If you weren't a lucky direct recipient of an IOU from investment grade rated California, secondary trading of the newest illiquid asset is set to kick off. After the SEC put an end to Craigslist-based price discovery and forced participants to look to brokers to wheel and deal in Arnold promise paper, illiquid trading platform SecondMarket is expected to start legitimate IOU trading in the coming days. If attempts to plug the $26 billion hole fail and the state continues to pump out IOUs, two things are certain- it will be a good couple of months for SecondMarket and airplay of Stand for California will go through the roof.
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Posted by guest , Jul 15, 2009 4:30PM
Holy fuck greggors! A video! I didn't think you had it in you.
Posted by guest , Jul 15, 2009 4:31PM
I'll stand firm for Arnie.
Posted by guest , Jul 15, 2009 4:38PM
Dearest Gregory--
That nice boy from down the block who helped you out with the computer today is waiting in our living room. He says you owe him $30 for putting some kind of video on the interweb. Do you mind if I take it out of your savings jar on your dresser?
Love,
Mommy
ps Dont forget to bring home the Magnums on your way home today.
Posted by guest , Jul 15, 2009 4:42PM
Can Arnold make a few Total Recalls to help out the state budget?
Posted by guest , Jul 15, 2009 4:54PM
Here is the California Teachers Association attack youtube that makes Governor Schwarzenegger look like a Nazi.
We'll Never Forget:
http://www.youtube.com/watch?v=EfQVF3eMwFw
Posted by guest , Jul 15, 2009 5:05PM
They'll announce a budget "fix" tomorrow, thus enabling Calif. to access short-term funding. It'll be a couple months down the road when they announce that they misunderestimated revenues again and they're out of balance.
Posted by KevinB , Jul 15, 2009 5:10PM
I expect to see this on The Daily Show and/or the Colbert Report tonight. It's just too funny to pass up.
Posted by guest , Jul 15, 2009 5:11PM
@6 - Is cali 2big2fail? Why not just give it a bank charter....?
Posted by guest , Jul 15, 2009 5:37PM
I'm talking about accessing the credit markets - not the Fed gov't. A "balanced" budget will enable the state to issue RAN's to fund their usual cash-flow deficit. That's the big issue right now. No budget - no borrowing.
Posted by guest , Jul 15, 2009 8:22PM
@1 - I thought the same thing
Greg,
Just when I thought you couldn't get any worse, you go and do something like this......AND TOTALLY REDEEM YOURSELF!
- Harry Dunne
Posted by guest , Jul 15, 2009 10:27PM
Fuck Yeah Greg! You know I've always been a fan.
SPODE
Posted by EvilBuzzard , Jul 15, 2009 11:11PM
It's nice to see the SEC at least try to prevent the second coming of CSA currency.