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Old 01-29-2017, 02:25 PM
 
Location: Ca expat loving Idaho
5,267 posts, read 4,125,155 times
Reputation: 8133

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My Fico is in the high 700's. I wish I could live in a state that's also economically responsible and dosn't have cities that file bk and crumbling roads and dosn't have unions that wants to get their grubby fingers on my money but that's never going to happen. So keep making excuses until you lose your hard earned money if you have a job. This Eeyore is done and out
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Old 01-29-2017, 02:30 PM
 
4,369 posts, read 3,694,263 times
Reputation: 2479
Quote:
Originally Posted by Finper View Post
Yea lets let all the "satellite" cities declare bk who cares?!?! No sweat off my back. Just stay in your elitist bubble and keep thinking everything will be fine...
Well if the satellite city could create its own industry then it wouldn't go into debt.
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Old 01-29-2017, 03:18 PM
 
9,520 posts, read 30,344,392 times
Reputation: 6419
Yes the pension crisis is real but it really only affects the people with the pensions, they are the ones getting screwed in the end if the city BKs or has to be forced to renegotiate. What possible interest does the global banking and finance system have in the failure of CA's government? As mentioned above the state will continue to borrow and continue to spend. It's in no one's interest to BK, the only reason to do that is if there are no assets and no ability to generate capital... CA is a very wealthy state with plenty of assets and is a capital-generating machine
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Old 01-29-2017, 07:28 PM
 
Location: Land of the Free
6,542 posts, read 6,576,312 times
Reputation: 7353
Quote:
Originally Posted by StanleysOwl View Post
Do you Eeyores really think you are smarter and more prescient than the billionaires and professional financial analysts and managers who keep lending to the cities and states?
California has a AA- bond rating, which is among the lowest among states, so we pay higher interest than other places for those loans.
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Old 01-29-2017, 07:36 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
22,564 posts, read 24,349,979 times
Reputation: 20213
NAH, CA can kick the can down the road for a LONG time.
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Old 01-29-2017, 08:17 PM
 
911 posts, read 586,535 times
Reputation: 561
Quote:
Originally Posted by TheseGoTo11 View Post
California has a AA- bond rating, which is among the lowest among states, so we pay higher interest than other places for those loans.
??? Your point is what? So we pay a higher rate for now. So what?

The lenders create bond ratings and love when the metrics of changing conditions give them the green light to charge higher rates. If they were worried about default they wouldnt lend. They are thrilled to lend to California at higher rates. Why? Because they know California is a money machine like no other state. Do you thinak a bunch of internet forum junkie yahoots know more than the richer than God guys who create the lending systems?

"My screenname is 'Fiddlededeebumbutt' and I have discovered a truth overlooked by PhD bond market strategists!"
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Old 01-29-2017, 09:01 PM
 
2 posts, read 1,385 times
Reputation: 15
Quote:
Originally Posted by Sassberto View Post
Yes the pension crisis is real but it really only affects the people with the pensions, they are the ones getting screwed in the end if the city BKs or has to be forced to renegotiate. What possible interest does the global banking and finance system have in the failure of CA's government? As mentioned above the state will continue to borrow and continue to spend. It's in no one's interest to BK, the only reason to do that is if there are no assets and no ability to generate capital... CA is a very wealthy state with plenty of assets and is a capital-generating machine
If you think Los Angeles and dozens of other cities going bankrupt only affects pensioners, well, I suppose baywatch must really be the CA lifestyle.

All of the USA will feel the repercussions, and California will, like Chicago, be ground zero. But people aren't as dumb as they appear. From Seattle to Wilmington NC (maybe because of that caltrans sign) California plates are everywhere with movers close behind.

You're right no one wants it. But when you owe a debt and don't pay, at some time the bill comes. And often at the worst time.
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Old 01-29-2017, 09:06 PM
 
2 posts, read 1,385 times
Reputation: 15
Quote:
Originally Posted by Finper View Post
My Fico is in the high 700's. I wish I could live in a state that's also economically responsible and dosn't have cities that file bk and crumbling roads and dosn't have unions that wants to get their grubby fingers on my money but that's never going to happen. So keep making excuses until you lose your hard earned money if you have a job. This Eeyore is done and out
And you know, there are states out there that are spending more on schools, and not worrying about cutting classes or, heaven knows a BK.

The folks here can't make reasonable arguments, so they grasp at straws like commuter cities. Really out-there stuff.

Bottom line, everyone knows CA is hosed. The governer has on more than one occasion said so. LA politico's have said so. San Jose has said so... The school systems have said so, and On and on and on..

A once great place now sits at the bottom of most national rankings, including poverty, schools and crime.
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Old 01-30-2017, 02:16 AM
 
47 posts, read 37,194 times
Reputation: 62
Quote:
Originally Posted by Perma Bear View Post
It's hard to see this "coming economic collapse" when 2 bedroom 1 bath homes in Belmont sell for 1 million dollars. Just not seeing it. As much as I'd love to believe you're right we're just getting richer and richer.
Keep you head firmly buried in the sand or in you front yard in Belmont. You sound like one of the people who is either getting or will get one of the ridiculous pensions that has put the state and many of it's cities into virtual bankruptcy. The worst thing that ever happened to the State of CA was when Jerry Brown let city and state employees unionize back in the 70's; at the time those looking into the ramifications of this action said it was unclear what the ultimate cost of unionization would be to the citizens of CA, but it could ultimately cost tens of billions in unfunded pensions in the long run. Well here we are 40+ years later and Calpers is $170 billion underfunded, Calstrs is $70-80 Billion in the red and those cities who fund their own pensions are also in the red. Unfortunately, the citizens of the state who will get no benefit from it will ultimately have to pay for this mess and keep these people very comfortable in their retirement for upwards of 30+ years!

Our only hope is that the SC will rule that pensions can be downgraded if they are underfunded and keep the citizens from having to foot the bill for something that should never of happened in the first place.
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Old 01-30-2017, 02:33 AM
 
47 posts, read 37,194 times
Reputation: 62
Quote:
Originally Posted by Sassberto View Post
Yes the pension crisis is real but it really only affects the people with the pensions, they are the ones getting screwed in the end if the city BKs or has to be forced to renegotiate. What possible interest does the global banking and finance system have in the failure of CA's government? As mentioned above the state will continue to borrow and continue to spend. It's in no one's interest to BK, the only reason to do that is if there are no assets and no ability to generate capital... CA is a very wealthy state with plenty of assets and is a capital-generating machine
You too obviously have your head in the sand. The pension crisis doesn't effect any of the pensioners because right now they are still getting their checks and many of them move out of state when they retire, so they don't have to deal with driving on roads that haven't been adequately maintained because the money from the gas taxes has been diverted to the pay the pensions as well as the cost of living in the state. They move to places like OR, ID, NV, etc. after they sell their house here and pay cash for their new place in their new home state and wait each month for their fat retirement check to come in and the State of CA never sees another dime from these people again. Those of us who won't get one of these pensions will be left to pay for them through higher income taxes, sales taxes, etc. at least until we too are able to move to another state.
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