Oh Boy! An American community in peril, an American state on the ropes!

The Glee some obtain from the bad fortunes of California and Californians is overwhelming!

Go Banks! We Love You! Banks are more American than Americans!

Sincerely

nanc and his sick crew

"nanc and his sick crew"

LOL.

You know nanc's penis is in her husband's pants.

Wait... I'm not so sure I worded that properly.

You know nanc's penis is in her husband's pants.

Wait... I'm not so sure I worded that properly.

Posted by Hagbard_Celine at 2009-07-07 02:44 PM |

Does he remove the batteries first or does he dig the vibes?

Does he remove the batteries first or does he dig the vibes?
#3 | Posted by kanrei

That created a disturbingly clear mental image for me. Thank, jerk. ;)

That created a disturbingly clear mental image for me. Thank, jerk. ;)

#4 | Posted by Hagbard_Celine at 2009-07-07 02:55 PM |

Deja Vu?

ROLFMAO =P

I think it's great California is paying the bills with IOU's so much so that I have decided to pay my Taxes with an IOU so Barry and timmy can spend as much as they want to it won't bother me I'll just make my IOU bigger...

rnv - let cali be a lesson to u.s. all. you should know - don't you have to tell your junkie kid, "NO! i will not buy your heroin for you again!!!"?

atax - pay it forward - fill out your w-4 exempt status - give the difference to a charity.

read last night that those quick-cash payday lenders may start cashing the iou's - imagine that - you get a check for say $8,000 - they cash it for $7,200 AND later collect the three-plus percent interest from the state! criminal is as criminal does.

If Californias economy hits bottom it will drag down the rest of the country with it.

i'm reminded of the "grapes of wrath".

Logically if CA is running a deficit this year and does nothing about it but issue IOUs then those IOUs will be even more worthless next year than this year.

Sorry my bad, I forgot that Obamanomics says that you can spend as much money as you want if it makes all the non-working fucks feel good.

I think it's great that the same banker cocksuckers who just were bailed out for trillions are now refusing california ious for millions.

What cute irony...

#15 | Posted by Shawn

AGREED

nationalize the banks and the gas stations. (i'm sick of that red-lining shit anyway.)

now they're having food fights:

Mmmm Blueberries.

Picked 10 lbs the other day while visiting mom for the weekend. Was tough getting that 10lbs too. Even with the rain in April and May, the dry spell in june shriveled up some of the fruit.

Will be heading back up in a couple of weeks. The berries really come in around middle of July.

Can't beat a buck per pound.

Damn. I need a bigger freezer.

Just another one of those seriously fucked up REPUBLICAN states. Once the Democrats have the state house again, things will be back to normal in a few years.

For all of the accountants and/or tax professionals out there, let's assume the following:

I provide services for the state through my business. The state and I come to agreement that my services are worth 100 and we enter into a contract. I provide my services but when it is time for payment I receive an IOU. I don't want to hold onto the IOU as I would rather have cash in hand. I take that IOU to the bank and the bank informs me that it will give me 75 for the IOU, not the face value, and because I want cash, I accept. My basis in that note is 100 and I take 75, so I have a 25 ordinary loss, right? Now if I have overhead costs of 70 to perform the services then I clear 5. So I have 5 in excess of my overhead, a 25 ordinary loss for tax purposes, plus a deduction for expenses (assuming they aren't capitalized). Am I off here? If I am a business and can stand a little hit in order to generate NOLs I am not necessarily in a bad position.

#19 | Posted by Axiom

we have wild blueberries growing on the northwest side of our land - we've never picked them, but the bear must be feasting! they took out four bird feeders attached at 9'4" over a bay window a few weeks ago, so the berries must not have been on or ready yet. they get four or five dollars per tiny basket of them here.

#21 | Posted by taxman

see my #11 post. it could mean a very lucrative business deal IF cali makes good on the iou's.

Just another one of those seriously fucked up REPUBLICAN states. Once the Democrats have the state house again, things will be back to normal in a few years.

#20 | Posted by axe
* * * *

Dems control both houses in California, stupid.

"Am I off here?"

Only if you think there's a NOL. Even including the loss of face value, you still have a gain of 5, not a loss of 20.

100 would be gross income, 25 would be "fees", 70 would be other operating costs, and the profit would be 5.

If I am a business and can stand a little hit in order to generate NOLs I am not necessarily in a bad position.

#21 | Posted by taxman
* * * *

Sure. All you have to do is generate a lot of operating losses, and you'll make a fortune. With that kind of thinking, you should be running General Motors.

Absolutely unbelievable that a professional business person would think this way. You might have overhead of only 70 cents on the dollar, which would translate to a profit margin of 43%. But I assure you that most companies don't. And don't forget, the California Treasurer has said he won't be honoring any third-party IOU's unless accompanied by a notarized receipt of sale, which will dramatically cut back on the secondary market for these IOU's.

Any company on the accrual basis--that is, most of them, especially the ones doing business with a municipal government--has already claimed these revenues as income, and paid taxes on them. Now, once the bills are (past) due, the State gives them a piece of paper they claim might have value sometime in October. There is not a soul who will be "not necessarily in a bad position here", unless he's shorted CA bonds, or can set up a vulture fund to buy these IOU's, give the poor dumb bastard a notarized receipt, then clear profits when the dumbasses who run Sacramento finally get their act together.

Dan, I would have a basis in that note of 100 if I enter into a contract that says my services are worth 100. Normally I would include 100 in income when I receive the cash, but instead I take a note with a face value of 100. I then exchange that note for 75 which means I have a 25 loss on that note. Amount realized of 75 with a basis of 100 means is a loss. The loss should be ordinary as income from services is ordinary. So instead of a 30% return for services provided I am seeing a 5% return and I have an loss generated from the note which is a result of my trade or business.

"So instead of a 30% return for services provided I am seeing a 5% return and I have an loss generated"

I'm lost: how is a 5% return, a "loss"?

Sorry, my calc on return should be 42.8% vs. 7.1%

The journal entry would be a charge to bad debt expense, not an ordinary loss. Just as if you had billed a thousand dollars and could only collect 7, you would debit the bad debt expense 3.

Dan, you would have a loss on the note - ordinary at that - while having cleared 5. And you are driving at my point of how this could end up being a huge whipsaw.

Democrats have controlled the budget in CA for over 30 years.

They are hard core Marxists.

Let me sum up the problems in CA to a T.

#1 Union contracts are totally obscene. Salary and Pension is 40% greater than private sector on average.
#2 CA state government has grown 100% in the last 10 years.
#3 CA budget has grown from 44B in 1998, to 145+ Billion in 2008. That's a 300%+ increase in 10 years.
#4 CA has nearly 1 million Government workers. That is 1 in 34 people, including illegals! 1 in 34!! WOW.
#5 Illegal immigration costs this state conservatively 13B a year. A YEAR.
#6 CA has 12% of the Countries population, however, it has over 33% of the entire USA WELFARE ROLLS. LOL
#7 CA has the largest budget of any state for Education, but holding up the bottom in terms of results.
#8 For example...a Assemblymen in LA gets paid about $160,000 a year, that is the highest paid assemblyman in the entire country by a HUGE margin, AND they get 25 people on staff for them, an office budget of 1.4 million, and they get 9 cars PER PERSON. And they get $100,000 slush fund they can give away to other people if they want, 0 restrictions. There is 15 assemblymen in just LA.
#9 we are in a near Depression, and CA state government has not laid off people...instead, they have hired THOUSANDS of NEW government workers since Jan 1, 2009.
#10 The unions have iron clad contracts guaranteed by the state constitution, thanks to Democrats, so you can't TOUCH their pensions.
#11 Arnold S. Wants to fingerprint and catalog all people receiving certain kinds of welfare. The unions called up their politicians they own and said NO WAY, because everyone on welfare is in the union and is unionized. LOL The reason they said NO WAY is because they would lose union dues. They lose union dues, they lose political power. BTW, all union dues are paid for by taxpayers 100%. Isn't that nice?
#12 CA is the worst business environment in the country, has the highest taxes in several categories, and people who "PAY" taxes are leaving the state at a current rate of over 1,000 people PER WEEK. NET.
#13 CA should be given back to Mexico, because it will be Mexico within 10 years.

Knowing all this, how in the FLYING FUCKING MOTHER FUCKER can anyone vote democrat?

I fully expect the libs to turn a blind eye and blame Bush or some other bullshit. But the fact is, historians will blame the democrats 100%+ because it truly is their fault. NO question about it. So you can call the mother fucking SUN a BANANA if you want. But the sun is the sun and you can't change it.

Kuma

bad debt expense

Bad debt expenses can generate NOLs. Again, this could end up being a strange situation for tax purposes. If the circumstances are right I think you can generate income for book purposes while generating NOLs for tax purposes, which is every the ideal situation for any business.

I'm a little amused at the idea that people doing business with municipal governments have profit margins over 40%. You do know that almost all these contracts (minority-based contracts being the exception) are awarded based on the lowest bid, right?

"Dan, you would have a loss on the note - ordinary at that - while having cleared 5."

But if you're counting the loss as something separate, you've cleared 30.

Ultimately, your bottom line is a positive 5, however you skin the cat.

If the circumstances are right I think you can generate income for book purposes while generating NOLs for tax purposes, which is every the ideal situation for any business.

#33 | Posted by taxman
* * * *

LMAO. Sure. Hard to imagine why all these suppliers to the state are so PO'd, then. Maybe you should send them a letter and a business card, and show them how ideal the situation is.

You can't meet payroll using "income for book purposes". Can't pay A/P or utility bills or meet mortgage notes. You do that with cash, and the state of California doesn't have any to give you, even though they owe it. Do yourself a favor, and don't share this kind of "wisdom" with your clients. Godalmighty.

DONT WORRY CALIFORNIANS

BARNEY FRANK AND dems will come to your rescue.

barney is coming up with a bill that will CHANGE The law from the first bailout stuff that will redirect the profit from the bank bailouts that was meant to help with the deficit.
WHAT??? the deficit you say..oh shit...no problem, just blame it on what they 'inherited' and miillions of 'BOOBS AND DUPES" will slurp that shit up like a dog eating his own vomit..

slurp slurp slurp

"You can't meet payroll using "income for book purposes". Can't pay A/P or utility bills or meet mortgage notes."

Tell that to owners of rental property. They're generating income, paying bills, ending with a positive cash flow, and on the tax return, showing a loss.

and just taking HALF of the money from illegal workers in california is said to be enough to get rid of half of thier deficit.

OH no...lets cut education for all first...
nice job california

RiR, 70 of expenses includes payroll, utility, etc. which is why I used the term overhead (I would think that you knew what overhead meant). If after costs I am still clearing 5 and have a note used in my trade or business with a built in loss of 25, I am then paying my costs of doing business, clearing 5 for myself, and generating an NOL for tax purposes. I never said this applied to everyone doing business in the state of California, I just threw out a very possible hypo for some businesses.

I'm a little amused at the idea that people doing business with municipal governments have profit margins over 40%.

Why do you think state goverments are in the position they are in.

And instead of fixing the problem, the state legislature is having a food fight:

Tax/dan/RiR,

Your discussion is missing the larger point.

It is clear that the banks believe that when the time comes to pay the IOU's, California won't have the ability to do so.

The elected officials of California aren't doing a damn thing that would indicate that they are going to turn this around in the foreseeable future.

You guys are talking about a return of .75 on the dollar. What if it's far worse than that?

" If after costs I am still clearing 5 and have a note used in my trade or business with a built in loss of 25"

But you're counting that loss of 25 twice. Once as a reduction in gross income, and then again as a loss. You only get to count it once, and using your numbers, you have a gain of 5, not a NOL.

the fix is in:

I wonder what percentage of your clients would have to just send in IOU's for their invoices before you would be forced to close your doors, even in the event you could get them fenced for 70 cents on the dollar.

But you're counting that loss of 25 twice.

I only receive 75 for services and I have a note with a face value of 100 but worth 75 today. Two separate transactions.

"I only receive 75 for services and I have a note with a face value of 100 but worth 75 today. Two separate transactions."

No, only one.

Again, let's say it's worth 75 today, so that's your gross income. If that's the case, you've already accounted for the 25 loss of the face value. Subtract the 70 of operating costs, and that's a profit of 5. You can't subtract the 25 both from the gross income and from the amount you get AFTER subtracting the 25.

Tell that to owners of rental property. They're generating income, paying bills, ending with a positive cash flow, and on the tax return, showing a loss.

#38 | Posted by Danforth
* * * *

Yes, thanks to the depreciation expense, which has to be made up in future capital outlays. Rental property owners really don't make as much money as they think they do; most of them would have been better off putting the money into a CD. Depreciation expense has to be recaptured in the event of sale, resulting in a big taxable gain. Or, it is spent AGAIN as the new roof is replaced later, or the AC, or the appliances wear out.

Ummm . . . what exactly do you do again?

The 75 is the cash I receive for my services, I am not deducting 25 there. I still have a basis in that note of 100 which I exchange for 75.

PS I stole this hypo from an email being circulated here. The replies are very similar as to our discussion here.

cali needs to lower their expectations.

"its" not "their".

"Depreciation expense has to be recaptured in the event of sale, resulting in a big taxable gain."

Not in a like-kind exchange. And not if passed in the estate. And the sale can be engineered in a lower tax year, whereas the depreciation taken when in the higher brackets.

"Ummm . . . what exactly do you do again?"

Yeah...keep giving me tax advice. You have such a great track record at that....

a loss is your gain in some situations.

oh!

Not in a like-kind exchange. And not if passed in the estate. And the sale can be engineered in a lower tax year, whereas the depreciation taken when in the higher brackets.
* * * *

A like-kind exchange only defers the taxes, not eliminates them. But I agree to the second point: you don't have to pay taxes on the gain of property if you manage to die before you sell it. How wonderful. And while it's possible to engineer advantageous depreciation schedules, you still must begin the depreciation in the year you put the capital investment into service. You can't go back and pick and choose a tax year to begin depreciation.

I'm not pretending to give tax advice. What's happening in California is a total disaster, and Taxman's efforts to portray it as otherwise fails on its face. Many of those due the vouchers are the state agencies themselves, who aren't even able to avail themselves of absurd accounting tricks to turn a real loss into some kind of gain.

Danforth, let me spell it out for you and all the other stupid libs.

The funny thing about the entire democratic party is THE FACT that the FOUNDING FATHERS of this country are more right wing than today's MOST right wing conservative. They wrote the fucking constitution to STOP people like democrats. Its sad you have never read it and don't even understand who the fuck Washington And Jefferson even were. To you, they are traitors. Because nothing you stand for, NOTHING, they stood for. Nothing.

And its sad you don't know that. But its no surpise, people like you with a sub 100 IQ just read comic books.

Kuma

Kuma

WTF are you babbling about? Are you on the wrong thread?

"people like you with a sub 100 IQ just read comic books."

I'm sure the folks who offered me the opportunity to skip third grade, eighth grade, and freshman year of college will be surprised.

Danforth no challenge Kuma! Kuma know all.

Kuma

"Kuma know all."

Except what thread he on.

RiR,

I never said it was an ideal situation for everyone; moreover, it is a hypo - more academic than reality.

Typical Democrat response. Playbook 101.

Ignore the content and just change the subject.

The founding father's ideals DIRECTLY relate to the problems of CA. Because what CA is doing is the exact opposite of what ALL the founding fathers preached.

Sorry, I spoke too many steps ahead of you stupid liberals. You didn't understand the relationship from the founding fathers, and how a society is SUPPOSED TO BE RUN, and CA, how its NOT supposed to be run.

Which backs up my argument you all have sub 100 IQ's and read comic books.

You are too stupid to understand nuance.

Kuma

people are so rich in californistan they're willing to put out big bucks for the ganja! ...and that's just the people on public assistance...

#44 | Posted by nanc at 2009-07

you bring up an interesting question

IF pot is legal will it become part of the welfare system.

I'm sure the folks who offered me the opportunity to skip third grade, eighth grade, and freshman year of college will be surprised.

#57 | Posted by Danforth at

WOW you had THAT many students who didnt want to sit by you....

sad isnt it

BA DUMP DUMP

why the fuck should banks honor ious. If the state goes bankrupt, the paper will be worthless, and bank execs will be ripped new ones by the people who think they are assholes for not taking it now.

fuck 'em. karen bass, assembly speaker, is boycotting budget talks because of proposed cuts. the state is gonna crash with bass at the wheel.

This is typical democrat behavior. Just look what the assembly did in New York. Democrats lost power, so what do they do? They turn off the lights, and lock the doors.

Like 4 year old children. CA is no different. You see, democrats are HIGHLY emotional people. They cannot compete, because they are not competitive at heart, they are too emotional.

Karen bass is no different. She can't win against the tide of hate from the taxpayers, so she does all she knows. She gives up.

She can't pass 2.8 B in new taxes, and the deficit is 26.3B?

This woman, if you all saw her speak and knew her...IS TOTALLY NUTZ and no shit, she should be locked up in a mental asylum. She is crazy.

I'm sure the folks who offered me the opportunity to skip third grade, eighth grade, and freshman year of college will be surprised.

#57 | POSTED BY DANFORTH AT 2009-07-08 12:06 PM | REPLY | FLAG Not Enough Room On The Short Bus Those Years?

"Not Enough Room On The Short Bus Those Years?"

I'm sure you had ample space.

"are you in the back sucking Obama's dick?"

That's two posts in a row referencing sucking Obama's cock.

Something you're trying to tell us, Kuma?

BTW, Kuma, what in the world were you referring to with post #56? All I had posted on this thread before that was about tax accounting.

Changing the subject again. Danforth, is there any brains in there?

Where has socialism worked, and how does it compare with CA.

You have it in you? Or you want to talk more about sucking Obama's cock.

"is(sic) there any brains in there?"

#71 | Posted by Kuma at 2009-07-08 02:02 PM | Reply | Flag: self-retort

California needs to drill for all that oil off the coast that is leaking on to their beaches now and collect the royalities. California needs to turn the water on to the central valley again so the farmers can grow crops and pay taxes. California needs to lower their tax rates so all the companies don't leave the state. But no....... they would rather protect some little minnow and study sea lions. Dam, they arn't paying enough to the illegals.

--From the L. A. Times
1. 40% of all workers in L. A. County ( L. A. County has 10.2 million people)are working for cash and not paying taxes. This is because they are predominantly illegal immigrants working without a green card.
2. 95% of warrants for murder in Los Angeles are for illegal aliens.
3. 75% of people on the most wanted list in Los Angeles are illegal aliens.
4. Over 2/3 of all births in Los Angeles County are to illegal alien Mexicans on Medi-Cal , whose births were paid for by taxpayers.
5. Nearly 35% of all inmates in California detention centers are Mexican nationals here illegally
6. Over 300,000 illegal aliens in Los Angeles County are living in garages.
7. The FBI reports half of all gang members in Los Angeles are most likely illegal aliens from south of the border.
8. Nearly 60% of all occupants of HUD properties are illegal.
9. 21 radio stations in L. A. are Spanish speaking.
10. In L. A. County 5.1 million people speak English, 3.9 million speak Spanish. (There are 10.2 million people in L. A. County . )
(All 10 of the above are from the Los Angeles Times) --
**.Less than 2% of illegal aliens are picking our crops, but 29% are on welfare. Over 70% of the United States ' annual population growth (and over 90% of California , Florida , and New York ) results from immigration. 29% of inmates in federal prisons are illegal aliens.

when will these iou's be offered on the stock market? i'll take ten five thousand dollar iou's for a hundred bucks! you know - buy them for waaaaaaaaaay more than they're worth...

i'm reminded of the "grapes of wrath".

#13 | Posted by nanc

Yes NANC we reap what we sow don't we? You sow a enough Wrath for all of us in CA. Are you gone yet?

And even with all the talk from the specialists here and no one has even mentioned that the problem is not immigration or welfare or Unions or any of that stuff.

Just another one of those seriously fucked up REPUBLICAN states. Once the Democrats have the state house again, things will be back to normal in a few years.

#20 | Posted by axe
* * * *

Dems control both houses in California, stupid.

#24 | Posted by rightisright

While there is a majority of Democrats they do not "control" anything. If they did the budget would be passed.

The problem is budget gridlock caused by the Party of NO.

And praise Jebus that Snippy don't live here. It would take a shitload of Karma to balance out his obvious hate of immigrants.

SNIPER.

Quite posting that BULLSHIT. the liberals don't know what to say and are taking ADVIL right now to feel better after reading your facts.

Don't you know you fucking NEOCON, illegal immigration is good and they actually pay their "fair" share of taxes?

And SNIPER, stop being a fucking NAZI. Don't you know this country was founded and created by immigrants?

How fucking dare you suggest Illegal Aliens and the Democrats have ruined the once most prosperous place in the ENTIRE WORLD.

HOW FUCKING DARE YOU.

Kuma

Since it's against the law in CA to not balance the budget is it possible to arrest all those legislators in Sacramento? Arnie should semd in the National Guard and a few swat teams.

Actually, what SHOULD happen is we just take the entire legislator and try them in court, then execute them by firing squad in public.

That would be a great deterrent for future corruption and greedy behavior. These people are traitors.

Raping Taxpayers to fill their pockets should be a crime punishable by death. There is no greater threat to Democracy then this behavior.

The funny thing about that is the Founding Fathers said the same thing...

Thomas Jefferson:

"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them"

"My reading of history convinces me that most bad government results from too much government"

"That government is best which governs the least, because its people discipline themselves"

"When the people fear their government, there is tyranny; when the government fears the people, there is liberty."

AND MOST OF ALL.

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. "

Anyone want to argue with the person who authored the DECLARATION OF INDEPENDENCE?

Anyone? The founding Fathers would have tried the legislators and executed them.

Without question. They went to war over people like this.

Kuma

While there is a majority of Democrats they do not "control" anything.

Just like Karen Bass has long hair?

Wow I just read that. That idiot doesn't think the democrats control anything?

LOL! YOU SERIOUS?

They have almost unlimited power in CA for the last 30+ years!

This guy blames it on the party of NO? LOL

Wow. It must be nice to live in such ignorance.

You have low expectations on everything.

Kuma

Donnerboy, you're such a partisan hack, it's hysterical. The Dems control both houses, have for years, and CA is having to issue IOU's because a small minority of Republicans is causing "budget gridlock"?

LMAO. Don't ever change. Obama needs you, boy!

Are the movie stars ponying up any additional taxes?

I remember way back in the early 80s, one of my history teachers explaining how the Soviet economy worked. I especially remember that grain was more expensive than bread.

At the time I said: "That can't work. Something has to break!" I was told I needed to inform the politburo of the information.

The truth, as we all know today, was that something WAS broken. Pretend to pay people, and they WILL pretend to work. Fewer and fewer goods make it to market, fewer and fewer services are available, and what is available drops in quality.

Pay in full, or don't buy in the first place.

A moral society WILL spend significant resources on the welfare of its less advantaged members, primarily with an eye to making them into self-supporting tax payers. (although some will also, RIGHTLY, be spent on pure charity that will NEVER yield a return, such a pain relief medication for the poorer elderly...)

But to spend to the point of fiscal break down is outright evil. It ceases to be a virtue no matter how many starving children you point at and say "they need food!" If you spend to the point of fiscal break down, the children STARVE ANYWAY and you lose the capacity to help even a few of them. WORSE than useless, it is actively evil.

A real and actual need does NOT make a right.

Still, it needs repeating: welfare that produces self-supporting tax payers IS GOOD, even if state run, but having said that, DONT SPEND MONEY YOU DONT HAVE. It is worse than useless, and eventually you lose the ability to help anyone at all.

Ummm . . . what exactly do you do again?

#48 | Posted by rightisright at 2009-07-08 11:40 AM

He seems to do this a lot. I'm not sure what it pays but my guess is very close to zero. Makes you wonder though. I'd love to see a few of these tax wizards/accounts auditing practices audited. Can you say Enron?

Btw, if my largest client were the government and I was bilking them for 40 percent I'm sure that would have something to do with chanting they need to raise taxes in every other breath.

accounts = accountants

So banks don't want their IOU's?

WHY you might ask. Well for

#1 S+P and Moody's have put Cal on a negative creditwatch, threatening a multiple grade downgrade.
Cal is a few nothces away from being JUNK if that happens.

#2 Fitch downgraded them to BBB, two notches away from JUNK

#3 California is the LOWEST rated state in the nation

#4 Their deficit does not even count unfunded pension liabilities, local go deficits, nor any school budget issues.

#5 The banks just saw what happened to GM and C investors. Obama changed 100+ year old bankruptcy LAW to appease the unions. If push comes to shove, how do you think 'greedy' investors will be treated?

#6 If Cal is downgraded further, any bank holding cal paper will have to mark to market those notes, and that might trigger their insolvency.

So which is it? Do you want the banks to survive, or would you rather see them fail???

The dr left, hypocritical to the CORE!!!!!!!!!!!

Kind of reminds me about the alarm bell I was ringing Nov 2008. It seems in the midst of the worst state budget fiasco of all time.........

California state voters APPROVED another 10billion to be spent on hi-speed rail lines. Nothing like spending what you don't have? Sound familiar? It's just what the zero and the dems have done with their 3 trillion dollar budget.

Now the big question is whose going to bail them out? The feds??? If so they are stealing money from those states which practiced restraint and fore-thought...giving the money to the foolish!

Didn't you ever hear about the 3 little pigs?

I think it's great that the same banker cocksuckers who just were bailed out for trillions are now refusing california ious for millions.

What cute irony...

#15 | Posted by Shawn

But shawn, would YOU lend them any money? How about GM or C in early 2009?

If not, why would you fault anyone else for not doing so?

It's the good old hypocritical dr left. Upset that the banks made loans which went bad, now wanting them to make loans....which will probably go bad.
I
t's like Joe Biden saying "no one knew things were so bad" when they themselves said it was the worst economy since the depression!

You just can't make this shit up!

"I'm not sure what it pays but my guess is very close to zero. "

I'm sure my $75-$125/hr clients will be happy to hear that!

Problem with CA is simple, or any state for that matter that is vast majority Democrat.

The voters are ignorant. I remember one day a Democrat talk show host went out on the streets of LA, and asked voters questions.

One of the questions was about propositions, one in particular that was for Schools I think, it was 20 BILLION DOLLARS.

And every single person polled who said they were a democrat stated the same exact thing.

They were all under the impression that CA printed the money, as much as they needed for any government projects and that it didn't cost taxpayers anything.

I have to find that video. CA voters are the dumbest in the entire nation.

Which makes sense, CA has the largest budget deficit of any state by a HUGE margin, the state is run by morons with barely probably 98 IQs

Kuma

Donnerboy, you're such a partisan hack, it's hysterical. The Dems control both houses, have for years, and CA is having to issue IOU's because a small minority of Republicans is causing "budget gridlock"?

LMAO. Don't ever change. Obama needs you, boy!

#81 | Posted by rightisright at 2009-07-08 04:25 PM

I glad YOU find it so funny. And thank you I will be there for Obama. At least he is trying to turn this country around. But, the fact is, the budget is being held up by a few Republicans. The Democrats had a "balanced" budget but the Republican Governor would not agree to tax and fee increases. I don't want my taxes to increase either but you have to pay for a deficit this large by spending cuts AND taxes.

The California Senate on Monday approved a Democratic budget-balancing plan that faces a certain veto from Republican Gov. Arnold Schwarzenegger as the state heads toward issuing IOUs for the first time since the 1990s. The plan would use a combination of spending cuts and tax and fee increases to eliminate a $24.3 billion budget deficit, but Schwarzenegger repeated his vow to veto it.

The Democrats are trying to save the future of our education programs. Or at least what is left of them.

But Senate President Pro Tem Darrell Steinberg, D-Sacramento, said Democrats would not accept the deep cuts in college aid, health care and welfare programs sought by Schwarzenegger.

"We have made cuts in those areas, but we are not cutting deeper," he said. "Hear us loudly: It's not where we will go."

Republican lawmakers agree with Schwarzenegger about the higher level of cuts and on his refusal to consider tax increases. They said Californians do not want more tax increases after the governor and Legislature raised income, sales and vehicle taxes earlier this year.

"We can't go any further on taxes," said Sen. John Benoit, R-Palm Desert. "Borrowing is not the answer. We've got tremendous debt in this state of California already. ... Spending reduction is how we have to balance this budget."

The Deomcrats reduced every program in the State in order to compromise but the Party of No said... well you know the rest of the story.

#90 | Posted by Kuma
Kuma know democrats dumb. Kuma heard that somewhere once. Kuma know it true CA voters dumb. Kuma smart like that.

Kuma

Hey donneridiot.

I have a question for you, and you better answer.

How much money would it take for CA to be #1 in education?

Here is another question.

Where in the USA can you show a correlation between money and test scores?

Here is another one.

What % of money funded into CA education actually effects the kids and the classroom?

When you totally avoid the questions and give up, I will answer them for you since I know the facts.

You do understand the CA state budget was only 44B or so in 1998 and in 08 it was 140+ BILLION right? You do understand that right?

Adjusted for population, enrollment and infaltion, the CA school system has more money in 2008 than it has ever had in the history of the state.

Too bad the test scores are amoung the worst.

My next question is...why are you so stupid?

Kuma

one last thing.

I hear all the same lame ass Rtard excuses why Ca has a budget deficit. We have a deficit because of the Recession and the resulting decrease in tax revenue.

California already has a budget in place for the 2009-10 fiscal year, thanks to a two-year budget package approved in February, but the spending plan is badly out-of-balance. The main culprit is the recession, which caused a 34 percent plunge in personal income tax revenue during the first five months of the year.

CA has the largest budget deficit of any state by a HUGE margin, the state is run by morons with barely probably 98 IQs

Kuma (IQ 2)

California's GDP exceeds 2 trillion dollars.

According to The World Factbook published by the CIA, if California were an independent state, it would have had the tenth largest economy in the world in 2007.

that is why it's deficit is so large. 34% of the taxes on that is now missing.

yer an idiot KUMA

You know nothing, BOY.

And I mean nothing. You have 0 nuance. None.

CA has a huge budget deficit because every single year, the democrats overestimate revenue. Everyone who knows anything about the process knows this.

ALSO, build into the state const, Education gets I think 40% everytime, instantly. Furthermore, they passed another lame prop where the budget increases I think 8% PER YEAR.

So tell me genius, how can you increase the budget from 44B to 140+ B in 10 years when population and inflation are half that rate and you still cry for more money?

You know nothing about the problem, which is evident, and you are a typical factless moron.

Here are some great ones for you, you didn't know.

CA:

1) about 87% of revenue for education DOES NOT go to the classroom. 87%! LOL WOW.
2) CA teachers are the highest paid, with best pensions in the NATION.
3) CA, which is 12% of the population, has over 33% of the total WELFARE expenditures in THE USA. You have no fucking clue.
4) CA is highest overall taxed state in almost every category. We take in fucking 40+ BILLION a year JUST in property tax revenue! And the funny thing is the EDUCATION budget EXCEEDS what we take in in property tax. That is just unreal.

I could educate you all day long, but you are too dumb to understand.

The best thing that could happen to you is you play russian roulette with yourself and get lucky. 1 less uneducated dumbfuck in the world that votes.

California already has a budget in place for the 2009-10 fiscal year, thanks to a two-year budget package approved in February, but the spending plan is badly out-of-balance. The main culprit is the recession, which caused a 34 percent plunge in personal income tax revenue during the first five months of the year.

I love how the article passes off the spending as being out of balance, as though it is minmul or irrelevant. Yet they give you the hard number as the main reason. BTW... Did these dems in Sacto still insist on the overpsending? Knowing we were in a recession? Or were the morons in Sacto oblivious to reality when they passed the so called budget. What, about 7 months late I might add.

ooo did I get yer goat Kuma?

When you totally avoid the questions and give up, I will answer them for you since I know the facts.

yeah I am sure KUMA is an expert on the Ca education system. Regardless I have seen the results of slashing the education budget and I don't believe that is the answer. Apparently there are a lot of Democratic Congressman who agree with me.

Regardless, the budget crunch is not a result of too much spending on education so I will not be responding to that strawman. So have at it.

The enacted budget, combined with special session actions in February 2008, contains about $24 billion in solutions and projects a General Fund reserve of $1.7 billion.

Did they ignore the failing housing industry nationwide? Or California's forclosure rate, drop in values and tax revenue when this was passed in Feb.08? A reserve of $1.7 billion? Laughable.

funny thing is the EDUCATION budget EXCEEDS what we take in in property tax

not sure where your numbers come from (you never provide any supporting links) but the education budget k-12 was 35,499 million dollars in 2008. Higher education was 9.7 million dollars. Proposition 13 continues to keep property tax revenues low but were about 47 million in 2007. I am sorry what was you point again? We make and spend a lot of money?

Again if it wasn't for the recession/depression, which is worldwide, we wouldn't even be having this conversation now would we?

None of the last four budgets Arnie signed have been balanced. How can it all be blamed on the recession and not the dems in charge? Think maybe this has some merit?

None of the last four budgets Arnie signed have been balanced.

Well I would say he and all the elected leaders who blocked the budget should be arrested. That is a violation of Prop 58.

"State law requires that a balanced budget be passed by June 30," said SDSU political science professor Brian Adams.

With the passage of the Democratic budget in both houses - the State Assembly approved it Sunday night and the Senate approved Monday afternoon - it's now in the hands of Schwarzenegger.

When the democraps destroy CA there will be nothing left there but steers and queers.

When the democraps destroy CA there will be nothing left there but steers and queers.

When you have something of value to say, maybe people will listen.

It's fun to watch the democrat state of CA go under. Democrat MI will soon follow. I bet those stupid MFers will still vote for the Jackass Party.

HaHaHaHaHaHa!!!!

The California Government is run by Unions. These Unions have so much power they can tell the State Government what to do. The state is broke because they made sweetheart deals with the State Pensions to State Employees via Democrats and Republicans years past. My 401K is in the tank and the state workers from CA have it made. Thats Vegas! Now they will call in teams of very ugly Lawyers to fight any layoffs in court.
This system we have is really screwed up!

Did they ignore the failing housing industry nationwide? Or California's forclosure rate, drop in values and tax revenue when this was passed in Feb.08? A reserve of $1.7 billion? Laughable.

#96 | Posted by crispee_oc at 2009-07-08 07:29 PM

yeah, apparently the whole Nation an even the whole world (see Britain's falling housing market ref below) ignored the failing housing industry. Property taxes are apparently not the major culprit (though I am sure that doesn't help) but declining Personal Income Taxes are the main problem.

After years of sizzling growth, Britain's bubbly housing market has fallen apart in the wake of the credit crunch. Sentiment is at a 15-year low, and mortgage approvals have plummeted 64 percent in the past year.