Posted on 09/24/2008 1:07:37 PM PDT by SmithL
During the annual – or, perhaps, perennial – impasse over the state budget, those in and around the Capitol play a little guessing game, called the budget pool, on when it will be enacted.
Gov. Arnold Schwarzenegger signed the budget Tuesday with none of the usual hoopla, symbolizing official embarrassment over both its record tardiness and its failure to close the chronic deficit.
And now there's a new guessing game: How long until it falls out of balance? The answer: One nanosecond. Or as state Controller John Chiang says, "Today we adopted a $103.4 billion budget that was out of balance the moment it was signed."
Those familiar with the state's convoluted finances know the budget's revenue assumptions are out of whack, . . .
(Excerpt) Read more at sacbee.com ...
With the economy worsening here in California, this qualifies as the GPM (Gomer Pyle Moment) of the day: Surprise, Surprise, Surprise.
In other words, the Cal state budget was balanced in the same way we had a surplus during the Clinton years! Charlie Rangel uses the same accountant, doesn’t he?
“the administration is assuming that the state can sell $10 billion in bonds”
Seriuosly, To Who. if they do find someone, they will want some hard assets
as collateral, oh say the California Coast, Yosemite, Monterey bay
......To Who. if they do find someone, they will want some hard assets......
Merril Lynch will handle the sale.
Oops, I forgot , maybe Lehman Brothers .
Perhaps we can get “Fedzilla” to bail out us Kahleefohnians?
(Ca.) State budget now caught in financial crisis
Sac Bee | October 1, 2008 | By Jim Sanders
Posted on 10/01/2008 11:34:17 AM PDT by twistedwrench
http://www.freerepublic.com/focus/f-news/2095085/posts
Schwarzenegger to U.S.: State may need $7-billion loan (CA goes T.U.)
LA Times | 10/3/08 | By Marc Lifsher and Evan Halper
Posted on 10/02/2008 11:34:37 PM PDT by BurbankKarl
Califorhttp://www.freerepublic.com/focus/f-news/2096433/posts
Schwarzenegger to U.S.: State may need $7-billion loan
The Los Angeles Times | 2008-10-03 | Marc Lifsher & Evan Halper
Posted on 10/03/2008 5:47:23 AM PDT by rabscuttle385
http://www.freerepublic.com/focus/f-news/2096554/posts
Schwarzenegger: Calif. may need $7 billion loan
MSNBC | 10/3/2008 | Staff
Posted on 10/03/2008 8:20:09 AM PDT by Red in Blue PA
http://www.freerepublic.com/focus/f-news/2096668/posts
California, Short of Cash, May Ask U.S. for Loan
New York Times | October 3, 2008 | Randal C. Archibold
Posted on 10/03/2008 12:37:44 PM PDT by Panzerlied
http://www.freerepublic.com/focus/f-news/2096883/posts
California may seek $7bn emergency loan
FT.COM
Posted on 10/03/2008 12:51:13 PM PDT by Sub-Driver
http://www.freerepublic.com/focus/f-news/2096893/posts
Calif. leaders hope bailout loosens credit market
AP via SFGate | 10/3/8 | Judy Lin, Associated Press Writer
Posted on 10/03/2008 12:52:38 PM PDT by SmithL
http://www.freerepublic.com/focus/f-news/2096895/posts
California economic outlook: worse to come: report
(outlook for most populous U.S. state is “ugly”)
Reuters on Yahoo | 9/24/08 | Reuters
Posted on 09/24/2008 11:22:56 AM PDT by NormsRevenge
http://www.freerepublic.com/focus/f-news/2089490/posts
Financial crisis threatens green tax credits (The old ‘Silver lining’ effect.)
SFGate.com | 10/1/08 | David R. Baker
Posted on 10/01/2008 8:43:23 AM PDT by NormsRevenge
http://www.freerepublic.com/focus/f-news/2094912/posts
California liberals help defeat bailout bill (14 said it tilted to Wall Street, rich investors)
LA Times | 10/1/08 | Nicole Gaouette and Richard Simon
Posted on 10/01/2008 8:49:07 AM PDT by NormsRevenge
http://www.freerepublic.com/focus/f-news/2094921/posts
Jittery Californians Buying Bullets And Safes
CBS5 | Oct 1, 2008
Posted on 10/01/2008 11:27:54 AM PDT by nickcarraway
http://www.freerepublic.com/focus/f-news/2095081/posts
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