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2008-02-17 Home Front Economy

Schwarzenegger signs budget cuts, warns more to come

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Posted by Fred 2008-02-17 00:00|| || Front Page|| [6 views ] Top

#1 Fitch Ratings last month warned that California was at risk of a credit rating downgrade if state officials failed to address budget shortfalls promptly.

After the subprime fiasco, you know that's going to be a winner. And those who made money in the housing Ponzi scheme have left the state with their take. So the defaulting home owners aren't adding to the states income or tax base and the profiteers aren't around to stick it to anymore. More fun ahead. Especially when the property assessors balk at lowering the property value that property tax is based upon with the artificially inflated market prices of homes.

Posted by Procopius2k 2008-02-17 08:37|| 2008-02-17 08:37|| Front Page Top

#2 Second and third order effects of the ~~silicon~~ housing bubble callapse. NAFTA clearly taught us the days of smoke stacks and manufacturing are in the past, technology is the key to the future.....in China at least.

Posted by Besoeker 2008-02-17 08:43|| 2008-02-17 08:43|| Front Page Top

#3 Warns?

Promises! Hopefully. The right should be proud when they lower the amount extorted by the state.

Posted by Bright Pebbles 2008-02-17 12:26|| 2008-02-17 12:26|| Front Page Top

#4 What's 'budget cuts' mean ?

Posted by wxjames 2008-02-17 13:59|| 2008-02-17 13:59|| Front Page Top

#5 If they don't get a handle on things, more companies and people will leave the state. All those 55 electoral votes going elsewhere. Damn shame, ain't it?

Posted by DarthVader">DarthVader 2008-02-17 14:12|| 2008-02-17 14:12|| Front Page Top

#6 Whats a shame DarthVader, is that the "Governator" has to act as if California is a sovereign nation just to keep the system pliant and progressive. With him throwing that muscle behind McCain however, I don't feel so sympathetic toward California, why...a republican has been in the nation's highest office for going on 8 years now, and Arnie has been hit by that proverbial "2 by 4" from it! Projecting Obama's "Utopian" nationalism would bring a windfall to California not unlike that "huge sucking sound" Ross Perot saw coming, blowing out of the US, years ago.

Posted by smn 2008-02-17 18:44|| 2008-02-17 18:44|| Front Page Top

#7 while not defending Governor Schwarzeneggars' priorities, the rest of your comments are, simply, trash, smn. The budget has been controlled by the legislature: Donks - elected in gerrymandered districts, especially along the coast. If you wish to slam a State that has prolly the highest GDP, and concentration of ex and current service members, go ahead, that allows me to call you ignorant. The Governor hasn't done what I'd hoped, and I will be looking for something better in the next term.

Next time? Stick to a logical argument. A better comment would surely issue

Posted by Frank G">Frank G 2008-02-17 19:21|| 2008-02-17 19:21|| Front Page Top

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