Schwarzenegger drops idea to borrow from CalPERS to balance budget

SacBee: Capitol Alert ^ | 9/16/10 | Jack Chang

[SmithL]

Gov. Arnold Schwarzenegger and Democratic and Republican legislative leaders huddled for about three hours today to hammer out a long-delayed budget deal and bridge a $19 billion deficit.

The only concrete result appeared to be the governor taking off the table a proposal to borrow money from the California Public Employees' Retirement System to balance the budget.

The Big Five will meet again at 11:30 a.m. tomorrow.

"The governor told the leaders that we're not going to do that," said Schwarzenegger spokesman Aaron McLear about the CalPERS idea. "It's just not the responsible thing to do."

[Oldexpat]

Actually, it was a great idea. Instead of sending IOUs to suppliers send them to Govt retirees, or negotiate a Haircut default.

[Minn]

The only viable solution to the public pension mess is to declare them unconscionable contracts, obtained through fraudulent means, and void them. The next step would be to arrest the union leadership and any political figures that took their money and then sat across the bargaining table from them.

After they are convicted of theft by swindle they can be offered clemency if they agree to stay away from union activity and politics for life, as well as forfeit all money they and assets ever accumulated in their life of crime. The seized assets can go to partially compensate public employees that won't get the pensions obtained for them via fraud.

[businessprofessor]

“The only viable solution to the public pension mess is to declare them unconscionable contracts, obtained through fraudulent means, and void them. The next step would be to arrest the union leadership and any political figures that took their money and then sat across the bargaining table from them.”

The entire industry surrounding public defined benefit pensions is a fraud, perpetuating blatant malpractice and deliberate misinformation. The entire industry should be indicted for harm to the taxpayer and overcompensation to government employees.

[paul51]

"The governor told the leaders that we're not going to do that," said Schwarzenegger spokesman Aaron McLear about the CalPERS idea. "It's just not the responsible thing to do."

Yeah, more responsible to sell bonds.

[Carley]

But but but I thought legalizing pot was going to be the answer to ALL the budget problems all across America.

[SgtHooper]

Hey, I like you and the way you think. Sigend: An Ex-MN.

[broken_arrow1]

"It's just not the responsible thing to do."

So when has that stopped them before?

[Liz]

"Ach der lieber. Kaleefurneea ees kaputzky. Dat sobanagun Ohbamah vont
bhail uhs ouht. Duz he knowh he'z puttin ah Kennedee in dainjah? Ai getda
nasheenul simpatty ven anudder Kennedee goz kaputz, ifn Mariah valls offa dah
skee livt at Suhn Fhalley."

" Ai gotda vunny veeling dah Reepublucan Potty tinks RINOS
are pure crapola. Chonny, Rhooty undt mhe ghonna ghet jops ass
Val-Mart greetahs, Home Depot paint mixahs, McD's ketchop pumpahs,
undt Ved Lopstah vaitahs .......vhen ai loosses mai jop ass govnah."

[Liz]

The only viable solution to the public pension mess is to declare them unconscionable contracts, obtained through fraudulent means, and void them.

A very good solution---betcha dollars to donuts a lot of those pension apps are fraudulent. Pension apps are NOT just pieces paper---they are a high-level personnel process that greatly impacts taxpayers.

Filing false documents is a felony----and could be prosecutable under RICO and The Hobbs Act if there was a "pattern of organized activity to extort"--- resulting in harm to taxpayers, and area commerce.