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July 03, 2009

Bankrupt CA issues scrip payments, cons banks into accepting it

Heh, now if I can convince my bank to take an IOU for say...a paltry $50B or so, I'll be living large.

Would YOU take an IOU from the state of California? I wouldn't.

The whole state is like a bunch of degenerate gamblers looking to borrow another $50 so they can go gamble it away just like every other penny they ever had. Without radical budgetectomy surgery, CA is as fucked as its possible for a state to be. They need to do some serious paring back, but they simply don't have the stomach to do it.

They really should look at partial default. Offer bond holders 70%. What are they going to do? Repo a freeway overpass or road? They'll take it and be glad they got what they did.

posted by Purp at 03:10 AM

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Without radical budgetectomy surgery, CA is as fucked as its possible for a state to be. They need to do some serious paring back, but they simply don't have the stomach to do it. They really should look at partial default. Offer bond holders 70%. What are they going to do? Repo a freeway overpass or road? They'll take it and be glad they got what they did. posted by Purp at 03:10 AM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Wolfus Aurelius, Dreaming of Elsewhere [/i] [/b]: "'Tis Friday, the consummation devoutly to be wishe ..." RedMindBlueState[/i][/b][/s][/u]: "Particle Physics: Consider a vaporized mohammedan ..." Skip: "Chinese Grand Prix this weekend, missed Friday pr ..." Divide by Zero [/i]: " [i]Micron is receiving $6 billion under the CHIP ..." Skip: "G'Day everyone ..." 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