The California Threat - Will fiscal collapse destabilize world?

The California Threat - Will fiscal collapse destabilize world?

The California Threat
Will fiscal collapse destabilize world? Washington Post --June 16

Calif. Aid Request Spurned By U.S.
The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy -- the state of California.
Top state officials have gone hat in hand to the administration, armed with dire warnings of a fast-approaching "fiscal meltdown" caused by a budget shortfall. Concern has grown inside the White House in recent weeks as California's fiscal condition has worsened, leading to high-level administration meetings. But federal officials are worried that a bailout of California would set off a cascade of demands from other states. [...]
"A fiscal meltdown by California or any other large state or municipality would surely destabilize the U.S., if not worldwide, financial markets,"" [State Treasurer] Lockyer wrote. If the state were to default, it could shake bond markets and undermine investor confidence in a still-fragile financial system.
American Patrol Report eight years ago (9/28/01): " ...California is heading for a train wreck. Today, the top four percent of income-earners in California pay more than 50% of all income taxes... When the next downturn comes, and it will, state revenues will disappear overnight..."

2 Comments

5 years 9 weeks ago, 2:21 PM

runawaygun762

runawaygun762's picture

Rank:
Vice President
Points:
8929
Join Date:
Nov 2008
Location:
Richland, MO, United States

should move out of the state. I'm sure a state like Kansas, with no state income tax, would be happy to have their business.

"I have always been a soldier. I have known no other life. The calling of arms, I have followed from boyhood. I have never sought another." From The Virtues of War, by Steven Pressfield.
4 years 32 weeks ago, 10:40 PM

1boomer

1boomer's picture

Rank:
Lieutenant Colonel
Points:
67
Join Date:
Dec 2009
Location:
saintlouisville, ohio, United States

Maybe they should get fed. warrents go through all drug houses conf. their money an their problem would be solved.They don't have a problem doing it to privet citizens they should do it to these mexicans taking over Calif's neighaborhoods.

samD's picture
Posted by: samD
5 years 9 weeks ago
Views:
571
Comments:
2

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