Comments on: IOU One More Piece of Paper Money http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/ Entertaining Ideas on the Economy, Markets, Gold, Oil and Investing Strategies. Sat, 13 Mar 2010 14:46:50 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Dai Jones http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-15332 Dai Jones Sun, 19 Jul 2009 07:52:29 +0000 http://dailyreckoning.com/?p=17180#comment-15332 I have to agree with Sierra's sentiment. California is I believe the largest contributor to Federal coffers. In the financial cycle it the very wealth of California residents (liberally taxed by the Federal Government) that has allowed Claifornians to adopt a role of social responsibility and humanity. The real story of California is that they can not rely on the Federal Government who has seen fit to perpetuate a 'rotten to the core' system of banking that is possibly the greatest contributor to income and social polarization in the United States. Citing Margaret Thatcher as a politician with economic qualification to comment on socialism is the same as accepting Genghis Khans opinion on Child Care Centers in a post soviet society. Get real! Margaret Thatcher is responsible for the wave of avarice in the second wave of the culture of greed that overtaken Britain. A collapse in basic services, specifically in transport, due to her privatization programs has left Britain in a worse position than California. Would happily swap Gilts for California IOUs and I would buy California dollars over Washington dollars anyday. I have to agree with Sierra’s sentiment. California is I believe the largest contributor to Federal coffers. In the financial cycle it the very wealth of California residents (liberally taxed by the Federal Government) that has allowed Claifornians to adopt a role of social responsibility and humanity.
The real story of California is that they can not rely on the Federal Government who has seen fit to perpetuate a ‘rotten to the core’ system of banking that is possibly the greatest contributor to income and social polarization in the United States.
Citing Margaret Thatcher as a politician with economic qualification to comment on socialism is the same as accepting Genghis Khans opinion on Child Care Centers in a post soviet society. Get real! Margaret Thatcher is responsible for the wave of avarice in the second wave of the culture of greed that overtaken Britain. A collapse in basic services, specifically in transport, due to her privatization programs has left Britain in a worse position than California. Would happily swap Gilts for California IOUs and I would buy California dollars over Washington dollars anyday.

]]> By: Mike http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-15301 Mike Sat, 18 Jul 2009 22:35:27 +0000 http://dailyreckoning.com/?p=17180#comment-15301 I neglected to add that Texas does not even have a state income tax. I neglected to add that Texas does not even have a state income tax.

]]> By: Mike http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-15300 Mike Sat, 18 Jul 2009 22:33:32 +0000 http://dailyreckoning.com/?p=17180#comment-15300 I read this today with all the follow-up commentary,not with gloat, but admittedly with some amusement. Compare the state governments of California and Texas. Mogambo says it all about CA. Re Texas: the Wall Street Journal recently reported that last year more jobs were created in Texas than the other 49 states combined. I also just saw a report that Texas Governor Perry recently stated that Texas would put $9 billion into its rainy day fund. The real difference between the state governmets: liberal/idiot voters and hard workers with lots of common sense, which is obviously uncommon in CA. Can you decide where each category of voter resides? I read this today with all the follow-up commentary,not with gloat, but admittedly with some amusement. Compare the state governments of California and Texas.

Mogambo says it all about CA. Re Texas: the Wall Street Journal recently reported that last year more jobs were created in Texas than the other 49 states combined. I also just saw a report that Texas Governor Perry recently stated that Texas would put $9 billion into its rainy day fund. The real difference between the state governmets: liberal/idiot voters and hard workers with lots of common sense, which is obviously uncommon in CA.

Can you decide where each category of voter resides?

]]> By: susie http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-15292 susie Sat, 18 Jul 2009 20:12:42 +0000 http://dailyreckoning.com/?p=17180#comment-15292 I recall when californians wanted Spanish as their top language. Yes, I do wonder how many people have their hands out?? I recall when californians wanted Spanish
as their top language. Yes, I do wonder
how many people have their hands out??

]]> By: JMR SS http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14986 JMR SS Thu, 16 Jul 2009 02:56:22 +0000 http://dailyreckoning.com/?p=17180#comment-14986 Right-wing, left-wing, it has almost no bearing anymore. Clinton took all of the credit for the dot-com boom, but not the dot-com bust and revoked the Glass-Stegall act. Ol' W ended up in a war which cost much more money, time, and lives than we were led to believe. Obama is now spending on more pet projects than PetSmart itself. Yes, Californias policies do reek a bit of socialist planning and spending, but they could not have anticipated the gross decline in employment and tax receipts over the past year. The problem, of course, is that neither California or many other states bothered to save for a rainy day. When receipts increased, they added all kinds of pet programs, state employment positions, projects, etc based on then-current receipts. The decisions being made in California right now will be followed by several other states indeed... just watch... Right-wing, left-wing, it has almost no bearing anymore. Clinton took all of the credit for the dot-com boom, but not the dot-com bust and revoked the Glass-Stegall act. Ol’ W ended up in a war which cost much more money, time, and lives than we were led to believe. Obama is now spending on more pet projects than PetSmart itself.

Yes, Californias policies do reek a bit of socialist planning and spending, but they could not have anticipated the gross decline in employment and tax receipts over the past year.

The problem, of course, is that neither California or many other states bothered to save for a rainy day. When receipts increased, they added all kinds of pet programs, state employment positions, projects, etc based on then-current receipts.

The decisions being made in California right now will be followed by several other states indeed… just watch…

]]> By: Adnan http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14818 Adnan Tue, 14 Jul 2009 18:16:29 +0000 http://dailyreckoning.com/?p=17180#comment-14818 What happened to my previous comment? Somebody does not like truth about right wing idiots who destroyed US, UK, .... What happened to my previous comment? Somebody does not like truth about right wing idiots who destroyed US, UK, ….

]]> By: WinstonWolfe http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14798 WinstonWolfe Tue, 14 Jul 2009 15:39:11 +0000 http://dailyreckoning.com/?p=17180#comment-14798 Why can't the US Fed bail out (lend money to) insolvent states like it lends to insolvent banks?.... guess the states are too big a credit risk. Why can’t the US Fed bail out (lend money to) insolvent states like it lends to insolvent banks?….

guess the states are too big a credit risk.

]]> By: sierra http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14795 sierra Tue, 14 Jul 2009 15:18:22 +0000 http://dailyreckoning.com/?p=17180#comment-14795 I suppose the people in California are responsible for the absurdly over-bloated military budget; the criminal wars being waged by this country; the exploding money/banking mess brought on by the "margaret thatcher" types during the past 20 years activating the largest "greed" syndrome ever unleashed........ I usually read your remarks with tongue in cheek...but, living in the Sierras in one of the most pristine areas of the world...which incidentally attracts millions of world class tourists annually...... A governor does not make a state...the people do...Your characterization of "...people with their hands out" is pitifull and bad writing to say the least..... You are squandering your reputation (maybe you never had one) of informative writing.... sierra I suppose the people in California are responsible for the absurdly over-bloated military budget; the criminal wars being waged by this country; the exploding money/banking mess brought on by the “margaret thatcher” types during the past 20 years activating the largest “greed” syndrome ever unleashed……..

I usually read your remarks with tongue in cheek…but, living in the Sierras in one of the most pristine areas of the world…which incidentally attracts millions of world class tourists annually……

A governor does not make a state…the people do…Your characterization of “…people with their hands out” is pitifull and bad writing to say the least…..

You are squandering your reputation (maybe you never had one) of informative writing….

sierra

]]> By: TC http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14755 TC Tue, 14 Jul 2009 04:35:40 +0000 http://dailyreckoning.com/?p=17180#comment-14755 Mogambo Guru: This one on California is really good. You made a fully grown man laugh with croc tears reading it. And that's something. Mogambo Guru: This one on California is really good. You made a fully grown man laugh with croc tears reading it. And that’s something.

]]> By: JMR Alan Greenspan http://dailyreckoning.com/iou-one-more-piece-of-paper-money-2/#comment-14740 JMR Alan Greenspan Tue, 14 Jul 2009 01:53:29 +0000 http://dailyreckoning.com/?p=17180#comment-14740 Oh, and Bond has license to kill, while too many IOUs will GET you killed, specially if you hang out with the kind of friends I do. Oh, and Bond has license to kill, while too many IOUs will GET you killed, specially if you hang out with the kind of friends I do.

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