California Begs for Alms and Descends into Whoredom. The Inferno is at Hand.

Abstract: California now grovels like a diseased hooker in need of a quick fix in a frantic quest for money from anywhere and anywhere. The social structure of California has been debauched and their skill and reputation for handling finances are the jokes of the universe. Besotted in a drug infested inferno with hoards of swarming illegal aliens milking every possible benefit they have hit the very bottom of the Pit. They now beg for a co-sucker to partner with them in their misery so they can borrow even more money while they have no plans to cut spending—the financial problem that initiated this mess. Only a fiscal earthquake can jolt these lunatics back into financial reality. That disaster will happen soon.

We all know that California is finished as a society at least in economic terms.[1][2] They are no better off in the social arena.[3]  Polluted with drug-crazed Marxian puppets the Sacramento Legislature cannot seem to find ways to halt their psychotic spending sprees that will sink the state in debt for decades. We know that the Golden State has had some nasty encounters with financial reality in past years[4], but now they face The Abyss and what is their plan? Beg for money from somewhere else—any where!!

Here is a snapshot of the current maudlin circus act in full bloom:

“In a move with only one modern-day precedent, California Gov. Arnold Schwarzenegger and Democratic lawmakers are pressing the Obama administration and members of Congress for federal loan guarantees to help the state out of a desperate, multibillion-dollar jam.”[5]-- Calif. wants federal government to back its loans May 27, 2009 by Judy Lin

Wasn’t this predictable?? The ‘experts,’ like Paul Krugman of the Walter Duranty Papers [6] tells us that the constitutional limits to taxation in California are the problem and we need to raise taxes![7] Higher taxes will bring us prosperity. But, when did this leftist puppet ever suggest anything other than more taxes and bigger government for any problem? Never.

So, the grubby quest for more funds morphs into a sickening spectacle of tears, threats and howls that match elements of the Divine Comedy[8]. We have passed the first two cantos [first was the drug/political culture and the second canto was the uncontrolled social spending] in this epic and, now having passed Purgatorio, we enter the Inferno. We have to acknowledge that Paradiso is lost forever in a social swamp infested with sloth, sodomy and drug addiction. This dismal failure was predictable and is actually a desirable outcome of the elitists of the Left.[9] But, not to suggest that they have no designs on the wealth of others, as the rest of us are their targets, we must study this nonsense:

“California is not asking for cash, like the tens of billions given to AIG, General Motors or Morgan Stanley. (MS) Instead, the state with the worst credit rating in the nation is asking that Washington act as a sort of co-signer on the state's borrowing, to be backed up with money from the Troubled Asset Relief Program.”-- Judy Lin [Emphasis is mine in all quotes. All quotes in this blog reference the Judy Lin article unless stated otherwise.]

This is like “sort of “selling your little sister into slavery so you can keep your sick mother fixed up with the latest in designer drugs and living in the trendy new  green ambience replete with some expensive carbon cap receipts and weekly trips to Mexicali.  I am sure the rest of us will be pleased to subsidize Calif0rnia’s plunge into the financial maelstrom for yet another year. It will be ‘temporary’ we can be assured and we can believe in this plea and its outcome given California’s financial histories of the past few decadent decades. Sure.

The justification:

“"There's simply no better stimulus than guaranteeing state and local bonds, particularly those that are being used to get through the crisis and avoid layoffs," said Rep. Brad Sherman, one of 15 Democrats in California's House delegation who signed a letter earlier this month asking for the federal loan guaranty.””—quote from Rep. Brad Sherman  

Let us pause and ask: who caused the crisis and when will it end??

“"We are not asking for a bailout," said state Assembly Speaker Karen Bass, a Los Angeles Democrat. "We're asking for the federal government to step in where commercial banks can't this year because of the crisis within the financial industry.””—quote from Assembly Speaker Karen Bass

When will it end Karen?? How much do you need? Why is your credit rating down there among the cockroaches?

“"I think if the federal government can go to the aid of major financial institutions, particularly when state and local governments face short-term liquidity issues, I think helping them out is very relevant," Frank said.”-- Barney Frank [Backside Barney[10]]

Short-term?? Liquidity?

From a previous blog on this issue:

“They have a $104.3 billion budget with a $ 15.2 billion deficit and $7 billion in spending cuts.

Having passed high school in that state I am at a loss to see what the problem is. In a progressive society, this amounts to only a $ 7.2 billion dollar deficit and the unreasonable and antisocial law that prevents the state from deviating from a balanced budget with no more barrowing is trivial. “[11]--California Crumbles as Paralyzed Politicos Pass Some Phony Budget: Arnold Will Veto This Wreckage by rycK.  Sep 17, 2008. [Emphasis is mine in all quotes.]

Their deficits then ballooned to 42 billons at the end of 2008 and now it is climbing past 22 billions this year. I am sure we can think of this process as short-term using Barney Logic. But, let us look ahead and ask, politely, what is the plan to balance the budget for 2010??

They are cutting?

“California already has cut $15 billion and raised taxes by nearly $13 billion this year. Schwarzenegger has proposed cutting nearly $20 billion more, including eliminating California's welfare-to-work program and getting rid of health insurance for 930,000 poor children”

The prediction from an unbiased observer:

“California is just as likely to repay its loans, said Matt Fabian, a bond analyst at Municipal Market Advisors, based in Concord, Mass. He and others noted that the state has never been late on a payment, and is always collecting revenue and has the option of raising taxes.”

"California's not going to default," Fabian said”

This is merely half a thought Matty! What they are asking for is a co-signer or co-sucker or, in San Francisco parlance a sugar daddy. [Massachusetts is also going bankrupt so he needs a good storyline when the Boston liberals come to him for alms. He can huddle with his counterparts in New Jersey, Michigan and Maryland as well.]

The missing link here, disguised as some kind of algebraic solution to achieving a target number is to think about the colossal tax hikes they are implementing and then ask: do massive tax hikes drive down tax revenues? Oh, yes they do. So, we cannot just pluck out another 20 bln in taxes from the greedy capitalists because such people will get fed up and leave the state or go out of business and unemployment will soar even higher. Extending their feverish logic here we can demonstrate that a tax rate above 100% would create a new form of prosperity.

There is no end to this cycle of spending and bawling and begging for alms. California has washed out its social resources, trashed its future in a poisonous wasteland of illegal aliens, drugs, union overlords and sloth and becomes not a state but a malignant piece of social leprosy that threatens to infect the rest of us. If the fed co-suckers on this loan package it will just metastasize to a bigger tumor next year. Like the addicts they are, the left-liberals and psychotic radicals in that state will crawl back to the taxpayers and grope wildly for anything dumpster prize they can get. They will NOT cut spending in any meaningful or financially responsible manner. These fools spend 40 billions on ‘education’ and have the 47th worst educational system in America. Raising taxes on everything in sight will just push up the cost of everything that California sells or offers and that will cause the resident politicians to look elsewhere for finances for their debauches. Now, they want to grow and sell dope. What is next? Slavery? Child porn? It is too bad they cannot print their own money.

California will have Somalia’s social structure and Zimbabwe’s financial success in the near future.

This is hopeless. Move out!

rycK [a 5^th generation Californian in exile]

Comments to: ryckki@gmail.com