Four years ago, Nobel Prize winning economist Joseph Stiglitz and the ultra-liberal Roosevelt Institute, where he serves as Senior Fellow, enthusiastically heralded the Presidential election of Barack Obama as the beginning of at least a decade of continuous expansion of government intervention into the American economy. Stiglitz trumpeted the capture of the Executive and Legislative [...]
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The liquidity of the Orange County Treasurer’s Investment Pool was hammered last week when the City of Tustin withdrew $40 million and the State of California announced its intentions to soon pull out another $90 million. It was also reported that no other member of the Auditor-Controller bureaucracy is willing to accept the head job, [...]
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In another abrupt surprise, the highly respected Chairman of the Orange County’s Treasury Oversight Committee resigned on Monday, April 16, 2012. It seems he was being asked to read into the public record at a meeting of the Orange County Board of Supervisors, a letter written by county Treasurer, Shari Freidenrich stating that she had [...]
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Like the Titanic a hundred years ago that ignored warnings and ran full-speed into a massive iceberg, Orange County is taking enormous financial risks rather than addressing their gapping cash-flow deficit. To stay afloat the county resorted to making $518 million illiquid and unsecured interest rate wagers funded mostly from the payroll and savings account funds [...]
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President Obama doesn’t need to campaign for financial support from the highest 1% of income earners, his economic policies have already won their financial backing! During the Great Recession the top 1% sufferred a lower percentage decline in income than during the Bush Recession of 2000 to 2002. Then during the 2009 to 2010 economic [...]
READ MORE »The ballooning Orange County financial crisis continued to spiral out of control as the State of California filed a law suit to force return of $73.5 million of property tax revenue the County skimmed from local schools and community colleges last November. At the time, it seemed bizarre that the supposed “Most Conservative County in [...]
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