According to the state Legislative Analyst’s Office, the state may run through its cash as soon as July. That would force the state controller to shut off some payments, as he did in February, unless California can raise money from Wall Street. The Legislative Analyst’s Office estimates the state may need to borrow as much as $23 billion of one or two-year notes, absent further spending cuts.

California would have little trouble raising money from investors, said John Flahive, who oversees more than $20 billion in municipal debt at BNY Mellon Wealth Management in Boston. However, he estimated that the state may pay as much as 3 percent on the notes, more than three times what it would pay if it might sell into money market funds.

What the fucking fuck? Are you kidding me? California voters just said a big fat 2/3rds of the vote FUCK NO to new debt to the tune of 16 billion and you’re just going to go out and get $23 billion in new debt anyway?

What the FUCK?

Tags: depression 2.0, no really we're really fucking fucked this time, total cockup, trouble in paradise, tweets, we're fucked

This entry was posted on Wednesday, May 20th, 2009 at 12:02.