Jiaozhou Bay Bridge
Posted on 07/14/2011 10:24:07 AM PDT by mojito
First New Jersey, now California. The cash-strapped state, which begged for, and got, a "bridge" loan from JP Morgan as recently as October 2010 (the same bank that recently bailed out Chris Christie), is asking for another bridge to the old bridge loan, ergo a "bridge bridge" loan. The excuse: the potential upcoming government shutdown, which would lock California out of the muni market. Surely the fact that it already has little to no cash left was not a part of the equation.
(Excerpt) Read more at zerohedge.com ...
Title shortened for space reasons.
Full title: California Runs Out Of Money Again, Comes Begging To Wall Street As Moody's Threatens To Go Nuclear On Muni Market
Wall Street will give them the money, knowing they can come begging to the federal government (ie, us taxpayers) for a bailout when California defaults on the loan.
Brilliant, you just articulated the real problem. Its us, we’re the problem. The elected pols merely reflect what we want, they’re doing exactly what they were sent to do. Until we curb our appetites for someone else’s $ then things will really change.
California received a bridge loan? To where? Hawaii?
Gee, all last week I’ve been reading about how Brown has amazingly turned things around for CA and they’re on the road to prosperity. What happened?
Carmeggedon!!
“Stop paying out money to illegals who have never contributed one dime”
b b b b buttt, illegals... I mean undocumented victims... all pay their taxes and get nothing in return!!!! Haven’t you read the articles and seen the news stories? They contribute so much to our economy, and all they ask for is a job, nothing else!!!!!
/sarcasm
It’s like a drug addict family member contacting a distant relative that they never cared about to ask for money because they’ve alienated everyone else.
“The excuse: the potential upcoming government shutdown”
or, if you read the whole article- it’s at the bottom, that federal payments to California will not be made.
That’s the great part of holding out for real cuts- if no deal is made then cuts are automatic.
The retread liberal governor can’t solve a problem rooted in liberal policies? SHOCKA!
Hope CA’s 8/2/11 is a blast.
Why doesn’t California embrace the new liberal economics? They have plenty of printing presses out there, why don’t they just print money like the fed does? Getting out of debt is easy.
That will NEVER happen..the GOP House will never go for it..
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