When it comes to public employee pension politics, the Eagles got it right with Hotel California: “You can check-out any time you like, but you can never leave!” The San Jose City Council, facing huge budget deficits tried to honor the will of the people by terminating life-time pension benefits for Council members. But they [...]
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The klaxon horn went off this evening for California municipal bondholders when Moody’s credit rating service issued a report stating that the plummeting financial condition of many California counties, cities, school districts and other government agencies will soon result in large numbers of municipal bankruptcy filings. Concerned about their own potential liability for providing high [...]
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The State of California was already facing a $19 billion budget deficit, had shorted K-12 public schools $8 billion and are releasing imprisoned rapists into “community probation” when the California Legislature’s Democratic majority voted last week to approve selling $4.6 billion in new state bonds to build 130 miles of railroad track through some of [...]
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“Only Nixon could go to China” is a political metaphor referring to the ability of a politician with an unassailable reputation among his supporters for staunchly representing and defending their values, to take actions that would draw vicious criticism and fierce opposition if taken by someone without those credentials. With California’s financial condition in free [...]
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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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