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Monday, July 6, 2009

Great Recession Roundup — July 6, 2009

Items of Interest:

California Registered Warrants (IOUs)Kevin Hassett / Bloomberg:
California's Nightmare Will Kill Obamanomics: Kevin Hassett -- Last week, we discovered that the state of California will gladly pay you Tuesday for a hamburger today.

With California mired in a budget crisis, largely the result of a political impasse that makes spending cuts and tax increases impossible, Controller John Chiang said the state planned to issue $3.3 billion in IOU’s in July alone. Instead of cash, those who do business with California will get slips of paper.

The California morass has Democrats in Washington trembling...

related:
California State Controller:
Frequently Asked Questions about Registered Warrants (IOUs)

BizJournals.com: Wanted on Craigslist: California IOUs
Minyanville: A Brand-New Arbitrage Market for California's IOUs

discussion:
Tim Knight / Slope of Hope:
Fall Down -- I was musing about a scenario that probably plays itself out thousands of times a day in the formerly great state of California, where I reside:
  1. A person who has a negative net worth (due to being severely underwater on his house).......
  2. goes into Bank of America, an institution that would have been bankrupt, were it not for........
  3. the United States, which is also technically insolvent..........
  4. and gives the teller an IOU from the State of California, which is no longer issuing checks due to its own insolvency.

Pretty sad, isn't it? This isn't fiction, though. The above situation is repeated every day of the week...

Gaius / Blue Crab Boulevard: As Goes California — So goes Obamanomics. Kevin Hassett, writing at Bloomberg
----
NY Times: Tax Bill Appeals Take Rising Toll on Governments
Minyanville: States Could Face New Shortfalls as Homeowners Beg for Lower Taxes
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Philip Aldrick / Telegraph:
US lurching towards ‘debt explosion’ with longterm interest rates on course to double — The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country's ability to pay its debts and potentially plunging it into another recession, according to a study by the US's own central bank...
Michael Laprarie / Wizbang: Tea Party Weekend
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Peter Roff / US News:
Democrats Admit That Their Cap and Trade Bill Is a Job Killer
discussion:
Sammy Benoit / YID With LID: NEW EVIDENCE—> Global Warming Is an Expensive Hoax
----
WSJ.com:
Public Pensions Cook the Books -- Some plans want to hide the truth from taxpayers.

Here's a dilemma: You manage a public employee pension plan and your actuary tells you it is significantly underfunded. You don't want to raise contributions. Cutting benefits is out of the question. To be honest, you'd really rather not even admit there's a problem, lest taxpayers get upset.

What to do? For the administrators of two Montana pension plans, the answer is obvious: Get a new actuary....
----

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Calculated Risk

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Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

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The Daily Reckoning - Australia

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