Massachusetts RIP

Roccland · Peak Oil Prophet Joined: Jun 16, 2007 Posts: 1696

State Treasurer Timothy P. Cahill this week approached the US Treasury and the Federal Reserve Bank of Boston about lending Massachusetts money under the same extraordinary terms the government is giving banks and Wall Street firms during this financial crisis.
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Fishman · Posted: Mon Oct 06, 2008 8:06 am Post subject: Re: Massachusetts RIP

First California, then Massachsetts, those BLUE states are going down fast. Will the savior Obama get in office quick enough to send money their way?
Will Palin supporters change their chant from "drill baby drill" to "let'em burn, let'em burn"?
The adventure continues ....

steam_cannon · Expert Joined: Dec 28, 2006 Posts: 2554 Location: MA

Yes! Front row seats! new_popcornsmiley

Snowrunner · Posted: Mon Oct 06, 2008 8:59 am Post subject: Re: Massachusetts RIP

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

It's a nice valuation of my financial belief structure that the Liberal bastions of Cali and Mass are going to slam the ground first.

The hilarious part is that there doesn't seem to be any discussion of radically cutting spending. It's like the liberal morons who run those states can't figure out what the problem is:

"Well, we've raised taxes, we've increased spending, there're literally hundreds of hand out programs in operation. Dammit Bob, we've done all we can to make budget!"
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

jbrovont · Intermediate Crude Joined: Jun 16, 2006 Posts: 700

I think I finally figured out what the problem is.

letitburn84 · Coal Joined: Aug 27, 2008 Posts: 16 Location: all over MA

Zardoz · Posted: Mon Oct 06, 2008 1:11 pm Post subject: Re: Massachusetts RIP

Tyler_JC · Posted: Mon Oct 06, 2008 3:08 pm Post subject: Re: Massachusetts RIP

It was bound to happen.

This state spends way too much money on dumb, useless projects while creating a tax/regulation environment that is very anti-business.

Governor Deval Patrick (or as I like to call him, Spend-It-All-Deval) has increased the size of the state government, increased payrolls, increased spending, and drained the emergency fund in a time when tax revenues are falling.

The result is, not surprisingly, a huge deficit.

That's what you get when you elect a fringe liberal governor in a state with an 80%+ Democratic legislature.

Governor Romney was unpopular because he cut spending and raised fees. However, during his term, we were able to stash away some money in a rainy day fund...knowing that good times would not last forever. Now, before the crisis has even become fully realized, the new governor has already drained hundreds of millions of dollars out of the account.

What happens when the money runs out and tax revenues are still falling? Evil or Very Mad

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steam_cannon · Expert Joined: Dec 28, 2006 Posts: 2554 Location: MA

cube · Fusion Joined: Mar 12, 2005 Posts: 3776

jbrovont · Intermediate Crude Joined: Jun 16, 2006 Posts: 700

So... conservative deregulatory monetary policy leads to banks making loans they know are a bad idea because GSEs will buy bad loans, which leads to the bankruptcy of the United States federal government, which leads to the unprecidented sale of US T-bills, totally saturating the market with treasury bonds so that the market for state bonds get's saturated before states can auction their bonds, which leads to states having a cash crunch and causing state governments to go bankrupt, and that's a liberal problem. Huh. No kidding. Way to think it through. Rolling Eyes