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KittyWampus (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:06 PM Original message |
85 Cents On The Dollar. California Gives Out IOUs & Banks Refuse To Cash Them >>> |
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aquart (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:08 PM Response to Original message |
1. Sounds like California is THERE. |
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alice silas (36 posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:18 PM Response to Original message |
2. What is the old saying "as california goes, so goes the nation"? Food for thought. NT |
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Skink (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:25 PM Response to Original message |
3. the IOU as derivative investment. Arnold is pretty sly. |
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anigbrowl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:34 PM Response to Reply #3 |
10. Not his invention actually |
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anigbrowl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:27 PM Response to Original message |
4. "I'd never heard of a state giving out IOUs." Well, CA also did that in 1992... |
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KittyWampus (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:30 PM Response to Reply #4 |
6. just to edify my OP, that was mentioned on the news report. |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:28 PM Response to Original message |
5. These IOUs have SEC protection. Banks said they wouldn't cash after July 10. I'm not sure what SEC |
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anigbrowl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:32 PM Response to Reply #5 |
8. You need a broker dealer license to trade them |
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dixiegrrrrl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:31 PM Response to Original message |
7. A native Cal. person says IOUs happened before, were accepted, then finally paid off. |
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KittyWampus (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:33 PM Response to Reply #7 |
9. True, but banks and stores accept dollars. They won't take IOUs for services. |
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Cronus Protagonist (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:36 PM Response to Reply #9 |
12. Citibank is acceptning the IOUs |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:58 PM Response to Reply #12 |
15. That's worse than 85 cents on the dollar then.n/t |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 08:48 PM Response to Reply #15 |
20. no way - Citi is offering a better deal...I doubt their interest rate |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:20 PM Response to Reply #20 |
22. Why do you think that, given what they charge when someone carries a balance on their credit cards? |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:37 PM Response to Reply #22 |
25. Using continuously compounded interest rates of about 32% |
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lindisfarne (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:50 PM Response to Reply #25 |
27. Well, it could be close, if they charge credit card interest rates! But I see your point.n/t |
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Laelth (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 07:25 PM Response to Reply #7 |
19. Very true. Basically, California is printing its own money. n/t |
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ColbertWatcher (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:34 PM Response to Original message |
11. All thanks to electing an incompetent to run the state. n/t |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 08:50 PM Response to Reply #11 |
21. I really don't think that is fair. You do not need to lovae Arnold, but |
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ColbertWatcher (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:29 PM Response to Reply #21 |
24. It would not have been as bad. The man the GOP recalled had offered solutions and ... |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:41 PM Response to Reply #24 |
26. There is nothing Grey Davis could do - if people's property |
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ColbertWatcher (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 10:25 PM Response to Reply #26 |
28. He had a solution for CA annual budget crisis. n/t |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Thu Jul-16-09 05:44 AM Response to Reply #28 |
29. This year's budget crisis is different than the others in a big way, |
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ColbertWatcher (1000+ posts) Send PM | Profile | Ignore | Thu Jul-16-09 09:56 PM Response to Reply #29 |
31. Davis' solutions would have helped alleviate some of the problems. n/t |
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natrat (1000+ posts) Send PM | Profile | Ignore | Thu Jul-16-09 06:33 AM Response to Reply #21 |
30. arnold let big oil off the hook after it raped Ca for billions, he's a scumba |
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Freddie Stubbs (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:39 PM Response to Original message |
13. Unlike the Federal Government, states can't just print money |
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Lucky Luciano (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:52 PM Response to Original message |
14. I would probably bid 85c for the IOUs too |
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noamnety (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 06:59 PM Response to Original message |
16. The breakdown of who gets real money is interesting |
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anigbrowl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 07:16 PM Response to Reply #16 |
17. Good catch. |
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dixiegrrrrl (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 09:25 PM Response to Reply #16 |
23. Squeaky wheels get cash, too. |
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blue_onyx (1000+ posts) Send PM | Profile | Ignore | Wed Jul-15-09 07:21 PM Response to Original message |
18. Until California's current budget problems |
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