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California May Need an Emergency Federal Loan
Old 10-03-2008, 05:10 PM   #1
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California May Need an Emergency Federal Loan

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California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns. . . . "Absent a clear resolution to this financial crisis that restores confidence and liquidity to the credit markets, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal Treas
California may need $7 billion federal loan - CNN.com

But don't worry . . . the market will sort it all out.
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Old 10-03-2008, 05:18 PM   #2
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I blame Gray Davis.
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Old 10-03-2008, 05:21 PM   #3
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Me too. Is he still alive? I say we drive over to his house with some torches and pitchforks.
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Old 10-03-2008, 05:36 PM   #4
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Why don't they just raise taxes? That's usually the way to "obtain the necessary level of financing to maintain government operations". :confused:
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Old 10-03-2008, 05:40 PM   #5
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Why would Arnold want to do something politically unpopular like raise taxes when he can just hit up the Treasury for it? Republicans don't raise taxes even when it makes sense to do so. Plus, this way, we can all pay for the problem.
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Old 10-03-2008, 05:43 PM   #6
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I blame Gray Davis.
How so? Didn't he want to raise taxes to lower the deficit?
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Old 10-03-2008, 05:47 PM   #7
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For goodness sakes, the state has to raise taxes or reduce spending. Just passing the political buck.
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Old 10-03-2008, 05:48 PM   #8
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Increasing taxes takes time - apparently California needs the money now.
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Old 10-03-2008, 05:50 PM   #9
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Grey Davis is holed up in his house - what a way to go.....CA Gov. and then a disgraced nobody. He's gotta have quite a liquor cabinet.
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Old 10-03-2008, 05:59 PM   #10
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For goodness sakes, the state has to raise taxes or reduce spending. Just passing the political buck.
Compared to California, the Federal government looks like an efficient well-managed operation.

Wish we could throw them all out and start over, but the California electorate is just as dysfunctional.
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Old 10-03-2008, 06:01 PM   #11
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What if Ahhhnold reimbursed the state for that expensive, crappy "special election" he rammed through during his first year in office? We voted down basically everything he brought to the table. He later took responsibility for the fiasco, but not fiscal responsibility.

Hey, Gobernator, it's not 7 billion but I know a few folks who could use some of that cash now....
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Old 10-03-2008, 06:08 PM   #12
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Why don't they just raise taxes? That's usually the way to "obtain the necessary level of financing to maintain government operations". :confused:
CA has one of the highest tax rates, I do not how much more we can handle. I wish the government learns the LBYM philosophy from this board. Unfotunately, when it is not their own money, they will just spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend, and spend..... uh I am tired of typing.

mP
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Old 10-03-2008, 06:28 PM   #13
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Me too. Is he still alive? I say we drive over to his house with some torches and pitchforks.
He maybe a bacon lover. Lets think about this a minute.

Wait lets raise the taxes. Ill be out of here in a few years hiding in my log cabin in some obscure state waiting out the end of my life!

Oh hell I got more editing. How about cutting some social programs.. Oh ahhh oh poppen fresh dough! Nah lets just raise the taxes
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Old 10-03-2008, 07:00 PM   #14
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Originally Posted by Urchina View Post
What if Ahhhnold reimbursed the state for that expensive, crappy "special election" he rammed through during his first year in office? We voted down basically everything he brought to the table. He later took responsibility for the fiasco, but not fiscal responsibility.

Hey, Gobernator, it's not 7 billion but I know a few folks who could use some of that cash now....
You do sort of have to commiserate with him a little bit. We tossed out gray davis and put him in charge on a platform of shaking things up and changing the way california does business. The legislature promptly refused to go along with anything. He went to the voters to ask them to back him up on the reasons why we recalled davis and put him in charge. And the voters said "meh".

He had to have a few moments there where he wondered "Why am I here again? Just to stand around and make noises and not really make any difference?"
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Old 10-03-2008, 07:33 PM   #15
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Arnold should ask Warren Buffet for the money. He has more money than the Federal government, which is 10 trillion in debt.
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Old 10-03-2008, 07:37 PM   #16
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Im still wondering where that huge surplus that California had went... The mysteries of the universe. Good news though they finished working on I 5! Hot damn! By the way I cant stand Arnold either.. Bring back Petey boy.
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Old 10-03-2008, 07:44 PM   #17
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Thats easy. The big capital gains taxes stopped rolling in around 2000 but the legislature kept spending until...errr...well actually they havent stopped yet...
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Old 10-03-2008, 07:47 PM   #18
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Thats easy. The big capital gains taxes stopped rolling in around 2000 but the legislature kept spending until...errr...well actually they havent stopped yet...
Im torn Cfb. Fargo or an ex basketball player. I wonder if he will give out those little basketballs at the elections. I might be tempted.
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Old 10-03-2008, 07:50 PM   #19
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Another "none of the above" set of election choices.
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Old 10-03-2008, 07:50 PM   #20
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Another "none of the above" set of election choices.
Id go for the one who offers some bacon... ..
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