Wednesday, December 10, 2008

Californicated



California November revenue $1.3 billion below estimate
Wed Dec 10, 2008 9:22am EST
By Jim Christie

SAN FRANCISCO (Reuters) - California's general fund revenues in November were $1.3 billion, or 18.5 percent, below expectations, suggesting the government of the most populous U.S. state could run out of money as early as February, State Controller John Chiang said on Tuesday.

The government of California, the world's eighth-largest economy, must contend with a $28 billion combined shortfall for the remainder of its current fiscal year and its next fiscal year, which runs from July.

Read the rest of the obituary at Reuters.

Understand this is an unexpected revenue shortfall below the already downward revised projections that were leading to a $28 billion deficit. Wait until they see what a -30% stock market will do to their income tax coffers.

Blog note: there's nothing wrong with your screen. The snow is my global warming indicator in anticipation of a massive coldfront sweeping down on SoCal. We could get snow.

31 comments:

Lost Cause said...

First the state had better ask for a bailout. What is a paltry billion or so?

Northern Renter said...

Snow? What snow?

The screen is acting kind of funny. Yeah, so I'm using IE. So sue me.

But don't try and tell me what snow looks like.

NR

PS Toronto Globe and Mail had an article today about the housing bubble just starting to burst in Toronto condos. There was a line I quite liked "...But the Minto pause is not the sensational failure many in the industry are predicting. Despite that, dozens of cranes continue to sling granite countertops into the clouds above Toronto, still North America's leading 'condo city.'"

MaxedOutMama said...

Didn't Pelosi promise funds for states?

The bill for a CA bailout is escalating pretty rapidly. Maybe we should call CA "GM West".

Rob Dawg said...

Pelosi and Waxman are both big players. They won't do Federal squat for California because their interests are ego global. With safe seats they no longer answer to the State.

CA is so screwed they don't even have a Plan C.

Rob Dawg said...

But don't try and tell me what snow looks like.

Listen up "amateur." I grew up in New England. I know snow. Not your fluffy cold easy stuff in the great northern reaches. No, the life sucking death heavy heart attack kind of real snow.

Lex said...

"...the life sucking death heavy heart attack kind of real snow."

Sierra cement?

Don't knock our snow. What we ski on most western wusses refer to as "ice"

Daley just sold the collection rights for all of Chicago's parking meters, with an upfront payment of $1.16 billion. Should be able to get at least ten times that for the collection rights for all of LA County. Sell a couple of tollways, problem solved.

Lou Minatti said...

Southeast Texas had snow today! And California will see a .75/gallon gas tax increase by February.

Lou Minatti said...

Seriously, with the collapse in gas prices, a $1 increase in the gas tax can be sold as way to save the planet and since people were used to paying $4.50, $3.00 gas with the new tax is still a "bargain." Californians burn 1.3 billion gallons of go juice per month right now. An extra $1.3 billion per month would plug a lot of that hole.

Rob Dawg said...

Lou,
They beat you to it. California already charges sales tax on them get this, combined retail and excise tax price of gasoline. Yep, A tax on a tax.

The problem is deeper. There is not enough money in the universe to satisfy Calironia's appetite. It is not and never was a revenue problem.

w said...

We could sell San Francisco! We'll throw in Oakland for nothing.

I have been having a problem with flickering and the site locking up...maybe from the snow feature?

Rob Dawg said...

W,
The snow feature is going away soon. It was just an inside joke. You go top off your avocado trees before they freeze this weekend.

Wagga needs to get hiz kittehs in as well, this is no time for outside cats.

wagga said...

The two long-hairs went out at 3 am this morning when I started work, but the short-hair stayed in till daylight. Maybe he knows something the rest of us just don't know?

Radar (the Alpha Cat) is a birdwatcher. His comment? "Tastes like chicken"

Akubi said...

I hate cats these days - well, other than the one I'm stuck with kneading my scarf.

Rob Dawg said...

I have to keep reminding my kittehs that "burdz r our friendz, not fud." They didn't even want to go out today. I think they are better climate scientists than the IPCC.

Rob Dawg said...

Akubi,
I'm gonna blow one of my new arteries trying to resist the obvious replies.

Lost Cause said...

Hi Rob,

How's your health? Are you able to bike ride yet?

Lou Minatti said...

The Great Houston Blizzard of '08 made it to the top of Drudge just now. For snow flurries?

Rob, please be prepared for the same natural disaster to happen in your little patch of paradise. Winter weather is LIFE AND DEATH. Remember the 3 P's: Pipes, Pets and Plants. The cute weathergal just said that on the local news. We could go more than 8 hours of temperatures below 32 degrees!

Rob Dawg said...

Damn you Lost Cause. [ Just kidding.]

No, I cannot ride either a bicycle of motorcycle. Yet. The rule is a year. That's May 14th. I'm a poster child for speedy recovery but things like sternums knitting aren't trivial. Falling of my Centurion TA or dropping my GS-1100ES could be fatal. Also, without practice I have to work back to both. As it is I'm slowly "forgetting" and using upper body moves. No muscle tone at all. No rock climbing this year although I am determined to go skiing in Feb. as homage to the anniversary of the first signs of my heart problem. How sick is that? Symptoms of sextuple blockage while skiing at Mammoth? Fat slugs in their 60s get that diagnosis.

Akira said...

K,
Just had to
say
Fuck you again.
Thanks for listening.

Jake said...

Funny thing is in MN, the dems are already talking about seeing if they can raid the new constitutional sales tax money and put it in the general fund. LOL! I knew this was going to happen OR that they would just reduce the funds by what was raised.

(Background - MN passed an amendment for a sales tax that was to go to clean water, wildlife and the arts.)

Awww... good times. As everyone is scrambling to find the money, I wonder how much longer we will put up with the missing ballots and all those challenged ballots. This election is getting really expensive and just will not end!!!!!

Rob Dawg said...

Jake,
I'm on record predicting MN will be the first state to BK.

Peripheral Visionary said...

I'm not sure that cats are at risk in cold weather until it gets very cold, e.g. teens or below. Outdoor cats who put on the fur and the weight for winter do tend to fare better than their indoor counterparts, but even indoor cats can survive a little snow without any problems.

Dogs who stay outdoors are more at risk, especially if they don't have a doghouse, and especially if they're one of those not-naturally-selected breeds like chihuahuas or whippets that have little to no natural insulation.

Rob Dawg said...

We are talking weenie Califorincated cats. These guys consider it a hardship if there's dew on the grass.

Mike said...

We could sell San Francisco! We'll throw in Oakland for nothing.
That is like selling a car and throwing in a turd. Just cuz you throw "something" in doesnt make it a better deal ;)

wagga said...

Definition of disdain:

Indoor cat walking on snow.

Akubi said...

Funny new blog.

w said...

Holy Shit!

Where can I get some carbon credits FAST? i'll get rich. It's the wild west out here in California. The first one to lay claim to the credits is gonna be RICH, RICH, RICH!

Seriously, don't farmers get some kind of credits? CO2 sequestration credits? I gotta call my state senator. As soon as he actually wins his election that is.

Lost Cause said...

Big time snow on the way this weekend. Plus, did you see that it snowed in New Orleans?

I once had a cat that was converted to an indoor cat for life, just by steping on snow one time.

w said...

Great, I get snow but no content!

NHSteph said...

I get the content, but only when I can find electricty...

Captain Nemo said...

Company local to me is hiring realtors!

As I drove past the office that offers weekly bus tours of properties that are bank-owned or foreclosed, I saw that they are actually hiring!