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California Is First State to Borrow From Federal Government to Make Unemployment Payments

DerekJohnson
DerekJohnson Administrator, Swaye's Wigwam Posts: 68,525 Founders Club
in Tug Tavern
https://wsj.com/articles/california-is-first-state-to-borrow-from-federal-government-to-make-unemployment-payments-11588617257?mod=djemalertNEWS
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  • Bendintheriver
    Bendintheriver Member Posts: 7,044 Standard Supporter
    We know the end game if we continue to force businesses to stay closed and people to stay home. People have to start going back to work right now.

    Idiots like the OR governor are fine destroying businesses. July 5th was a death knell for business owners. Rats will be borrowing money left and right and have no problem with it.
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  • doogie
    doogie Member Posts: 15,072
    I thought California was a Nation State? Eighth largest eKonomy in the World? Funds Washington DC?

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  • Bendintheriver
    Bendintheriver Member Posts: 7,044 Standard Supporter
    doogie said:

    I thought California was a Nation State? Eighth largest eKonomy in the World? Funds Washington DC?

    LOL! Yeah, they like to say that. The counter is, if they are so successful as a state and its commerce, why are they essentially bankrupt? If they were a business they would have been in receivership 20 years ago. Now we are just throwing what will be billions down a completely mismanaged black hole and we will never see that money again.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter


    Always remember the golden rule of finance - he who has the gold makes the rules.



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  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 114,099 Founders Club
    I heard the government can float a few months rather easily

    And California can do what it wants
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    RaceBannon said:

    I heard the government can float a few months rather easily

    And California can do what it wants

    The second rule of finance is - when debt gets to the tipping point, the bank doesn't own you, you own the bank.

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  • ramenduck
    ramenduck Member Posts: 734
    edited May 2020
    Bendintheriver said:

    We know the end game if we continue to force businesses to stay closed and people to stay home. People have to start going back to work right now.

    Idiots like the OR governor are fine destroying businesses. July 5th was a death knell for business owners. Rats will be borrowing money left and right and have no problem with it.

    I've been wrong before, but there is no way the rules stay as is through 4th of July holiday. People will riot. Probably far sooner than that.

    Beautiful Oregon summer weather is going to bring this to a head.





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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    ramenduck said:

    Bendintheriver said:

    We know the end game if we continue to force businesses to stay closed and people to stay home. People have to start going back to work right now.

    Idiots like the OR governor are fine destroying businesses. July 5th was a death knell for business owners. Rats will be borrowing money left and right and have no problem with it.

    I've been wrong before, but there is no way the rules stay as is through 4th of July holiday. People will riot. Probably far sooner than that.





    It won't make June 4th, let alone July 4th.

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  • MikeDamone
    MikeDamone Member Posts: 37,781
    I thought California supported the entire nation and if they decided to LEAVE we'd be in a world of hurt.
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  • MikeDamone
    MikeDamone Member Posts: 37,781
    ramenduck said:

    Bendintheriver said:

    We know the end game if we continue to force businesses to stay closed and people to stay home. People have to start going back to work right now.

    Idiots like the OR governor are fine destroying businesses. July 5th was a death knell for business owners. Rats will be borrowing money left and right and have no problem with it.

    I've been wrong before, but there is no way the rules stay as is through 4th of July holiday. People will riot. Probably far sooner than that.

    Beautiful Oregon summer weather is going to bring this to a head.





    But they will be shamed by the CoronaBros and Karen's and be accused of killing people
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  • ramenduck
    ramenduck Member Posts: 734
    MikeDamone said:

    ramenduck said:

    Bendintheriver said:

    We know the end game if we continue to force businesses to stay closed and people to stay home. People have to start going back to work right now.

    Idiots like the OR governor are fine destroying businesses. July 5th was a death knell for business owners. Rats will be borrowing money left and right and have no problem with it.

    I've been wrong before, but there is no way the rules stay as is through 4th of July holiday. People will riot. Probably far sooner than that.

    Beautiful Oregon summer weather is going to bring this to a head.


    But they will be shamed by the CoronaBros and Karen's and be accused of killing people
    Even they will want to get outside eventually. The public confidence is going to erode swiftly as the sunnier days approach.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    MikeDamone said:

    I thought California supported the entire nation and if they decided to LEAVE we'd be in a world of hurt.

    Then they should just LEAVE!

    Of course, the *REAL* USA will never relinquish their strategic military bases throughout Cali much like they never gave back Guantanamo Bay when Cuba went into 60 years of 3rd world poverty.

    https://www.milbases.com/california

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  • RaceBannon
    RaceBannon Member, Moderator, Swaye's Wigwam Posts: 114,099 Founders Club
    When Cali leaves we? remove the massive amount of military bases and let them get their own damn Navy to protect their sea lanes as they sell to China.
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  • Kaepsknee
    Kaepsknee Member Posts: 14,913
    edited May 2020
    Perfect time for Trump to say Open your State or you get no money.

    California had about $1.9 billion in its unemployment trust fund in mid-April, down from $3.1 billion at the end of February, the month before the coronavirus upended the U.S. economy. The state’s labor department didn’t immediately respond to a request for comment.


    I'm not sure which is more ridiculous. Oregon a state of 4.2 million people having $5.5 Billion in their fund before this hit.

    Or California, a state of over 40 million, having $2.5 Billion less.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    salemcoog said:

    Perfect time for Trump to say Open your State or you get no money.

    California had about $1.9 billion in its unemployment trust fund in mid-April, down from $3.1 billion at the end of February, the month before the coronavirus upended the U.S. economy. The state’s labor department didn’t immediately respond to a request for comment.


    I'm not sure which is more ridiculous. Oregon a state of 4.2 million people having $5.5 Billion in their fund before this hit.

    Or California, a state of over 40 million, having $2.5 Billion less.

    Clear case of non abundance.

    Robbing Peter to pay Paul for shit like homeless/illegal alien/transgender/green programs comes at a price eventually.

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  • Swaye
    Swaye Moderator, Swaye's Wigwam Posts: 41,739 Founders Club
    Where are those huge budget surpluses that faggot CD always bleated on about?
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    Swaye said:

    Where are those huge budget surpluses that faggot CD always bleated on about?

    The typhus killed them.
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  • doogie
    doogie Member Posts: 15,072
    Swaye said:

    Where are those huge budget surpluses that faggot CD always bleated on about?

    buried with him in his Casket?
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  • NEsnake12
    NEsnake12 Member Posts: 3,795
    State that pays the most in federal taxes is the first to ask for some of that money back. More at 11
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  • UW_Doog_Bot
    UW_Doog_Bot Member, Swaye's Wigwam Posts: 18,183 Founders Club
    NEsnake12 said:

    State that pays the most in federal taxes is the first to ask for some of that money back. More at 11

    So you didn't read.

    [By that measure, California was prepared to make unemployment payments for just over two months in the event of a recession.]

    During a year with a "budget surplus".
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  • UW_Doog_Bot
    UW_Doog_Bot Member, Swaye's Wigwam Posts: 18,183 Founders Club
    RaceBannon said:

    I heard the government can float a few months rather easily

    And California can do what it wants

    The idea of the govt. floating the economy for a few months because it can not only seems impossible to them, but also wrong.
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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,118 Standard Supporter
    UW_Doog_Bot said:

    RaceBannon said:

    I heard the government can float a few months rather easily

    And California can do what it wants

    The idea of the govt. floating the economy for a few months because it can not only seems impossible to them, but also wrong.
    Talked to an associate yesterday - 3 separate clients are having a hard time keeping their production going because their former employees are making more money sitting at home than working.



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