July 28th California goes bust

NEW -> Contingent Buyer Assistance Program
[quote author="zubs" date=1244782984]If California repudiates the current loans, they will not be able to secure new loans going forward, and they will be further screwed. The only way is to fire teachers, firefighters and policeman.



No money to pay for anything? Let the layoffs commence!



If the federal government steps in to fill the gap, it's a moral hazard.

Another state could hire 10,000 more policemen and have the fed take care of that bill just like Cali.</blockquote>
We are way beyond moral hazard (please refer to Bear Stearns and AIG). California will be twisting the arm of the Feds for some money and you can bet the Fed will give in.
 
<a href="http://www.washingtonpost.com/wp-dyn/content/article/2009/06/15/AR2009061503249.html">Team Obama to California - Suck it!</a>



<blockquote>The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy -- the state of California. </blockquote>
 
[quote author="awgee" date=1245209655]We just heard the State of California will lay off 66,000 state workers.



Can't find it in the news yet.</blockquote>
That'll throw a little curveball at the green shoots recovery argument, won't it? Where'd you hear this news?
 
[quote author="usctrojanman29" date=1245210061][quote author="awgee" date=1245209655]We just heard the State of California will lay off 66,000 state workers.



Can't find it in the news yet.</blockquote>
That'll throw a little curveball at the green shoots recovery argument, won't it? Where'd you hear this news?</blockquote>
It is rumor, and I can not find it as news any place. Must be wrong.
 
(Source: The Sacramento Bee)By Dale Kasler, The Sacramento Bee, Calif.

Jun. 16--A UCLA economist says widespread state-worker layoffs -- far greater than what's been ordered so far by Gov. Arnold Schwarzenegger -- will create a substantial drag as California's economy tries to climb out of the recession.



In the quarterly UCLA Anderson Forecast to be released today, senior economist Jerry Nickelsburg said layoffs in state government could top 60,000 in the next year or so. That will add four-tenths of a percentage point of unemployment and is a key reason that California unemployment will remain in double digits through 2011, he said
 
San Diego Union Tribune: decline started a decade ago (June 16th 1999) with push by CalPERs for pension increases.

<a href="http://www3.signonsandiego.com/stories/2009/jun/16/lz1ed16bottom214237-disastrous-decade/?opinion&zIndex=117245">SD Union Tribune</a>



Originally projected by CalPERS in 1999 of only needing $379 million of taxpayer money in 2008 to supplement pension, the reality is it needs $4.6 Billion.
 
[quote author="No_Such_Reality" date=1245228577]San Diego Union Tribune: decline started a decade ago (June 16th 1999) with push by CalPERs for pension increases.

<a href="http://www3.signonsandiego.com/stories/2009/jun/16/lz1ed16bottom214237-disastrous-decade/?opinion&zIndex=117245">SD Union Tribune</a>



Originally projected by CalPERS in 1999 of only needing $379 million of taxpayer money in 2008 to supplement pension, the reality is it needs $4.6 Billion.</blockquote>


I want to work for CalPers and make 500,000 a year??? I hope the whole thing goes bust, they killed the goose. Greedy bastards...
 
Its not the accountant making $500k at Calpers, they make $50k, it is only the top dogs. Who could probably be working for GS and making $15M/yr?



It is the director level people making that money, and it is a lot less than they would make at an investment bank. Of course, they lost a whole lot of money last year, so maybe you get what you pay for.





I don't understand people griping about the top talent in the state making big bucks, or griping that the management of the state sucks (which it may because they can't get top talent).
 
[quote author="freedomCM" date=1245238139]Its not the accountant making $500k at Calpers, they make $50k, it is only the top dogs. Who could probably be working for GS and making $15M/yr?



It is the director level people making that money, and it is a lot less than they would make at an investment bank. Of course, they lost a whole lot of money last year, so maybe you get what you pay for.





I don't understand people griping about the top talent in the state making big bucks, or griping that the management of the state sucks (which it may because they can't get top talent).</blockquote>


Top Talent, My backside. No, it just sickens me that people that work for the government that are the top dogs are being paid sometimes more than the President of the USA (400K). Calpers has now created such a retirement legacy that it has sunk California and i think the pensioners should have a cut on benefits across the board just like everyone else. There are 235,000 state workers and Arnold has threatened he will cut 5,000 state jobs. BFD. Hell Orange county and the cities have already slashed 3500 jobs. Start slashing now! But all the Democrats want to do is continue to raise taxes and cow tow to the Unions and save the bloated state jobs. Bottom line is the Unions have screwed the California taxpayer plain and simple.
 
[quote author="OCCOBRA" date=1245237169][quote author="No_Such_Reality" date=1245228577]San Diego Union Tribune: decline started a decade ago (June 16th 1999) with push by CalPERs for pension increases.

<a href="http://www3.signonsandiego.com/stories/2009/jun/16/lz1ed16bottom214237-disastrous-decade/?opinion&zIndex=117245">SD Union Tribune</a>



Originally projected by CalPERS in 1999 of only needing $379 million of taxpayer money in 2008 to supplement pension, the reality is it needs $4.6 Billion.</blockquote>


I want to work for CalPers and make 500,000 a year??? I hope the whole thing goes bust, they killed the goose. Greedy bastards...</blockquote>
Who works for CalPers and makes $500,000 per year?
 
Laying off that many state workers will cause a problem, but the size of the state government needs to be reduced, and it's not a big gov. v. small gov. thing. There are *four* agencies in charge of air quality in Southern Cal. Why? It's too easy in CA for people to carve out their own little kingdoms, and once they're ensconced, dynamite won't get them out. And it's easier for the governor to throw a massive temper tantrum and say, "You didn't vote for my propositions, so I'm going to take health care away from sick kids and kill all of the stray puppies," than it is to attack the root of the problem, which is massively wasteful redundancies in the state bureaucracy.
 
[quote author="jmatthew" date=1245278959]Laying off that many state workers will cause a problem, but the size of the state government needs to be reduced, and it's not a big gov. v. small gov. thing. There are *four* agencies in charge of air quality in Southern Cal. Why? It's too easy in CA for people to carve out their own little kingdoms, and once they're ensconced, dynamite won't get them out. And it's easier for the governor to throw a massive temper tantrum and say, "You didn't vote for my propositions, so I'm going to take health care away from sick kids and kill all of the stray puppies," than it is to attack the root of the problem, which is massively wasteful redundancies in the state bureaucracy.</blockquote>


Who are you considering the four agencies?
 
<blockquote>Nothing is more unreliable than the populace, nothing more obscure than human intentions, nothing more deceptive than the whole electoral system. </blockquote> - Marcus Tullius Cicero
 
[quote author="no_vaseline" date=1245279505][quote author="jmatthew" date=1245278959]Laying off that many state workers will cause a problem, but the size of the state government needs to be reduced, and it's not a big gov. v. small gov. thing. There are *four* agencies in charge of air quality in Southern Cal. Why? It's too easy in CA for people to carve out their own little kingdoms, and once they're ensconced, dynamite won't get them out. And it's easier for the governor to throw a massive temper tantrum and say, "You didn't vote for my propositions, so I'm going to take health care away from sick kids and kill all of the stray puppies," than it is to attack the root of the problem, which is massively wasteful redundancies in the state bureaucracy.</blockquote>


Who are you considering the four agencies?</blockquote>


Cal-EPA

South Coast Air Quality Management District

California Air Resources Board

California Department of Public Health



Some are subdivisions of others, but they all have their own bureaucracies with overlapping authority and the ability to issue regulations, sometimes redundant, sometimes even contradictory.
 
My father-in-law works with trains, and he has to work with all of these agencies. He complains because there's no coordination. They all have their own research departments telling them different things. SCAQMD wants his company to pursue hydrogen fuel cell technology while CARB wants them to pursue biofuel technology and Cal-EPA wants electric trains. SCAQMD has stricter particulate matter emission guidelines than CARB specifies and the other AQMDs allow, so what happens when a train operating in northern California is moved to southern California? Maybe it's just cars v. trains, but it seems to me like there's an awful lot of waste there.
 
I understand what you are saying now - it's a turf war over unclaimed territory (trains). Autos and industry have already been settled. Sorry for being brash and thank you for your response.



But it pales in comparision to, say, the BAR program of Smog Check. I'm not saying it doesn't count, but compared to the overwhelming problems of Prisons, MediCal, and education (85% or the state budget) it doesn't really matter.
 
[quote author="awgee" date=1245272768]

Who works for CalPers and makes $500,000 per year?</blockquote>


<a href="http://www.sacbee.com/statepayresults/index.html">state pay database</a>





The top 25, of 135 at CalPers who make more than $100k:



RUSSELL READ CHIEF INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $586,806 Details

LEON G SHAHINIAN SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $566,077 Details

CURTIS D ISHII SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $530,607 Details

FAROUKI MAJEED SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $457,539 Details

THEODORE H ELIOPOULOS SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $442,109 Details

ERIC B BAGGESEN SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $420,009 Details

FRED R BUENROSTRO JR EXECUTIVE OFFICER/PUBLIC EMPLOYEES' RETIREMENT SYS PUBLIC EMPL'S RETIREMENT SYS $413,505 Details

KEVIN A WINTER SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $388,845 Details

ANNE STAUSBOLL CHIEF OPERATING INVESTMENT OFFICER, CALIFORNIA PUB PUBLIC EMPL'S RETIREMENT SYS $381,004 Details

JONCARLO R MARK SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $377,621 Details

RONALD L SEELING CHIEF ACTUARY, PUBLIC EMPLOYEES' RETIREMENT SYSTEM PUBLIC EMPL'S RETIREMENT SYS $343,762 Details

ALFONSO FERNANDEZ SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $339,816 Details

PETER H MIXON C.E.A. PUBLIC EMPL'S RETIREMENT SYS $316,191 Details

MARY C COTTRILL SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $309,494 Details

DANIEL J BIENVENUE SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $288,744 Details

ARNOLD B PHILLIPS SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $288,334 Details

CHRISTIANNA WOOD SENIOR INVESTMENT OFFICER, PUBLIC EMPLOYEES' RETIR PUBLIC EMPL'S RETIREMENT SYS $287,036 Details

CHRISTOPHER F DOFFING PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIREMENT SY PUBLIC EMPL'S RETIREMENT SYS $275,602 Details

CARL A GUIDI PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIREMENT SY PUBLIC EMPL'S RETIREMENT SYS $275,578 Details

RICHARD D ROTH SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $274,050 Details

MICHAEL J DUTTON PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIREMENT SY PUBLIC EMPL'S RETIREMENT SYS $266,183 Details

DENNIS A JOHNSON SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $265,447 Details

WARREN T TREPETA SENIOR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIRE PUBLIC EMPL'S RETIREMENT SYS $258,335 Details

SARAH M CORR PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIREMENT SY PUBLIC EMPL'S RETIREMENT SYS $258,087 Details

SHAUN S GREENWOOD PORTFOLIO MANAGER, PUBLIC EMPLOYEES' RETIREMENT SY PUBLIC EMPL'S RETIREMENT SYS $255,780
 
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