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California is in a swirling vortex of hell. This state is gone and will soon be requesting federal bail out, just like the private corporations have. I wonder if this state is: Too Big To Fail.
Do you even know what the hell you are talking about?
High tech companies have been around in Texas since Texas Instruments was founded over 50 years ago.
On top of that if you read the article it said Google closed the Austin location after 6 months along with other operations around the world due to the sinking economy worldwide.
I suspect the problems in Texas are similar to the problems companies have with relocating to Florida: The universities just don't produce enough good students that they want to hire.
"SACRAMENTO, Calif. — Gov. Arnold Schwarzenegger, the state controller and treasurer decided Monday to delay $2.9 billion a month in payments to school districts and counties sooner than expected so the state can meet debt and pension obligations."
"So where in the world are the taxes going to come from to pay for all of these obligations?
It is hard to see a way out of this mess, especially considering the fact that California's economy is coming apart like a 20 dollar suit.
Right now businesses are shutting down in California at an alarming rate. In the region around Sacramento there is now one closed business for every six that are still open.
Not only that, but unemployment in California has reached unprecedented levels. There are now 8 counties in the state that have unemployment rates of over 20 percent.
To put that in perspective, consider the following. The number of people now unemployed in the state of California is equal to the populations of Nevada, New Hampshire and Vermont combined.
Yes, things really are that bad in California.
Nobody has a safe job anymore - not even teachers. Just recently, the state of California handed pink slips to nearly 22,000 teachers across the state.
Can you imagine firing 22,000 teachers?
Unfortunately, firing all of those teachers barely even made a dent in California's budget problems.
California Governor Arnold Schwarzenegger is pledging to seek "terrible cuts" in an effort to get California's financial situation under control, but the truth is that there are not many more areas that can be slashed without voter approval. Bob Herbert of the New York Times recently described California's horrific budget crisis this way.... California has cut billions of dollars from its education system, including its renowned network of public colleges and universities. Many thousands of teachers have been let go. Budget officials travel the state with a glazed look in their eyes, having tried everything they can think of to balance the state budget. And still the deficits persist."
Your right they can't go into bankrptcy but you are wrong as to why.
"Say the state can't make its debt payments, and no one will lend it any more money. In that case, the federal government can step in and put the state into receivership. This would involve the assignment of an accountant to manage the state's debt, overseen by a judge. It would be a lot like bankruptcy, except instead of following a structured set of steps—informing creditors, appointing creditors' committees, a 120-day window to file a plan, etc.—a receiver has the authority to force creditors to renegotiate loans in a speedy fashion. However, the accountant in charge would not have the power to make decisions about the state's budget, such as which programs needed to be cut and which taxes had to be raised. (No state has ever gone into receivership.)"
So yes we will be on the hook for California's stupidity.
By the way let me help you with a little education my friend. Municipalities can and do go bankrupt. Do a little Google yourself. OrangeCounty.......
I have a feeling that those 8 counties are the fastest growing in population also. The people with the sky high birth rates.
I don't see how people in California can't see they have a problem.
As said previously, I'd love nothing more than to go to the most liberal parts of your state wearing a "**** Ya'll I'm From Texas" t-shirt.
I'd even YouTube it for the whole country to watch.
You are such an embarrassment to Texas!
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