RE: [RT] Re: [TimeandCycles] The Great Bear has just begun, RealTraders Email List Archive

I was at a County Managers convention in North Carolina last week and the key note speaker told the group that state tax revenues had declined 5% NATIONWIDE already. I believe that has been reported elsewhere. Chowan County in fiscally conservative North Carolina has been given an ultimatum by the states Local Government Commission that they must raise taxes because they’ve exhausted all of their fund balances; they’re insolvent (liabilities exceed assets and anticipated revenues). In the private sector, insolvency entitles 3 creditors that petition a court to FORCE the debtor into involuntary bankruptcy.

If its that bad in fiscally conservative NC already, I’d say the writing is on the wall many other places as well.

From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Ben
Sent: Sunday, August 03, 2008 12:18 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] Re: [TimeandCycles] The Great Bear has just begun

even if you use 1/2 of that amount ,think of a 10% decrease in revenues for a state like California ,and its consequences

Ben

----- Original Message -----

From: Ron Cernokus

To: realtraders@xxxxxxxxxxxxxxx

Sent: Saturday, August 02, 2008 10:34 PM

Subject: Re: [RT] Re: [TimeandCycles] The Great Bear has just begun
Ben,

I don't believe, the 21% foreclosure rate is an accurate for the whole state. Statements like this are thrown around on CNBC,etc. And I just don't buy it that those are correct figures for the entire state......for certain there are sectors and counties that may have such radical foreclosure rates but not the whole state.

FWIW,

Ron
----- Original Message -----

From: Ben

To: realtraders@xxxxxxxxxxxxxxx

Sent: Saturday, August 02, 2008 9:28 PM

Subject: Re: [RT] Re: [TimeandCycles] The Great Bear has just begun
with 21% of homes in foreclousure in state of california

and banks like countrywide who do not hold escrow for local tax

how would state get revenues to pay their employees?

Ben
----- Original Message -----

From: hostmaster

To: realtraders@xxxxxxxxxxxxxxx

Sent: Saturday, August 02, 2008 7:54 PM

Subject: Re: [RT] Re: [TimeandCycles] The Great Bear has just begun
I wish we could credit it to the govenor but it is the operation of law. Our govenator continues to be a disappointment.

As to Ben's forecast of possible public debt default, the State Controller says that is not going to happen if a budget is passed in the next several months. Large as the State of California debt service is, the payroll load is far far far larger and those savings insure adequate liquidity to continue making debt payments.

Boater8095

At 02:12 PM 8/2/2008, you wrote:
I take it as good news that California is showing a little fiscal responsibility and tring to cut expenses as they face lower tax revenues. Had they done nothing and begun to face defaults then *that* would be *bad* news indeed.

Bob

On 8/2/08, Ben <profitok@xxxxxxxxxxxxx > wrote:

everything is REALLY bad

all employees of california state recieved a letter telling them not to come to work monday

and, if they do

they only get min wage!!!

mkt should come hard down with this news

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