Wikinvest Wire

Dysfunction about to be confirmed

Tuesday, May 19, 2009

We're moving out of the state in about ten days, so we'll be watching the aftermath of this from afar, but it looks like California will soon be activatinge plan B to square the books since, according to the Secretary of State's website, voters are rejecting every budget ballot measure, save for the one that would bar salary hikes for elected officials during deficit years.IMAGE Get out the party hats and cue the balloon drop!


Anonymous said...

I had no idea that 35-40 percent of voters worked for the state ---- I thought the number was much higher

Nick said...

... and by Plan B, you mean using accounting tricks to push off the deficits to future years, again, like they have been doing for the last decade at least. Well, that and lots of crying about cutting essential services, a few token cuts to actual essential services, stealing lots of money from local governments, and retaining almost all of the wasteful spending which got us here. Oh, to be joining you looking in from the outside...

News said...

CA is screwed. I hope their debt does not get FDIC backing because that would bring the credit of USA down to AA. If it does not, then the rating agencies are not doing their job.

Anonymous said...

I just saw this same story over at Mike Shedlocks blog, MISH.
Funny thing is the way things where worded over there was quite different than over here.

For instance 1C was not called 'Lottery Modernization' it was called 'Allow promises against future lottery winnings to backstop the sale of bonds to raise capital'

Apparently the voters are not so stupid as to fall for the rewording of bad stuff to make it look good you have above on your blog, no doubt how the state of California tried to foist this crap on the taxpayers. Let the unions take a walk, let the legislators vote themselves a big fat pay cut.

and 1F was not 'elected officials salaries' , that tells us NOTHING.
it was 'disallow legislators from giving themselves pay raises in years when there is a budget deficit'. Makes alot more sense why the people voted YES for that now doesn't it?

Whose side are you on anyway?

Greater Fool's Gold said...

Is that last comment for real?! Argh...

Conan the Terminator is already in Washington begging for cash! Oh well, whatever inflates my gold bubble.

Greater Fool

Dan said...

I think that many of those who showed up to the polls yesterday were the same who phoned/faxed their representatives regarding the first Federal bailout. Let the people's voice be heard. I think they're just going to overturn the decisions they don't like anyway... they've done it before. Screw the people.

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