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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Chispas who wrote (103278)	5/19/2009 3:47:41 PM
From: NOW	Respond to of 110194

better to declare bankruptcy

To: Chispas who wrote (103278)	5/20/2009 9:35:43 AM
From: zebra4o1	1 Recommendation Read Replies (1) \| Respond to of 110194

Raise taxes? Not politically possible anymore. Calif. Voters Reject Measures to Keep State Solvent A smattering of California voters on Tuesday soundly rejected five ballot measures designed to keep the state solvent through the rest of the year. The results dealt a severe setback to the state’s fragile fiscal structure and to Gov. Arnold Schwarzenegger and the state legislators who cobbled together the measures as part of a last-minute budget deal passed in February. The measures, which would have prolonged tax increases, capped state spending, earmarked money for education and involved the state in a complex borrowing scheme against its lottery, were rejected by roughly 60 percent of those who voted. The failure of the measures, combined with falling revenues since the state passed its budget, leaves California with a $21 billion new hole to fill, while foreclosure rates and unemployment remain vexing problems here. nytimes.com