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Just peachy old California! - 4/2/2013 12:25:27 PM

Posts: 3593
Joined: 1/18/2012
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It's all just peachy

Were California's state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits.

The report, which covers the fiscal year ending June 30, 2012, says that the state's negative status -- all of its assets minus all of its liabilities -- increased that year, largely because it spent more than it received in revenue.

Really now. What was declared in 2009 as the World's 8th largest economy is, for all realistic purposes,

BANKRUPT !

< Message edited by Yachtie -- 4/2/2013 12:26:26 PM >

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

RE: Just peachy old California! - 4/2/2013 12:38:46 PM

Posts: 3319
Joined: 9/25/2005
From: Orange County, California
Status: offline

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

I am going to use my welfare to buy a steak now.

< Message edited by Nosathro -- 4/2/2013 12:39:21 PM >

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 12:41:00 PM

Posts: 3593
Joined: 1/18/2012
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quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 12:44:05 PM

Posts: 3319
Joined: 9/25/2005
From: Orange County, California
Status: offline

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

With a 2% growth...your have a funny way of looking at things.

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 12:53:13 PM

Posts: 3593
Joined: 1/18/2012
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quote:

ORIGINAL: Nosathro

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

With a 2% growth...your have a funny way of looking at things.

LMAO.

the state's negative status ... increased that year, largely because it spent more than it received in revenue.

You do have an odd way of looking at growth

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 12:55:43 PM

Posts: 10540
Joined: 7/30/2005
Status: offline

quote:

ORIGINAL: Yachtie

It's all just peachy

Were California's state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits.

The report, which covers the fiscal year ending June 30, 2012, says that the state's negative status -- all of its assets minus all of its liabilities -- increased that year, largely because it spent more than it received in revenue.

Really now. What was declared in 2009 as the World's 8th largest economy is, for all realistic purposes,

BANKRUPT !

We as a nation have $120 TRILLION in unfunded mandates and last count has it going up in excess of $7 million/MINUTE. You see that's what happens when you have a nation that spends almost 50% of its wealth on healthcare and debt service. Next question.

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 12:57:27 PM

Posts: 3593
Joined: 1/18/2012
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quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: Yachtie

It's all just peachy

Were California's state government a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion, according to an annual financial report issued by State Auditor Elaine Howle and the Bureau of State Audits.

The report, which covers the fiscal year ending June 30, 2012, says that the state's negative status -- all of its assets minus all of its liabilities -- increased that year, largely because it spent more than it received in revenue.

Really now. What was declared in 2009 as the World's 8th largest economy is, for all realistic purposes,

BANKRUPT !

We as a nation have $120 TRILLION in unfunded mandates and last count has it going up in excess of $7 million/MINUTE. You see that's what happens when you have a nation that spends almost 50% of its wealth on healthcare and debt service. Next question.

When does it stop?

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

(in reply to MrRodgers)

RE: Just peachy old California! - 4/2/2013 12:59:44 PM

Posts: 6845
Joined: 10/23/2012
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quote:

ORIGINAL: Nosathro
With a 2% growth...your have a funny way of looking at things.

It doesn't matter what your 'growth' is.
It could even be 100% for all that it matters.

Bankrupt means your liabilities are more than your assets = insolvent.

For once, I agree with Yachtie!

(who'da thunk it??

)

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 1:12:54 PM

Posts: 3319
Joined: 9/25/2005
From: Orange County, California
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quote:

ORIGINAL: freedomdwarf1

quote:

ORIGINAL: Nosathro
With a 2% growth...your have a funny way of looking at things.

It doesn't matter what your 'growth' is.
It could even be 100% for all that it matters.

Bankrupt means your liabilities are more than your assets = insolvent.

For once, I agree with Yachtie!
(who'da thunk it?? )

State has not delcared bankruptcy and that is done in court.

(in reply to freedomdwarf1)

RE: Just peachy old California! - 4/2/2013 1:17:15 PM

Posts: 5799
Joined: 2/12/2012
From: Canada
Status: offline

quote:

ORIGINAL: Yachtie
a business, it would be a candidate for insolvency with a negative net worth of $127.2 billion

Yes well, more accurately if it were a business it would be a candidate for massive bailouts. Just to put this in perspective i did some quick googling and found annual revenues in the ~100 billion range. So roughly this means the state owes about 100% of it's annual expected income. Why do I suspect the picture is much worse at the federal level.

But I guess my question here is, "What's your point?" Yup, anything touched by global banking is going bankrupt -- even global banking. California is no exception any more than Cypress is.

_____________________________

I'm a lover of "what is", not because I'm a spiritual person, but because it hurts when I argue with reality. -- Bryon Katie
"You're humbly arrogant" -- sunshinemiss
officially a member of the K Crowd

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 1:18:26 PM

Posts: 3593
Joined: 1/18/2012
Status: offline

quote:

ORIGINAL: Nosathro

quote:

ORIGINAL: freedomdwarf1

quote:

ORIGINAL: Nosathro
With a 2% growth...your have a funny way of looking at things.

It doesn't matter what your 'growth' is.
It could even be 100% for all that it matters.

Bankrupt means your liabilities are more than your assets = insolvent.

For once, I agree with Yachtie!
(who'da thunk it?? )

State has not delcared bankruptcy and that is done in court.

WE HAVE A WINNER !!!!!

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 1:20:00 PM

Posts: 559
Joined: 10/30/2012
Status: offline

The government is a reflection of the people...We are all in too much debt.

(in reply to JeffBC)

RE: Just peachy old California! - 4/2/2013 1:21:48 PM

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Joined: 1/18/2012
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quote:

ORIGINAL: JeffBC

But I guess my question here is, "What's your point?" Yup, anything touched by global banking is going bankrupt -- even global banking. California is no exception any more than Cypress is.

What's my point?

That's easy. If I could not see the dark 'Theater of the Absurd' humor in it all, I'd not have as much fun.

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

(in reply to JeffBC)

RE: Just peachy old California! - 4/2/2013 1:27:52 PM

Posts: 5799
Joined: 2/12/2012
From: Canada
Status: offline

quote:

ORIGINAL: FunCouple5280
The government is a reflection of the people...We are all in too much debt.

heh... That's about as trite a phrase as I can imagine. I feel like I should toss you a dog biscuit now because you performed your trick correctly.

_____________________________

I'm a lover of "what is", not because I'm a spiritual person, but because it hurts when I argue with reality. -- Bryon Katie
"You're humbly arrogant" -- sunshinemiss
officially a member of the K Crowd

(in reply to FunCouple5280)

RE: Just peachy old California! - 4/2/2013 2:11:56 PM

Posts: 559
Joined: 10/30/2012
Status: offline

I know, but seriously we can't take ourselves seriously in this country. We have been going through waves of foreclosure etc. and demanding personal bailouts. Yet, we whine about government debt and corporate bailouts? Sure global banking is joke. But why did we take the bait?

(secretly we wanted it to be true)

I find the whole bit laughable. Eventually, the gov is going to have correct its path (via cuts, bankruptcy, monetization, etc{regardless the little guy gets fucked}) and the nasty truth will wave over us too. There really is no one to really bail us out.

(in reply to JeffBC)

RE: Just peachy old California! - 4/2/2013 2:23:10 PM

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Joined: 4/29/2004
Status: offline

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

Oh? So what is your debt to equity ratio? Hmmm?

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 4:39:47 PM

Posts: 12216
Joined: 8/9/2008
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quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

I am going to use my welfare to buy a steak now.

Hold on....lemme think for a second....uhm....120 some billion negative net worth (as in, the value of EVERYTHING....assets less debt).

Yeah....that's fucked up.

Yeah....that's bankrupt(ed).

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 4:47:10 PM

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: Nosathro

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

With a 2% growth...your have a funny way of looking at things.

I don't know....it's just a gut feel but, I suspect he's looking at it from a standpoint of....2 trillion GDP income (figure 15% tax over all), they MIGHT pull in about 300 billion (I'm gonna assume their expenses run that or more...or....they wouldn't be in deficit)!!!!!!!!!!!!!!!!!!!, ergo....it'll be some (incredible) amount of time (assuming 10% reduction of debt annually, which is extraordinarily unlikely since their debt has grown by exponential numbers annually since 2002) that they'll be out of debt any time soon.

(It's a gut feel, but I'm going with it).

(in reply to Nosathro)

RE: Just peachy old California! - 4/2/2013 4:48:14 PM

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: Nosathro

Still is the 8th and in 2011 it even grew. You call that bankrupt?

http://www.sacbee.com/2012/06/05/4540330/californias-economy-grew-2-percent.html

When liabilities exceed assets, you bet I do.

With a 2% growth...your have a funny way of looking at things.

LMAO.

the state's negative status ... increased that year, largely because it spent more than it received in revenue.

You do have an odd way of looking at growth

(Please don't explain this shit to these people...it's worse than laughing....it's wasted effort).

(in reply to Yachtie)

RE: Just peachy old California! - 4/2/2013 4:49:32 PM

Posts: 12216
Joined: 8/9/2008
Status: offline

quote:

ORIGINAL: freedomdwarf1

quote:

ORIGINAL: Nosathro
With a 2% growth...your have a funny way of looking at things.

It doesn't matter what your 'growth' is.
It could even be 100% for all that it matters.

Bankrupt means your liabilities are more than your assets = insolvent.

For once, I agree with Yachtie!
(who'da thunk it?? )

Bud...the guy's got chops.

(in reply to freedomdwarf1)

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