How about a 100% top bracket for all bank employees and a one time special 10% tax on wealth on the same people ? Do it on the federal level, establish a state relief fund with the proceed, Cali is saved.
More solutions for California: A) Nevada could absorb California. B) God could hasten California's fall into the sea. C) Obama could resign as President to become King of California. D) North Korea could nuke California making it uninhabitable for thousands of years. E) We could give California back to Mexico. F) California could claim a statewide earthquake has struck and ask for FEMA credit cards for all its residents. G) California could legalize, pot, coke, prostitution and gambling making it the world's best tourist destination. H) California could sell its beaches to China. I) California could allow oil drilling off the coast and sell leases. J) California could capture the daily San Francisco fog and sell it to states like Nevada and Arizona.
given the situation, i think IOU's are a great idea. soon they will be used as money / paper currency. there will be a market for them. they will be traded. it will be interesting.
Same thing will happen with the federal gov't within 5 to 10 years. all it will take is a few months in a row where foreign investors don't lend us money.
Schwarzenegger declares Calif. fiscal emergency AP 1 hr 14 mins ago SACRAMENTO â Gov. Arnold Schwarzenegger has declared a fiscal emergency to address California's deficit and has ordered state offices closed three days a month to save cash. The Legislature will have 45 days to send him a plan to balance the state's budget, which ended the fiscal year with a $24.3 billion deficit. The shortfall is expected to grow by $7 billion because the Legislature did not enact several stopgap measures Tuesday. If lawmakers fail to act within the 45 days, they cannot adjourn or act on other bills until they solve the crisis. The government shutdown will lead to a third furlough day each month for 235,000 state employees, bringing their total pay cut to about 14 percent. California began its new budget year Wednesday without a balanced spending plan, which will force the controller to issue IOUs.
The state budget requires a 2/3'rds super majority vote. Only two other states in the nation have the same rule, and they have nothing in common with California. There lies the REAL issue about why the Legislature doesn't work together in order to solve the budget fiasco.
Printing too much is the same as default. Raising taxes is political suicide. Which choice do you think they will make?
When was that, because each day California is heading lower and lower. Might be already down to the 100 th largest at this moment.