California revises power pacts, saving $84 million

The Orange County Register ^ | Tuesday, December 24, 2002 | Bloomberg News

[Ernest_at_the_Beach]

SACRAMENTO

[Ernest_at_the_Beach]

Well every little bit helps, but this looks rather small beside a 35 Billion dollar deficit!

[Ernest_at_the_Beach]

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[BJungNan]

Well every little bit helps, but this looks rather small beside a 35 Billion dollar deficit!

Hey, I was going to say that!

[Ernest_at_the_Beach]

Be sure and see this:

Tuesday, 12/24, Market WrapUp(The Bear is Coming After California)

California is embarked on an environmental crusade at a time when it is the nation’s number one and two consumer of all forms of energy.

[Ernest_at_the_Beach]

You can still say it!

Be sure and see the comments at the link on post #4!!!

[Lancey Howard]

$35 billion minus $84 million = $34 billion, 916 million.

Rounded just slightly, that equals.... $35 billion.

You can expect stories like this every week as a prelude to these scumbag Democrats throwing up their hands and saying, "We've trimmed everywhere there is to trim.... We've cut everywhere there is to cut. We are now left with no choice but to raise taxes."

Guaranteed this little "renegotiation" has been a done deal for weeks, if not months.

As far as truly cutting the budget, Davis and his scumbag minions are going to announce smoke-and-mirrors "cuts" every week or so and, on cue, the teachers and the rest of the Democrat parasite constituencies will play their part and squawk like crazy in order to try to give the announcements credibility - - make them seem real. I do not believe for a minute that any of the $10 billion in "cuts" announced recently by Davis contain any real cuts at all. Smoke and mirrors, all of it.

[okie01]

"Well every little bit helps, but this looks rather small beside a 35 Billion dollar deficit!"

Also, as against $43 billion worth of contracts. I make it a .195% savings...

Not counting the cost of the kickback, of course.

[Ernest_at_the_Beach]

It really is miniscule, except for the kickback !

Thanks for the calculation!

[Jorge]

$35 billion minus $84 million = $34 billion, 916 million.

Wow...looks like they are finally seeing some light at the end of the tunnel.....a very long tunnel.

[Centurion2000]

California revises power pacts,

I have this funny image of Dimbulb Grayout speaking in a Darth Vader style voice

I am altering the deal. Pray I do not alter it further.

[A CA Guy]

It will take a disaster to undo the Democrat power stronghold that California has become.

I think the disaster is near thanks to the Dems.

[Capitalist Eric]

hell, this ain't a drop in the bucket, it's a molecule!!!

[Robert357]

Very interesting article on energy dependence and the possible energy perfect storm of a Venezuala strike, Iraq war, and cold winter.

[Ernest_at_the_Beach]

Yes, and somewhat scary!

It might be possible that Davis will be able to affect the 2004 elections. He apparently is still soliciting campaign contributions!

[Lancey Howard]

To the scumbag Democrats, one-fifth of one measly percent must seem huge considering how much they jump up and down and holler about investing a gigantic 2% of Social Security privately.

[Lancey Howard]

It will take a disaster to undo the Democrat power stronghold that California has become.

Is undoing the hold on power numerically possible? I was under the impression that California had long ago surpassed the 50% parasite line. If there are more parasites than producers in California, the Democrats can never lose. It's not possible.
(Sorry to be a cold glass of water....)

[monkeyshine]

About 20 companies agreed in early 2001 to sell California $43 billion worth of power over two decades after the state's largest utilities became insolvent by buying power for more than they were allowed to charge customers. Prices have since fallen, and 21 contracts were renegotiated to save $5.3 billion.

What we need to know is how much this power would cost if we purchased it at today's prices?

Sure, $5.3 billion is a lot of savings, but it's about a 13% reduction in the contract price. I've read that today's market prices have fallen to up to 20% of their contract prices, which means we may still be overspending by some $27.5 billion!

[A CA Guy]

Well I read the other day that the state government of California grew by 40% under Davis in just 4 years.

That won't be sustainable and as the market further collapses in April or so I think the pressure to fill all the handouts will be impossible and it will all implode for the Democrats.

Implosion between 2-7 years IMO!

[Lancey Howard]

Implosion between 2-7 years IMO!

It looks to me like the implosion is presently underway, like watching a freight train wreck in slow motion. If the scumbags manage to dig up some dirt on a handful of Republicans and blackmail votes out of them to raise taxes, it will merely put the train wreck in slower motion.

But if all of the Republicans have the spine to see this thing through and continue to tell the scumbags "drop dead, absolutely no" new taxes or tax increases, we could see the ugly conclusion to the wreck sooner. There would be bloated parasites dropping off the hosts like dandruff. And it would be that much sooner that the rebuilding of California could begin.

Regards,
LH

[Myrddin]

I was under the impression that California had long ago surpassed the 50% parasite line. If there are more parasites than producers in California, the Democrats can never lose.

Remember the bottom 50% pay only 4.7% of the income taxes, but account for most of the services. The top 1% pay 33% of the incomes taxes. Being small in number, they can relocate to another more favorable state. If only half of the 1% decide to relocate, you lose 17% of the tax base. Have you heard any more calls to "tax the rich" lately?

The parasites may be in control at the ballot box, but the people with the financial resources have the means and motive to get the hell out of dodge.