California Focus: Optimism as an accounting tool (state could brink on bankruptcy in 18 months)

OC Register ^ | 1/19/07 | Tom McClintock

[NeoCaveman]

"Everything has to be provided to the people" - Rnold Schwartzenkennedy.

[PGalt]

BTTT!

[edcoil]

A large percentage of the revenue increase is by a new tax on casino's - a law not yet passed and then deemed Constitutional to tax basically another country (reservation) in your country.

[NormsRevenge]

There's much more to this piece, had to snip the heck out of it.

[NormsRevenge]

That's why thousands of more machines have been and will be allowed by and approved for tribes across the state in their casinos.

[edcoil]

The entire casino laws are corrupt and unConstitutional. What is we passed a law that only white people could own casino's

If the state has gambling then everyone should be able to get into that business.

[Regulator]

"Everything has to be provided to the people" - Rnold Schwartzenkennedy

He meant the Mexican people.

All 120 million of them.

[sheana]

Dang I love Tom!

[milwguy]

You got the gist of the story. Arnold has been drinking the Kennedy Koolaid at Uncle Teddy's on Martha's Vineyard and now he is a republican in name only.

[John Jorsett]

Arnold's budget planners:

[NormsRevenge]

Tom's our resident "voice in the wilderness".

Too bad folks didn't or wouldn't get the message.

[goldstategop]

18 months. And what happens when the banks say NO to more borrowing by deadbeat California? Oh then the fiscal fun and games will begin!

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[ChurtleDawg]

not true. The Indian reservations are not technically part of California.
They are semi-sovereign entities owned by the tribes themselves

[NormsRevenge]

Coincidentally, that will be during an election year if things play out as written. I wonder if voters will be paying much attention?

You can only go to the well so many times.. or something like that. ;-)

[ElkGroveDan]

BTW I gave a copy of that to Tom the other day when you posted it.

[streetpreacher]

Seriously, what does happen when a state goes bankrupt? How would California's bankruptcy effect the national economy?

[ChurtleDawg]

if it was truly that scary, then the US itself would have crashed and burned by now.

we have a far worse debt problem on a national level

[goldstategop]

If its an Argentine-style meltdown, it would devastate the shrinking middle class. The Democrats would be the main political victims of such a fallout. I never like to say something bead about my country but sometimes I think we may need the worst to cure people of their infatuation with socialist Nanny State schemes.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[John Jorsett]

BTW I gave a copy of that to Tom the other day when you posted it.

Hey, cool! I love McClintock, and I'm happy to hear that you sent it to him. It's a famous cartoon from The New Yorker, and every time somebody in government builds a plan based on happy thoughts and unrealistic assumptions, I'm reminded of it.