Apparently there is a limit to the government’s willingness to serve up bailouts. While GM and Chrysler were worthy of a helping hand, the state of California is being left to its own devices. As the California State Controller warned the state could be out of cash in a few weeks, White House spokesman Robert Gibbs took the opportunity to draw the administration’s line in the sand.
“We’ll continue to monitor the challenges that they have, but this budgetary problem unfortunately is one that they’re going to have to solve,” Gibbs said.
Evidently California does not qualify as a systemically critical/too-big-to-fail entity.
White House dashes hopes of California budget help [Reuters]
this is news?
this is racist.
Come on, Cohaagen! You got what you want. Give those people air!
Looks like he’s getting ready to punch Sharon Stone in the face. Again.
too AHNOLD…didn’t GET DOWN!
Come on, Cohaagen! You got what you want. Give those people air!
Where’s Snake Bliskin, get the satellites from Under Seige II and go to town on the San Andreas and float that sucker out to sea. Let me be the first to congratulate the United State of California on its secession.
too California, don’t give a rat’s a$$
“We’re selling every California bond we can,” Tarabicos said. (a financial adviser at Wells Fargo Financial Advisors Network in Roswell, Georgia.) “We don’t like them.”
After stating his dislike for CaliFornIa, Tarabicos promptly returned to his debate of which could run faster – a pig or a hog. Tarabicos was pro hog.
Arnold: “Who is your Daddy, and what does he do?”
Child: “My daddy is a banker, and every time you come on TV he says something about selling California paper at par and giggles like a little girl.”
What a shame. Time was, a guy could sit in a tent and smoke cigars, and the press would fawn all over him as he mocked career politicians. Now it turns out that actual governing and hard choices are involved.
I like you, Sully. I’ll kill you last.
Barry will bail them out. He just has to pretend to be dealing out tough love before he spews $100B their way. NY, NJ, MI, IL and OH to follow. State and muni employee unions call the shots.
ok honestly i’m just putting it out there, @5 made me laugh, thank you for this
Old joke at Enron:
“What’s the difference between California and the Titanic?”
BB2N again Greg.
Maybe the homosexuals that Kal-E-Fornia loves so much can bail them out.
@16- maybe you should jump in your time machine and gun it back to a time people would say “the homosexuals” as though they’re aliens.
@17 I guess you like everything up the ass just like the Obama Communists are doing to California…doesn’t matter the state will turn into Michigan soon enough.
I lol’d at the graphic
I pounded a chick from Credit Suisse in the ass once at a conference in San Diego.
@18- nah, I’m just more evolved than yourself, dbag.
that is great news…since the whole state fuckin voted for OBAMA…hahahaha
California is pretty smart, but California’s a child, and when it comes to the day of the contest, I am his father. It comes to me for advices. So it’s not that hard for me to give it the wrong advices.
@21, actually, being a gay is kind of an evolutionary dead end. Your genotype is done, sone.
-not 16/18
@14 At least the lights were still on when the Titanic went down.
More popcorn please. I’m like a pig in shit right now; I love it when lessons are learned the hard way.
If you hear laughter and a water bong, its me.
http://img23.imageshack.us/img23/9384/expensesgreaterthanreve.jpg
SPODE
@22
Not the whole fucking state, not by a long shot.
The urban centers did, but not the rest of the state.
California really needs to broken up into two or more states. Oh well, show time for the Dem led Senate/Assembly & the state employee unions.
California is not worth saving.
I do like the way Douglas ripped off Richter’s arms in the Martian epic. I think we need more of that kind of tough love around these here parts.
– Snake Plissken
This would not have happened if California had Palin as Gov.
Yeah F that state with its Republican Governor.
Looks like Greg missed this little tidbit:
“These policymakers continue to watch the situation closely and do not rule out helping the state if its condition significantly deteriorates, a senior administration official said.”
But I guess that would have contradicted his post….
Eighth largest economy in the world is too big to fail. 15 billion or so will come down the pipe, thus no need / incentive for cost cutting by the CA house and senate. Next year it will be another 15 billion.
“Sometime next year you’ll be able to buy California GOs (bonds) somewhere around 7 percent or 8 percent.”
Does anyone think the GOs will be worth that?
The Guy from Delaware
@29
Palin is an idiot in a state that nearly runs itself off of oil revenues, and filled with a population less than some state districts.
The woman has yet to express one coherent thought on how she would handle any tough policy issue (from systemic economic problems to N.Korea).
@12
The minute someone calls Obama “Barry”, you can be sure that a particularly stupid point is to follow. Kudos on your ample supply of, stupidity.
@18
Reach over to @12 and take the brilliant commentary award out of his rear and polish it with your tongue.
@29 – Alaska is a defacto welfare state; it takes in more from the Federal Government than it contributes in taxes. Thank goodness Palin, Track, Tripp, Pinecone, Forest Fire, Parsley, Sage, Rosemary and Thyme weren’t tearing up the Gov’s mansion to add to California’s woes.
@12 oh by the way – California was fucked way before Obama even thought about running for office. Please wikipedia Gray Davis after you extricate your head from your fourth point of contact.
@11: I lied.
Dennis: [intro remarks] The credit markets thawing is going to be helping the stock markets. What do you think, Jeff?
Macke: I have no idea, Dennis. I’m going to talk to you like a child. If you understand what I’m saying, just say yeah.
Dennis: Okay. Yeah.
Macke: Yeah. See, you’re what happens when you’re trying to talk to car people at like a half an hour ago. I dismissed these people as idiots years ago. And now that I’m trying to finally engage them, they have no idea what I’m talking about.
Dennis: Okay.
Macke: Yeah. And so it’s either a really simple thing and you’re kind of tweaked but you get this joke which I’m assuming 90 percent of you does but you’re just coming off the rails or, B, you don’t and you’re just even more confused now. I’m trying to be the voice of reason guiding you to the light.
Dennis: Well, just tell me next week or this week, markets up or markets down?
Macke: I..don’t…know because I’ve honestly dismissed this entire game as idiocy the second I started talking to car people. That only occurred to me this morning, which is either really super-enigmatic to you or you’re starting to feel the Band-Aid come off.
Dennis: All right. Let’s go to Fritz . . . .
Macke: [strange laugh]
[two other commentators]
Dennis: Do you think we’ve got to see an improvement in jobless [sic] before the markets can really roll?
Macke: Okay. Again I’m going to talk to you like a child. Nod if you’re with me.
Dennis: Nod if you’re with me. I have no idea what you’re saying.
Macke: I’m saying that you’re talking to people who seem crazy. And either I’m a tremendous relief to you or this is a really elaborate joke on me. But I’m thinking you’re smart enough to get this joke at this point 34 minutes into the show when you’ve started talking to auto people that you’ve gone crazy. Nod. Yeah. And Fritz –
[...]
Macke: No. I’m going to take one last stab at this, Dennis. Who knows. I dismissed Bank of America as lunatics about eight months ago, and I seemed to understand the world then. But now either lunatics are in the game. I don’t know where they’re playing. I’ve tried for the last three hours to communicate with Bank of America on TV, because apparently either I’ve gotten off the bus in Crazytown, but I’m much happier just trying to get them to speak to me in five words or less.
Dennis: A trader friend of mine says that these markets, they’re here to make you feel foolish. So congratulations. I think all –
Macke: I’m going to go with crazy. Yes or no?
Dennis: Thanks a lot.
Macke: I’m trying to keep playing.
@34
California is what can be termed a “canary in the coal mine” for the rest of the United States if Obama & Co. pass their misguided agenda and fail to act on Social Security.
-Short treasuries, short the administration and neither 12 nor 18
@38
You are my canary. I short you.
@29
Palin?
Alaska gets $1.84 back for every $1.00 that it pays in federal taxes.
California, on the other hand, gets $0.78 back for every $1.00 that it pays in federal taxes.
For the record, we got through an entire comment set from GM with none of the one word posts in all caps.
@40 – Looks like Alaska has a much better politician at the helm.
Remember, there is a unindebted and taxpaying fool somewhere who will end paying for this mess… I hope.
Senator Byrd
#34
Spot on!!
Nothing is too big to fail. I think it’s funny that California loves their state power and wants no regulation by the federal gov….until their flat broke. It’s like a kid moving to college.
http://www.newsy.com/videos/california_s_collapse_whose_problem_is_it
Nothing is too big to fail. I think it’s funny that California loves their state power and wants no regulation by the federal gov….until their flat broke. It’s like a kid moving to college.
http://www.newsy.com/videos/california_s_collapse_whose_problem_is_it