Posted on 05/29/2009 10:46:33 PM PDT by Ernest_at_the_Beach
SAN FRANCISCO (MarketWatch) -- Fitch Ratings said late Friday it lowered its ratings outlook on the State of California to negative from stable.
(Excerpt) Read more at marketwatch.com ...
Anyone surprised?
What "quick action"? Raise taxes even more, sending us further into the death spiral? Or getting serious about cutting spending? Or build walls along the OR, NV, AZ and MX borders and require papers to get out...plus you can't take more than $1,000 with you when you leave?
As if we didn’t know what they were going to be yelling...
When you look at the list of city, county, and state employees....throughout the state...and then start asking who makes more than $150k a year....it’s a total shock. I saw a list this week for the top fifty employees of San Fransisco...here was some special nurse...drawing $350k a year. You have to pay this gal’s retirement...so figure almost $180k minimum a year for her, and then the same salary structure for her replacement. What idiot doesn’t get the fact that they have bankrupted the state and cannot survive? Whatever bad feelings I had over GM...are twice that bad with the state of California. They will not survive in any fashion.
Thus Kalifornia, the State totally controlled by fruits and nuts, circles the drain.....
California should be more than one state...so we can filter out the insanity.
Nope. Gonna be some nice yields on those bonds.
I heard rumors that the Federal gov’t may give loan guarantees to California, and/or, stand behind Calif. bonds? If the feds stand behind Calif., won’t that get Calif. a higher “credit rating” and better interest rates? Sort of like when a relative with good credit co-signs a loan for a family member with bad credit?
Yes--I was speaking of yield -- i.e. from the bondholders perspective.
The higher the risk, the higher the yield (to the bondholder) and the higher the cost (to the taxpayer).
If the Feds back the bonds, the rates would go down.
There have been millions of extra dollars transferred to the pockets of some New York donors through timing/methods of various California bond offerings.
Good job Arnold! You started out great, but sleeping with a Kennedy destroyed your brain!
We know a few liberal couples, who can’t wait to buy more California junk bonds.
From stable to negative.
The Trojan Horse’s barn is on fire.
Utopia burns.
In what parallel universe?
The Austrian promoted and championed Prop 49 (midnight basketball) even before being elected to public office. He opposed Prop 54 during the recall election remarking "If the right-wing crazies have a problem with it (his opposition), so be it!. He has been a fiscal and social liberal since before his first day in public office.
From expanding the rights of homosexuals, to borrowing billions to fund double digit increases in daily government spending, to suggesting the largest tax increase in the state's history (to pay for the borrowing), the Austrian is a classic liberal.
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