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Thread: Arnold Schwarzenegger bankrupts California

  1. #1
    Elite Member HWBL's Avatar
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    Default Arnold Schwarzenegger bankrupts California

    Source: Yahoo News/Reuters

    California may need emergency $7 billion loan: report

    (Reuters) - California may need an emergency loan of up to $7 billion from
    the federal government within weeks, the Los Angeles Times on Friday
    quoted Gov. Arnold Schwarzenegger as saying in a letter to U.S. Treasury
    Secretary Henry Paulson.

    In the letter dated October 2, Schwarzenegger called for the passage of
    the $700 billion financial industry bailout plan which the U.S. House of
    Representatives is expected to vote on Friday, the Times said.

    "Absent a clear resolution to this financial crisis, California and other states
    may be unable to obtain the necessary level of financing to maintain
    government operations and may be forced to turn to the federal treasury for
    short-term financing," Schwarzenegger wrote in the letter, according to the
    paper.

    A top Schwarzenegger aide followed up the letter with a call to the Treasury
    secretary on Thursday night, the paper said.

    The California governor's office and the U.S. Treasury department could not
    immediately be reached for comment.

    Credit markets worldwide have frozen up in the two weeks since the failure
    of U.S. investment bank Lehman Brothers, prompting concerns that issuers
    will run into trouble rolling over previous loans.

    In the letter, Schwarzenegger noted California's plans to issue $7 billion in
    revenue anticipation notes in the coming days to fund short-tern cash
    needs -- now put in doubt by the crisis in the credit markets.

    On Wednesday, California Treasurer Bill Lockyer said the most populous U.S.
    state's cash reserves may be exhausted near the end of October, and
    various state-funded services are at risk of grinding to a halt.

    He said the planned notes sale was at risk from the uncertainty gripping
    financial markets and the U.S. government's lack of response to it.

    Lockyer, who manages the bonds of the biggest issuer of public debt in the
    United States, said the credit market was simply frozen because financial
    institutions were afraid to commit capital amid enormous uncertainty.

    "The economic fallout from this national credit crisis continues to drain state
    tax coffers, making it even more difficult to weather the continuation of
    frozen credit markets for any length of time. I will continue to do all I can to
    encourage the passage of the emergency rescue plan," Schwarzenegger
    wrote.
    Warren Beatty: actor, director, writer, producer.

    ***** celeb

  2. #2
    Elite Member suede's Avatar
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    that's nothing, my TOWN has a 12M debt that the tax payers get play for
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    Elite Member RevellingInSane's Avatar
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    Republican mismanagement again?



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    Elite Member greysfang's Avatar
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    How the hell does this happen? California has (correct me if I'm wrong) the largest tax base of any state in the union. How do they go bankrupt?

    Just more Repug bullshit, give welfare to billionaires so they don't pay what they should in taxes, and then when the middle class can't cough up any more dough to make up the difference, go borrow the money from the Feds. I can't be the only one who is sick of this shit.
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    Elite Member Sweetie's Avatar
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    Maybe some of the moviestars should start supporting their state.

  6. #6
    Elite Member AllieCat's Avatar
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    Fuck! I LIVE in California. It's already a rediculous cost of living here. I honestly don't even think it's worth it anymore. I pay too much in taxes, and I really am sick of this repug bullshit.

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    Elite Member RevellingInSane's Avatar
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    My sister has been encouraging me to move to California for over a decade. I have debated this numerous times, citing the ridiculous cost of living in ratio to the revenue and taxes generated in that state not making sense. I told her there was no way in hell I would move there and struggle on an income that affords me a comfortable middle-class existence elsewhere.

    California actually has a gross product larger than some nations, yet it managed to bankrupt itself? There is no excuse for such irresponsibility. the taxpayers in other states should not have to foot the bill for Cali's excesses.



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    Elite Member nana55's Avatar
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    I think the decline in property taxes must have a lot to do with our huge shortfall. Our houses cost a fortune and our property taxes pay for a lot of shit. Since the cost of living is so high more people here are on welfare than many other states. Someone has to pay for it, so the middleclass and up do. Despite what many people think we do not all live in mansions here. Some live in houses they have no business being in and so now they are losing them. So there goes a whole lot of taxes out the window. Also our Govenor is an asshole.
    If I can't be a good example, then let me be a horrible warning.

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    Elite Member bychance's Avatar
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    That's what they get for voting for Arnold Schwarzenegger for their governor

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    Elite Member RevellingInSane's Avatar
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    He really is a Terminator.

    You would think California learned their lessons about professional liars, also known as actors, becoming elected officials after that little mistake with that guy...what was his name? Oh yea. REAGAN!



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    Elite Member nana55's Avatar
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    We here in California voted for him because we thought he would terminate all the bullshit. I didn't vote for him, but I think his predcessor was an asshole too. (Gray Davis).
    If I can't be a good example, then let me be a horrible warning.

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    Elite Member DeadDwarf's Avatar
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    It's definitely hurting us when they are so many foreclosures in our state. Our cities and schools are hurting and our state is now feeling the effects too. Foreclosures are everywhere and it's getting worse every month. Property taxes are a lot here, I have friends that pay $6,000+ a year in just property taxes.

    We own our home free and clear, but I would still like to move out of California. My husband won't agree to it since both of our families are here. The cost of living is excessive, there's tons of traffic, it's crowded, we have shitty public schools.... the only thing I like anymore is the weather.
    Last edited by DeadDwarf; October 3rd, 2008 at 05:48 PM. Reason: Typo, oops.

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    Elite Member msdeb's Avatar
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    i've lived here my entire life, but its where you cant afford to drive thru a town in CA much less live in it. ridiculous.
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    Silver Member betagrl's Avatar
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    Quote Originally Posted by DeadDwarf View Post
    We our our home free and clear, but I would still like to move out of California. My husband won't agree to it since both of our families are here. The cost of living is excessive, there's tons of traffic, it's crowded, we have shitty public schools.... the only thing I like anymore is the weather.
    I agree with much of what you've said, but it's a blue state and I can't imagine living in a red one.

    I'll never understand why anyone would have thought an actor would make a good governor anyway.

  15. #15
    Elite Member DeadDwarf's Avatar
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    ^ Yeah, it's true. I do like how most people are liberal here. I have gay family members who are out of the closet and live happy lives here. I had black, Asian and latina friends growing up (I'm white) and no on blinked an eye. I had 3 friends in my close circle who had a black parent and a white parent and didn't have troubles growing up here. I really like that accepting environment for my kid too.

    We have traveled to a lot of other states and I have seen some disgusting attitudes towards minorities and interracial couples. I'm ebarrassed to say that some of my family moved from CA to an all white town in the midwest and their attitudes have changed drastically. A black man moved into town because he was hired by the high school and the town was in an uproar and ran the man and his family out of town with their racism. They were so afraid of a educated black man being in a position of power.

    I guess I feel like some place in the US are 50+ years behind California. If I ever moved it would have to be to a place that shared similar views with most of CA.

    Done with my rant now!

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