No Mo Money As We End 2009
... For the first time in history, [New York]’s main bank account is poised to end the year in the red.
... New York had a negative balance of $174 million in its general fund on Wednesday, with nearly $1 billion in bills owed by day’s end. ... To fill the gap, New York will be forced to rely on ... raiding its short-term investment pool ... But that account itself is dangerously low, with only about $800 million on hand, compared with a balance in more flush years of as much as $16 billion.
And the lower the short-term balance falls, the harder it is for the state to cover its day-to-day bills and the closer New York moves toward a previously unimaginable eventuality: A government check that bounces.
New York OUT OF MONEY
California OUT OF MONEY
Court Systems Running OUT OF MONEY
Hospitals Running OUT OF MONEY
Schools Running OUT OF MONEY
Federal Government OUT OF MONEY and running A $2 TRILLION DOLLER DEFICIT
Fannie Mae OUT OF MONEY
Freddie Mac OUT OF MONEY
FDIC OUT OF MONEY
The Pension Guaranty OUT OF MONEY and Pension Funds Running out of Money
Until now, the horrifying losses absorbed over the last two years by California's largest public employee pension plan were mostly bad news that didn't really affect anyone.
Here, for example, is what the California Public Employees' Retirement System, better known as CalPERS, told its retired members early in the fall of 2008, when it had lost more than $70 billion on its investments so far that year, more than one-fourth of the previous $260 billion value of all its investments:
"It is important for you to know that the current credit crisis does not directly affect your retirement benefits, which are securely protected by law, or our ability to pay benefits."
Translation: Not to worry; the taxpayers will have to bail us out.
SOON THE TAXPAYERS RUN OUT OF MONEY.....MILLIONS ALREADY HAVE AND OVER 100,000,000 (ONE HUNDRED MILLION) ARE DEPDENENT ON THE OUT OF MONEY GOVERNMENT FOR MONEY
Can you imagine how those that lose their incomes and get kicked out of their homes are going to react realizing the only reason one American has a job and another doesn't is because one has access to LARGE AMOUNTS Free Government Credit and the other doesn't.
Strange times when the only difference between an income and unemployment is FREE Government Credit......because in the end, government is broke too.