not own these assets. They tax these assets and property. The point was if you keep spending more than you make you are broke.
Oh.




Dang! Now I won't sleep for worrying.
California farmlands could move to South Dakota.
High tech will find a new home in Wyoming.
The ports of Los Angeles, San Francisco, Oakland, San Diego will become the Port of Omaha Nebraska.
Venture Capital investments will center on Mississippi.
University of California will become the university of West Virginia.
Our highways will get dug up and moved to Arkansas.
And North Dakota will become the new tourist mecca.

(Actually, yes, California does own those assets. They are just incalculable on balance sheets for accounting.)
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Old 04-04-2013, 09:35 PM
 
11,715 posts, read 37,511,955 times
Reputation: 7540
So the State owns everything. Gotcha, Comrade.
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Old 04-04-2013, 09:38 PM
 
Location: Wherever I happen to be at the moment
1,229 posts, read 1,222,367 times
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Quote:
Originally Posted by EscapeCalifornia View Post
So the State owns everything. Gotcha, Comrade.
Well, it could, if "California" means its citizens.
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Old 04-04-2013, 09:59 PM
 
Location: LBC
4,155 posts, read 4,811,432 times
Reputation: 3554
Quote:
Originally Posted by EscapeCalifornia View Post
So the State owns everything. Gotcha, Comrade.
How predictable to conflate assets inextricably tied to California and its overall economic prospects with assets owned by political subdivisions of the state government.

Flail harder.
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Old 04-04-2013, 10:04 PM
 
11,715 posts, read 37,511,955 times
Reputation: 7540
Quote:
Originally Posted by Ghostly1 View Post
Well, it could, if "California" means its citizens.
Only if the state starts confiscating assets in the name of "the people".
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Old 04-04-2013, 10:41 PM
 
Location: On the water.
17,639 posts, read 10,125,704 times
Reputation: 14808
Quote:
Originally Posted by EscapeCalifornia View Post
So the State owns everything. Gotcha, Comrade.
Please explain how those things I mentioned (ports, universities, highways, venture capital interest, fertile agricultural valleys, tourist magnets like Yosemite and Hollywood and San Francisco's hills and cable cars, weather and geographical splendor that attract talented residents for lifestyle) can be separated from the state. That was the point of my previous humor if you didn't get it. How are those features and traditions at risk of moving? They are part and parcel, attached to the state. Therefore they are dynamic assets, however incalculable on a balance sheet.

Doesn't have a damn thing to do with communism or socialism.
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Old 04-04-2013, 10:57 PM
 
858 posts, read 1,012,650 times
Reputation: 563
California has one of the STRONGEST economies in the world, in the top five in some years. California attracts alot of talent and money due to its desirable attributes. Love being part of this team, WIN WIN.
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