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Here is another race to the bottom that I think California will win.
"Just prior to the failed sale, Goldman Sachs was proudly commenting that even though municipal bond issuers, Illinois and California have credit ratings similar or worse than Portugal’s rating, both states would still be able to borrow at favorable interest rates of around 4 percent versus the 6 percent interest costs Portugal must now pay. Illinois state officials whispered they had confidence that pent-up demand from “non-traditional investors” would be attracted to Illinois bond sales. This is gov-speak for “Our friends in high places will take care of us.”
Both States are bankrupt. Both have been run by Democrats for more than ten years (please do not say Arnold was a Republican--does anybody really believe that?).
Both have pension systems that are unsustainable and high taxes.
I place my bet on Jerry Brown and his band of union owned Democrats. Illinois is so corrupt; they would not admit they are bankrupt even after the checks bounced.
Get angry or get a U-Haul.
More...
"Just prior to the failed sale, Goldman Sachs was proudly commenting that even though municipal bond issuers, Illinois and California have credit ratings similar or worse than Portugal’s rating, both states would still be able to borrow at favorable interest rates of around 4 percent versus the 6 percent interest costs Portugal must now pay. Illinois state officials whispered they had confidence that pent-up demand from “non-traditional investors” would be attracted to Illinois bond sales. This is gov-speak for “Our friends in high places will take care of us.”
Both States are bankrupt. Both have been run by Democrats for more than ten years (please do not say Arnold was a Republican--does anybody really believe that?).
Both have pension systems that are unsustainable and high taxes.
I place my bet on Jerry Brown and his band of union owned Democrats. Illinois is so corrupt; they would not admit they are bankrupt even after the checks bounced.
Get angry or get a U-Haul.
More...