Cali lost a 2007 legal battle over selling bonds to raise money for the public employees pension fund "CalPers"---- CalPers is holding a lot of “hedge fund securities” backed by "funny mortgages." Mortgages handed out like candy to unqualified----probably illegal--- borrowers.
SOME OF ARNOLD'S ATROCITIES:
1) Whole-hog spending (showering illegals with state monies to get votes)
2) Setting state and national records for borrowing
3) Deferred payment or refused to recognize significant, long term liabilities.
4) Dramatically increased per capita taxation on California residents
5) Announced plans to illegally tax Californians twice for basic services.
6) Global stupidity---entered into treaties with foreign/sovereign gov'ts supported by domestic taxation.
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REFERENCE State loses legal battle over pension bonds AP via Bakersfield Californian | 7/3/07 | By Aaron C. Davis -
FR Posted on 07/03/2007 by NormsRevenge
Gov. Arnold Schwarzenegger's administration lost a long-running court battle over its plan to sell bonds to cover the state's public employee pension costs. The ruling could complicate negotiations over the state's already overdue budget. Republican lawmakers are holding up the $104 billion spending plan in part because they believe it will leave California with an unmanageably large budget deficit next year.
Tuesday's ruling may only add to that concern, depriving the state of more than $500 million to help close the estimated $5 billion-plus deficit in the 2008-09 budget year. Schwarzenegger and Democratic leaders have proposed balancing the current, 2007-08 fiscal year budget with billions of dollars from a prior-year tax windfall.
That money will run out by the time officials begin drafting the budget that begins on July 1, 2008.
Consumer rights and anti-tax groups praised Tuesday's ruling. They said it set an important precedent limiting the state's ability to borrow money to pay ongoing expenses without voter approval. "If they had gotten permission to do this, we could have seen massive deficit spending," said Harold Johnson, an attorney for the Pacific Legal Foundation, which fought the bonds. "It's a big victory and a sobering message for the spendthrifts in the Legislature. They can't use the credit card to cover ongoing costs of government." --SNIP--
I live in California, and I hope the administration tells Arnold and the tax and spend rats in the California legislature to do an obscene act while flapping their wings and flying.
“Cali lost a 2007 legal battle over selling bonds to raise money for the public employees pension fund “CalPers”—— CalPers is holding a lot of “hedge fund securities” backed by “funny mortgages.” Mortgages handed out like candy to unqualified——probably illegal-— borrowers.”
Two years ago after the election, I basically got banned from a friend’s house by his wife, a newly retired teacher.
I apparently made her so upset discussing the bad investments by CalPers during the Gray Davis and Clintoon years and warning her of the possible blow up of Calpers.
She ended up seeing her FP doctor, who had her go to counseling.
Her husband just laughs about it. He said his wife lives in the typical liberal dream world, and anyone who dares to bring reality into their world becomes a scary person, they don’t want to see.