California is a greater risk than Greece, warns JP Morgan chief

[CrackSmokeRepublican]

California is a greater risk than Greece, warns JP Morgan chief
Published on 02-26-2010


Source: Telegraph

Mr Dimon told investors at the Wall Street bank's annual meeting that "there could be contagion" if a state the size of California, the biggest of the United States, had problems making debt repayments. "Greece itself would not be an issue for this company, nor would any other country," said Mr Dimon. "We don't really foresee the European Union coming apart." The senior banker said that JP Morgan Chase and other US rivals are largely immune from the European debt crisis, as the risks have largely been hedged.

California however poses more of a risk, given the state's $20bn (£13.1bn) budget deficit, which Governor Arnold Schwarzenegger is desperately trying to reduce.

Earlier this week, the state's legislature passed bills that will cut the deficit by $2.8bn through budget cuts and other measures. However the former Hollywood film star turned politician is looking for $8.9bn of cuts over the next 16 months, and is also hoping for as much as $7bn of handouts from the federal government.

Earlier this week, John Chiang, the state's controller, said that if a workable plan to reduce the deficit and increase cash levels is not reached soon, he will have to return to issuing IOU's, forcing state workers to take additional unpaid leave and potentially freezing spending.

Last summer, California issued $3bn of IOU's to creditors including residents owed tax refunds as a way of staving off a cash crisis.

"I can't write checks without money; that's against the law. My main goal is to keep the state afloat, but I won't be able to do it without the help of new legislation," said Mr Chiang.

http://www.blacklistednews.com/news-7567-0-13-13--.html

[scorpio]

Excellent article.
California is in BIG trouble. The state govt is over $20 billion in debt. They 'lowered' the debt by a series
of accounting tricks and taking money from the counties, that they don't have to repay for 2 or 3 years.
Now the counties are all broke as well.

They will never be able to balance the budget, because of all of the free handouts for illegal aliens and
all of the MASSIVE pensions they give the state and county workers.
For example, a California State Fireman can retire after only 25 years with 100% of his salary, which is over $7000 per month.
I know a guy that just retired at age 46 from the local fire depaertment. He will receive $7000 per month for the rest of his life....amazing!!
How many private sector jobs offer that kind of retirement??....not many!!


They are going to increase tax for anyone that actually works.
They are going it implement a 4% tax increase on small business, just for starters.
They just doubled the registration fees for a vehicle.
I just paid over $400 for the great honor of driving.
I got outta Cali. just in time.

[§N9sh2bj]

All the article is saying, is THE STATE OF CALIFORNIA, translated to common parlance as 'the state without california (the republic, a nation unto itself)', a CORPORATION, is going out of business. Let then the de jure citizens of the nation of the Republic of California re-emerge! They are already doing so...

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Evidence this is happening:
Open up a bank account... when she asks 'are you a U.S. Citizen' (ignorant slave of the corporation?).. tell the officer/rep to click 'other'. The W8BEN... check it out, and 'Non-resident alien'. As a claimed citizen of the nation of California, you are non-resident (non-domestic) to the Federal Corporation on the District of Columbia [He who fails to assert rights, has none]. You don't 'do business with them' (the meaning of reside). As per the amended 1933 Trading with the Enemy act, all U.S. Citizens have been enemies of the States. Don't be stupid; don't be one! Only someone acting as a U.S. Citizen would have a Social Security Number, for instance, and presenting one to the rep creates the assumption you are there today at the bank as a U.S. person.
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The 'news article' is the public side giving acknowledgement to the process of the dissolution of the STATE OF CALIFORNIA corporation, nothing more. Of course, for hypnotized people who believe they are zombies, it seems like doom: it's not. Perhaps more fear-induced manipulation.