The Comedian's "Economic Holocaust" ping list...
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Posted on 01/07/2011 12:41:12 PM PST by SeekAndFind
“Tom Dresslar, spokesman for California Treasurer Bill Lockyer, said he hoped Chowchilla ‘will be an isolated case.... There’s no imminent threat of widespread municipal defaults in California.’”
There will be plenty of munincipal defaults in California, but they are not imminent and widespread. I think Lockyer is saying that the defaults will not be in the next 48 hours and will involve less than 90% of the munincipalities in California.
“”There’s a general perception among municipal bond buyers, ‘Let’s avoid any and all things California,’””
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I am a regular buyer of municipal bonds and 0ver 50% of the bonds on the market are from California.
Bond buyers are avoiding California because they cannot trust the political leaders to stop the insanity.
California needs to raise taxes or cut expenses.
The politicians do not want to do either.
So until California gets its act together, investors should avoid California Bonds. There are many states in the USA who have prudent leaders and bonds are available in those states.
They GOLD-PLATED their govt offices, and then they WALKED ON THE CHECK!
Yes, and I want some of what Bill Lockyer is smoking!
A city with less than 10,000 residents and a budget of $5 mil should be running city hall out of a couple of portables.
They should never have made a capital expenditute of any kind. I haven’t seen it but I would bet city hall in Chowchilla is pretty extravagant.
Is this the part of Cali where the enviro-wackos turned off the irrigation water and trees died and people lost jobs?
I really cannot believe you said that. Of all places, on Free Republic. First of all, any bond buyer deserves what they get. They are funding the politicians' ability to take money away from those who earn it and spend it on things that are not needed. Second of all, you should know better than the lower the tax rates are... the higher the tax revenues.
The politicians in California are very willing to do the first one, and dead-set against the second.
“I haven’t seen it but I would bet city hall in Chowchilla is pretty extravagant.”
I’ll check it out for you next time I’m out that way (my folks live in Chowchilla). :)
My little town, population 20K, shot down the building of a brand new 15 million dollar City Hall. It was only a brief moment of sanity, though.
The very next month they approved the building of a brand new 8 million dollar Police HQ.
I think all of the kids lived.
The reason I said the California politicians need to raise taxes is that is what it will take for the citizens to revolt and vote the politicians out of office.
We need to keep in mind that California is more European than American.
Was that where the bus full of students kidnapping occurred decades ago?
“houses a government that has seen a 45% cut in its workforce since mid-2009”
Was there a corresponding cut in spending? I doubt it.
Great!
We can see the light at the end of the tunnel!
Yes it was. I remember it quite well, I was in high school at the time.
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