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alstry (36.12)

Simply Too Much not to BUST!!!!!!

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July 31, 2008 – Comments (9)

HOTEL BUST

OFFICE BUST

RETAIL BUST

HOUSING BUST

The above is just Real Estate.  There is TRILLIONS of loans busting just on the above.

AUTO BUST-Chrysler has $30 Billion due to be refinancied in the next few weeks.

AIRLINE BUST

BANKING BUST

RESTAURANT BUST

STATE AND LOCAL GOVERNMENT BUST-CA and NY calling for EMERGENCY actions

ALL OF THE ABOVE HAVE TRILLIONS IN DEBT OUTSTANDING

NOW TECHNOLOGY AND HEALTH CARE BENDING

9 Comments – Post Your Own

#1) On July 31, 2008 at 4:54 PM, alstry (36.12) wrote:

ITS STARTING!!!!!!!!!!!!!!!!!!

Gov. Arnold Schwarzenegger, one month into a state budget impasse, today ordered the layoffs of thousands of state workers and steep pay cuts for most other state employees in an effort to save cash as California faces a multibillion-dollar budget deficit.

"Today I am exercising my executive authority to avoid a full-blown crisis and keep our state moving forward," said the governor, whose move was expected after The Chronicle and other news outlets obtained a copy of the order last week. "This is not an action I take lightly, but we do not have a budget, and as governor, I have a responsibility to make sure our state has enough money to pay its bills."

Cutting the pay of about 200,000 state workers to the federal minium wage of $6.55 an hour would save California as much as $1.2 billion a month, the governor's office said. Such workers would get regular pay plus back pay once a new budget is approved.

The layoffs of nearly 22,000 temporary, seasonal and student workers would save the state as much as $28.5 million a month, the governor's office added. It is not clear whether workers laid off would be rehired when a new budget is enacted.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/31/BAEP122S2P.DTL&tsp=1

Even the above actions don't balance the budget!!!

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#2) On July 31, 2008 at 5:09 PM, jesusfreakinco (29.03) wrote:

Shocking.  Isn't CA supposed to be the golden state and land of opportunities?  I guess this the second big earthquake in the past few days...

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#3) On July 31, 2008 at 5:52 PM, CraigCa (< 20) wrote:

Yep, we are the golden state and the land of opportunities.  (We might have technically lost our title as golden state since it is possible that more gold is mined in Nevada or some other state than is currently mined in California, but I haven't looked into this to make sure.)  We are also the Left Coast, where welfare spending and other social welfare spending is rampant, environmental regulations are very restrictive, gasoline and housing prices are among the highest in the nation and most of our cities have poor mass transit.  Lots of good and bad in the state. 

A big problem is that we were ground zero for both the tech boom/bust and the housing boom/bust.  Especially during the tech boom, money was pouring into the state's coffers, so the politicians went on a spending spree, enacting lots of new social welfare programs and pork barrel projects.  When the tech boom went bust, we suddenly had a lot less revenue coming in.  The state legislature, being politicians, and left-wing ones to boot, didn't want to cut any of the social spending programs or pork projects, so they started financing the budget with debt, (and still calling the budget "technically balanced").  They were hoping for a new boom to take care of the spending deficit.  For a while, the housing boom did that, but now that it is bust, we again have a lot more spending programs and pork projects than our budget can afford.  California needs to cut its spending back to something like 2005 or earlier levels and start putting some money in a "Rainy Day Fund" like a lot of states have.  Then we would not be as susceptable to the busts as we currently are.  (Of course, this would mean saving money that couldn't be spent, and most politicians in general, and ours in particular, are loath to have any money left unspent, and rail against the fact that there isn't even more money available for them to spend on pork projects or new welfare grants.

Such is why I have been considering leaving this state.  I am just fed up with it all and I don't see it changing anytime in the future, for as far as I can see.

Craig 

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#4) On July 31, 2008 at 6:24 PM, LordZ wrote:

Come to MI craig... LMAO

come to Detroit....

bring plenty of money and weapons doe.... :)

bring some cali trees..............

blaze up.....

 

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#5) On July 31, 2008 at 6:25 PM, LordZ wrote:

Bust some nuts ALSTRY

NUT BUSTIN

 

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#6) On July 31, 2008 at 6:43 PM, jesusfreakinco (29.03) wrote:

New York Governor Warns Of Economic Crisis

http://www.321gold.com/editorials/shedlock/shedlock073008.html

Al is right about the gov's.  Tough times a comin'. 

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#7) On July 31, 2008 at 7:29 PM, Donnernv (< 20) wrote:

Craig:

 I left Cali in January 2003 for Incline Village, NV.  Never regretted it for a second.  Kept my house in Carlsbad, fought off the FTB (I can email you a checklist to get that job done right) and have lived happily ever after.

And leaving that 9.3% state tax...SWEET!

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#8) On July 31, 2008 at 11:32 PM, dbhealy (58.45) wrote:

i know it's probably moot but... alstry... what *do* you believe in that isn't -ve?  anything?  you gotta have at least one half-full thought in your body!!  or not?  domestically?  internationally?  no?  i digress..

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#9) On July 31, 2008 at 11:49 PM, DemonDoug (85.49) wrote:

i think the consensus amongst most economists is "too big to save" as opposed to "too big to fail."

yeehaw.

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