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Tag Archives: california
California pension funds lose $100 billion in a year
LA Times – California’s biggest government pension funds lose almost $100 billion: CalPERS’ preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers’ Retirement System lost $43.4 billion. On Tuesday, the country’s … Continue reading
SEC: Cali. IOUs should be treated as securities
Sacramento Business Journal – SEC rules that IOUs should be treated as securities: The U.S. Securities and Exchange Commission on Thursday issued its opinion that California’s IOUs should be treated as securities under federal securities law. Under that opinion, holders … Continue reading
California: “Dude, where’s 58% of my budget?”
California has the worst budget shortfall of the 50 states, both in dollars and percent of budget: California: $53.7 billion shortfall or 58 percent of its budget Arizona: $4 billion shortfall or 41 percent of its budget Nevada: $1.2 billion … Continue reading
California’s referendum system
Californians just rejected a slew of propositions (California-speak for ballot referendums). Here’s why their system may not such a grand idea: The problem is multifaceted, but I think that the ultimate root is that it takes a simple majority vote … Continue reading
Obama sides with the unions in California
Washington Post – Tincture of Lawlessness: In February, California’s Democratic-controlled Legislature, faced with a $42 billion budget deficit, trimmed $74 million (1.4 percent) from one of the state’s fastest-growing programs, which provides care for low-income and incapacitated elderly people and … Continue reading
Moody’s may downgrade local govt bonds
New York Times – Muni Bonds May Face Downgrade: Moody’s Investors Service assigned a negative outlook to the creditworthiness of all local governments in the United States, the agency said Tuesday, the first time it had ever issued such a … Continue reading
Bill Quick on California
“California spends far more than it takes in, despite having some of the highest taxes in the United States. It is hostile to business, and the middle class is fleeing in droves. It runs huge deficits every year, yet the … Continue reading
“it is only a matter of time before civil servants become civil masters”
Chicago Boyz – California’s Tipping Point: California has ~2.3 million unionized government workers and ~18.6 million civilians. With so many people organized with a laser-like focus on increasing taxes and spending, the private working citizens of California find it nearly … Continue reading
“If you did not know it before, you do now. California is bankrupt.”
Mish – Sharing The Pain In California (quoting the San Jose Mercury News): If Gov. Arnold Schwarzenegger were to fire every employee in state government tomorrow, it would easily patch California’s enormous deficit, right? Not even close. But surely shutting … Continue reading
CA pension loses 25% of assets since July 1 due to real estate investments
Wall Street Journal – Risky, Ill-Timed Land Deals Hit Calpers: At the height of the property bubble, California’s giant pension fund, Calpers, made a fateful decision: It aggressively poured money into real estate. As a result, today it’s one of … Continue reading
How irrational were California real estate prices?
How irrational were California real estate prices? This irrational – the Pasadena shack in the picture sold for $522,000 in August, 2006. The local government was happy to play along with the fantasy since it meant more property tax money … Continue reading
Even more bad real estate news: 1 in 5 mortgages upside down, increasing foreclosures
Graph via Dr. Housing Bubble. Reuters – One in five homeowners with mortgages under water: NEW YORK (Reuters) – Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon … Continue reading
Those wacky ballot initiatives
Massachusetts voters passed a measure to decriminalize possession of less than one ounce of marijuana. The ballot to name a San Francisco sewage treatment plant after George Bush failed 70-30. Citizens of my hometown politely declined to pay a higher … Continue reading
More bad real estate news
Option ARMs are just now starting to reset on a large scale. The housing market will get worse before it gets better. Link. September’s growth in home sales was apparently mostly foreclosures and short sales. The sales that aren’t foreclosures … Continue reading
California attempts to build world’s most *optimistic* commuter rail
or, THIS IS YOUR TRAIN ON DRUGS Reason – California is Headed for a Real Fiscal Train Wreck: Another rosy assessment comes in estimates of annual ridership. The Rail Authority says the trains will carry 65 million riders each year. … Continue reading
Exodus from Large Cities, CA, IL, MA, NY
A new census report shows population losses in most large urban areas, and overall losses for California and most Northeastern states. The people fleeing those areas are of all ethnic makeups, leading some people to say this isn’t white flight … Continue reading
Leaving California
Meathead Economics, from the Wall Street Journal. It takes hard work to drive anyone away from California’s sunshine and scenic vistas, but politicians in Sacramento have been up to the task. The latest Census Bureau data indicate that, in 2005, … Continue reading
State Population Changes
Michael Barone looks at state population changes and what they mean for upcoming elections. Average growth was 5.3 percent. In general, the only Northeast states that registered above-average gains were the economically liberal states of Delaware and New Hampshire. All … Continue reading
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