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Old 06-07-2016, 07:14 PM
 
Location: Ca expat loving Idaho
5,267 posts, read 4,191,331 times
Reputation: 8140

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For real Majoun? It was never in the press. Those were dark scarey days. I went from 200k in equity to under water on my condo in one week. One of the reasons I'm looking to cash out and leave the state is my fear it will all happen again.
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Old 06-07-2016, 07:30 PM
 
18,172 posts, read 16,426,251 times
Reputation: 9328
Quote:
Originally Posted by majoun View Post
If California could it already would have. The state looked into it when Arnold was governor but the CA Constitution forbids the state from declaring bankruptcy
And I believe if any residents have to declare bankruptcy due to the costs, they cannot avoid paying taxes even after bankruptcy. You live there, you pay and pay and .... well
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Old 06-07-2016, 08:55 PM
 
Location: Lone Mountain Las Vegas NV
18,058 posts, read 10,378,871 times
Reputation: 8828
CA is relatively high in debt but no where near the top.

CA is high in taxes but no where near the top.

It can easily continue as it is for the foreseeable future.

And in fact it could be the worst in debt and taxes and still continue.

California is California. It has different rules.
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Old 06-07-2016, 09:06 PM
 
Location: Earth
17,440 posts, read 28,631,345 times
Reputation: 7477
Quote:
Originally Posted by Finper View Post
For real Majoun? It was never in the press. Those were dark scarey days. I went from 200k in equity to under water on my condo in one week. One of the reasons I'm looking to cash out and leave the state is my fear it will all happen again.
The LAT did report it, although it was buried in the California section (or was the second section still called Metro then)?
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Old 06-07-2016, 09:07 PM
 
Location: Earth
17,440 posts, read 28,631,345 times
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Quote:
Originally Posted by lvmensch View Post
CA is relatively high in debt but no where near the top.

CA is high in taxes but no where near the top.

It can easily continue as it is for the foreseeable future.

And in fact it could be the worst in debt and taxes and still continue.

California is California. It has different rules.
Connecticut and Illinois are in worse shape than California...
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Old 06-07-2016, 09:43 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,159,399 times
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Quote:
Originally Posted by majoun View Post
Connecticut and Illinois are in worse shape than California...
And then there is Puerto Rico. And then there are bankrupt cities that we will need to endlessly bail out from their decades of profligate spending/waste and Banana Republic-like finances and planning, e.g. Chicago.
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Old 06-08-2016, 03:31 PM
 
3,437 posts, read 3,292,618 times
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Quote:
Originally Posted by majoun View Post
If California could it already would have. The state looked into it when Arnold was governor but the CA Constitution forbids the state from declaring bankruptcy
CA and the other states are considered sovereign so they could not declare bankruptcy. never heard of any sovereign state ever declared bankruptcy. they defaulted, yes but they never declared bankruptcy. and the one who declare you are in default are the lenders
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Old 06-08-2016, 03:55 PM
 
Location: Living rent free in your head
42,867 posts, read 26,350,054 times
Reputation: 34068
Quote:
Originally Posted by majoun View Post
If California could it already would have. The state looked into it when Arnold was governor but the CA Constitution forbids the state from declaring bankruptcy
Maybe that's when Arnie incurred 51 billion in debt, but the state is currently not insolvent, or even close to being so, in November of 2015 California declared a budget surplus of 900 million dollars
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Old 06-08-2016, 03:59 PM
 
Location: Living rent free in your head
42,867 posts, read 26,350,054 times
Reputation: 34068
Quote:
Originally Posted by LuvSouthOC View Post
And then there is Puerto Rico. And then there are bankrupt cities that we will need to endlessly bail out from their decades of profligate spending/waste and Banana Republic-like finances and planning, e.g. Chicago.
Let's see...Vallejo, Stockton, Mammoth Lakes & San Bernardino all filed bankruptcy. Amount of State and Federal "bail out" money to those cities ZERO
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Old 06-08-2016, 04:12 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,159,399 times
Reputation: 7997
Quote:
Originally Posted by 2sleepy View Post
Let's see...Vallejo, Stockton, Mammoth Lakes & San Bernardino all filed bankruptcy. Amount of State and Federal "bail out" money to those cities ZERO
Liberals love to obfuscate perhaps relying on the presumed ignorance of others. A bill to bail out Puerto Rico is in congress now, although it's not looking good for the bill, Obama is already giving PR money despite its profligate spending. But if it passes both chambers, expect to see endless bailouts to every hell hole in America such as Gary, Indiana, Detroit, Flint, Stockton, etc. Start the printing presses, that money is "free".


Once we start the bailing out, every mismanaged state and city state run by dimwits for decades will without shame demand money from the Federal Government.


Vote GOP to stop the bailout and demand those who incurred the bills pay them.

Last edited by LuvSouthOC; 06-08-2016 at 04:32 PM..
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