NY Gov Saying California Going Bankrupt???
"Now many of the legislatures don’t understand what a downgrading in a credit rating is eventually going to do. They need to go spend a few weeks in California, it might be a good investment for us to send them there because California is in a state which, I don’t know, in spite of the valiant efforts of their governor, I don’t know that California can remain in a place where they don’t inevitably go into default."
Did Paterson really mean to suggest that the largest state in the Union will stiff the investors who own tens of billions of dollars of its bonds?
Soon you will understand that practically everything is going bankrupt as an UNPRECEDENTED amount of slowly defaulting debt sucks out declining cash flow. It is the mathematically certain outcome of Zoombulation.
What is absolutely amazing is all of this was so foreseeable......Alstry, the lunatic blogger has been blogging about it for a couple years......now the question is why have our politicians remained silent while the banking system is systematically shutting down our economy as citizens are subsidizing the bankers????
You will find out pretty soon......and I am highly confident you will be shocked.
The longer this takes.....the more people's skills will atrophy due to protracted non use.
We now start to really feel Zombulation as we move forward.......
San Francisco Commercial Property Sales Activity dropped 79%
91% in New York.
That is a BIG drop in commissions, financing revenues, and taxes paid!!!!!!! Not to mention the dramatic drop in p/sq/ft values of all commerciaal bldgs.
We are now feeling our economy coming to a grinding halt......if RE is not active, we don't have much of a private economy.....and right now, we are really beginning to feel our private economy shrink....setting the stage for the government crash.