California bankruptcy problems continue -
California Bankrupt
California - golden California - where have you gone?
California is a bad omen for the whole country of the United States like lingering bad luck in a free bingo game. Reports through out the internet have California being completely bankrupt by February 2009. Look at the situation in Vallejo, California.
This is devastating…
When the town of Vallejo, California, declared bankruptcy this spring, Mayor Osby Davis predicted — and rightly so — that he’d get an earful from his constituents, employees and retirees. What he didn’t anticipate was the chorus of phone calls from mayors outside the city, both close by and clear across the country. They told him they were watching Vallejo’s bankruptcy proceedings closely, and some of them, he says, indicated that “they find themselves not too far behind us.”
So, here’s the question - who is the “they?”
Is it Los Angeles? San Francisco? San Jose? Sacramento?
Is it possible that Vallejo is just a “drop in the bucket” compared to the travesty that awaits?
Governor Arnold Schwarzenegger really has to end this crisis - but what can he do? Write a letter to Hank Paulson and the FED and keep your fingers crossed?
California is symbolic of the whole country right now - A parasitic government overwhelming the taxpaying host.
According to LaRouche political action committee -
With his December 1 declaration of a “fiscal emergency,” California Governor Arnold Schwarzenegger has ordered the state legislature into a special emergency session for the second time in two months. Warning that the state will run out of cash by February 2009, he stated, “Without immediate action, our state is headed for a fiscal disaster.” He compared the deteriorating situation in the state to “finding an accident victim on the side of the road that is bleeding to death,” while describing the increasing budget deficit as being “like an avalanche, that it gains momentum.”
With the state debt over $60 billion, the worst credit rating of the fifty states, unemployment officially at 8.2% and climbing, and a budget deficit, which is now close to $30 billion for the next nineteen months, and growing, as the revenue base continues to implode, Arnie’s doomsday language is appropriate — even though Shwarzenegger still sounds like a cartoon character when he delivers it!
So California - what’s it going to be? More Vallejo’s? More bankruptcies? More begging for Washington bailouts?
America’s problem is that government believes it can borrow its way into prosperity. Well guess what? The bills are coming due.
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This is what happens when you have a legislature dominated by tax and spend Democrats and a chief executive who has had no experience running a government and who doesn’t hold limited government, personal liberty and low taxes as a core principle - if you get my drift.
I predict disastrous economic times for the whole country during the next four years.