Tuesday, April 27, 2010

Hey Germany - would you like to bail out California?

Update - Amount needed to meet budget target jumps to 1.6 billion a day. 2 days left.

I wonder if California is feeling a little scared today. With that whole Greece thing. And Portugal. Then Spain.

For the past couple of days, the tweetosphere has been alive with the California budget issues.

On the 23'rd I saw an article that said California needed to bring in 927 mil each remaining day till the end of the month to meet the budget. Here.

Then on the 26th, I read we needed to bring in a billion each and every day. Here.

Yesterday morning I saw a tweet that said we still needed to bring in 4.2 bil - In four days. The budget goal is 10 billion this month.

This morning no tweets. Uh Oh, I thought.

Though - I did see that California douchebag Sen. Steinberg thinks he can get 3-4 billion from the feds. Self I said - we must need 3-4 billion to close the gap, or he wouldn't be saying that. So, I went directly over to the controllers office and saw we still need to bring in 3.6 billion in the next three days. That is 1.2 billion a day. I'm sure everything will be completely fine. Consumer sentiment is up!

Let us recap. We went from needing to bring in a little over 900 million a day, to 1.2 billion a day. Which means tax revenue is falling quite below expectations.

Of course, we did get offers to buy some of the Government buildings for 2 billion. I think. The news media is really working overtime trying to obfuscate the data. First I read it was 2 billion, then I read it might only be slightly over 500 million.

Who even cares at this point. We owe the Feds almost 9 billion for the depleted unemployment fund. What is an extra 3-4 billion dollars?

Plus, I look at the market today and think - why are you guys to effing happy? We've got our own little meltdown right here.

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