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Old 10-03-2008, 08:58 PM
 
Location: Sputnik Planitia
7,826 posts, read 11,752,083 times
Reputation: 9045

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california housing prices have to fall 50%, then everything will be just alright...the cost of living over here has just gone wildly out of control due to the astronomical bid up in home prices, that has also caused rents to double in the last 5-6 yrs causing a very very bad situation.
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Old 10-03-2008, 09:03 PM
 
Location: Great State of Texas
86,052 posts, read 84,321,515 times
Reputation: 27718
Add to that the flight out of Cali of the middle class with $$$ from the sale of their homes.
That will not bode well for Cali's budget.
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Old 10-04-2008, 12:24 AM
 
Location: WA
5,641 posts, read 24,904,544 times
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I don't think the fed should loan them a penny. If they jack up the rates high enough they will be able to sell some short term bonds... that is the way the system is supposed to work!
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Old 10-04-2008, 05:22 AM
 
12,867 posts, read 14,886,109 times
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Quote:
Originally Posted by HappyTexan View Post
Add to that the flight out of Cali of the middle class with $$$ from the sale of their homes.
That will not bode well for Cali's budget.
they do have themselves to blame for not protecting their middle class workers.
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Old 10-05-2008, 07:42 AM
 
707 posts, read 1,291,460 times
Reputation: 438
Just read where Mass is going to ask for funding. Can't imagine it will be long before Michigan and Ohio are at the trough as well. I believe we've talked about moral hazard. No reason to get spending in line, just ask uncle Sam for a little handout.
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