In Micheals Shadow?

Thursday, July 2, 2009

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An economy bigger than Russia, Brazil, Canada, India or Spain is in imminent risk of defaulting on its debts.
Which nation am I talking about?
Not a country . . . but the state of California.
California's GDP was around $1.812 trillion in 2007.
According to the --, that is bigger than the 2008 GDP of every country in the world except the US, Japan, China, Germany, France, UK and Italy.
Given that California has more people than any other state in the US, and some of the largest agricultural, manufacturing, high-tech and defense sectors in the nation, you would think that helping California would be important.

And yet - instead of helping California - the federal government is giving aid to Goldman Sachs, JP Morgan and the other financial giants who helped to cause the financial crisis, and to Israel and other foreign countries.
Does that make any sense?

Note: Depending on which source is cited (CIA World Factbook, World Bank, or IMF), California ranks somewhere between 7th and 10th in world GDP.
Technically, California's economic measure is not GDP, as that is a national measure. The correct term is "Gross State Product".

The Terminator couldn't terminate it

The voters of California keep passing measures to reduce their taxes and not limit spending, so they have no one to blame but themselves.

Two state funerals at the same time what are the chances eh?

That certainly could partialy explain the problem but at this point could we expect taxation to make up the shortfall soon enough to avoid revolt? California is just the first because it was the biggest maybe, so the problem is widespread among the other states. You vote for it you pay for it, that is democracy isn't it? As you know I intended to use Mr Jacksons untimely death to raise the question surrounding the singers death and its coincidental eclipsing of the bankruptcy of a major economic player and numerous other important developemnts that could serve or destroy the public. I wonder what the MSM considers the most important story to but before the public with full journalistic objectivity. I understand IOUs were issued in lieu of Government checks.