Article

2009-07-08 Economy

California IOU holders may turn to check cashers

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Posted by tipper 2009-07-08 02:18|| || Front Page|| [7 views ] Top

#1 I could see a lot of bank customers turning to a third-party source and losing a lot of their paycheck," Penrod said.

Barry to step in soon and.... save the people.

Posted by Besoeker 2009-07-08 07:53|| 2009-07-08 07:53|| Front Page Top

#2 "forcing it to issue IOUs in lieu of some payments."

They are not entirely out of cold hard cash. Rather, they are CHOOSING who to give the cash to and CHOOSING who to give the IOUs to.

Prioritization right there.

The department issuing IOUs is not important. Abolish that department and its jobs and its laws and its positions.

Rinse, repeat.

Posted by Ptah">Ptah 2009-07-08 10:25|| http://www.crusaderwarcollege.org]">[http://www.crusaderwarcollege.org] 2009-07-08 10:25|| Front Page Top

#3 Using scrip of any kind means that you have to follow the rules of scrip. The first thing is to have "buy in" from the retail community. Forget banks, because you do not want IOUs to be saved, but spent. Saving them defeats the purpose.

Posted by Anonymoose 2009-07-08 10:27|| 2009-07-08 10:27|| Front Page Top

#4 The first rule of scrip is that after the final transaction it can be turned in to the issuer for actual money. Has the California state government (Governor Schwarzenegger, I assume) announced any plan for that to take place at some fixed future date?

Posted by trailing wife ">trailing wife 2009-07-08 19:56|| 2009-07-08 19:56|| Front Page Top

#5 "Has the California state government (Governor Schwarzenegger, I assume) announced any plan for that to take place at some fixed future date?"

I think I read someplace that they're supposed to redeem the scrip in the fall (October?), including interest, tw.

So they're still living in fantasy-world.

They ain't gonna redeem jack. :-(

Posted by Barbara Skolaut">Barbara Skolaut 2009-07-08 21:22|| 2009-07-08 21:22|| Front Page Top

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