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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (201198)	5/8/2009 9:58:29 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

California may need to borrow over $20 billion next year SAN FRANCISCO (Reuters) – California may have to borrow more than $20 billion in the coming 2009-2010 fiscal year as it struggles with cash flow problem, a budget watchdog for the state said on Thursday. In new a report on Thursday, the California Legislative Analyst's Office said the state might need to borrow more than $20 billion, but added the state's credit rating had weakened and it might have trouble raising the cash. California, the eighth-largest economy in the world, may face another multibillion dollar state budget shortfall despite sealing a landmark deal earlier this year to plug a $42 billion gap, state officials have said. In April, the California Department of Finance wrote that it expected to borrow $13 billion in cash during the 2009-2010 fiscal year that begins July, and that a lack of cash flow had already caused the state to halt thousands of infrastructure projects. "California is likely to have difficulty borrowing anywhere close to the needed amounts from the short-term bond markets based on the state government's own credit," the report said. The report also recommended that the state government be cautious in accepting federal assistance because it might strip state executives of financial and operational authority. "The difficult decisions to balance the state's budget now are preferable to Californians losing some control over the state's finances and priorities to federal officials for years to come," the report said. Like other U.S. states, California is battling unemployment amid a deep recession, as well as a financial crisis that has hit credit markets worldwide. Governor Arnold Schwarzenegger's office is expected to unveil a revised budget plan in May, and it will detail how he would maintain a balanced budget. "We have been concerned about the issue of cash management for the last year and a half," said H.D. Palmer, a spokesman for Governor Arnold Schwarzenegger's office. "What is at stake is the state having sufficient cash on hand to pay its bills in a timely manner -- the specter of the state once again having to delay certain payments in order to make sure we have adequate cash on hand to make our priority payments." The credit market "is considerably more difficult to access than it has been in prior years -- and that's one of the biggest challenges that we face on a cash basis," Palmer added. (Reporting by Clare Baldwin; Editing by Edwin Chan, Richard Chang)

To: patron_anejo_por_favor who wrote (201198)	5/8/2009 10:09:30 AM
From: Jim McMannis	Respond to of 306849

RE:"Maybe O is gonna announce 611,000 new census jobs in his next campaign speech....." Plus another 389,000 paid ACORN jobs for a cool million new jobs! You're right...if you're not a Cynic after following O and this thread, something is wrong..

To: patron_anejo_por_favor who wrote (201198)	5/8/2009 10:17:02 AM
From: Skeeter Bug	Read Replies (2) \| Respond to of 306849

just think how bad the job loss would be if obama didn't personally save 5 million jobs just last month. in fact, i think i owe him my job. where do i tip on my tax bill? btw, when does obama start paying for my gas?

To: patron_anejo_por_favor who wrote (201198)	5/10/2009 9:07:21 AM
From: DebtBomb	Respond to of 306849

Looks like many are thinking he's going to create more job LOSSES instead of job gains. I think they are going to destroy the place and the dollar, IMO. "The economy lost another 539,000 jobs in April, bumping the unemployment rate up to 8.9 percent, the highest in 26 years, according to the Labor Department report released Friday. That figure already exceeds assumptions made by Obama's economic advisers when they pushed for a $787 billion stimulus package -- a measure that they said would be critical in reviving the slumping economy. To reach his 3.5 million-jobs goal, Obama needs at least 138.6 million people employed by next year, leaving him with a job deficit of nearly 6.2 million jobs, according to the Heritage Foundation, a conservative think tank. J.D. Foster, a senior fellow in economics at the Heritage Foundation, who performed the analysis, argues Obama's policies will only widen the gap." foxnews.com