Okay, but there's no more cash

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Posted by David Sherman on Thursday, January 01, 2009 at 21:27:33 :

In Reply to: Re: "Cash for Clunkers" posted by MoparNorm on Thursday, January 01, 2009 at 15:48:19 :

According to this LA Times article, lots of California cities are broke, and the state isn't any better off. They're scraping up money by doing things like selling city property (including streets) to a shell company and then leasing the property back from the company. The company sells bonds to buy the property, but since it's not the city itself selling the bonds, the debt doesn't have to be approved by the voters.

This doesn't have all that much to do with "cash for clunkers", except that it tells me the days of California wallowing in dough and spending it freely on every goofy idea anybody comes up with are gone.

Creative borrowing catches up with California cities

Follow Ups:

Re: Okay, but there's no more cash - axelsteve 12:52:20 01/03/2009

Cash fo Clunkers money was from b-i-i-i-g polluters. - Chriscase 14:35:05 01/02/2009

Re: Okay, but there's no more cash - David 12:36:35 01/02/2009

Re: Okay, but there's no more cash - MoparNorm 14:04:18 01/02/2009

Re: Okay, but there's no more cash - MoparNorm 09:27:12 01/02/2009

Re: Okay, but there's no more cash - Jay M 23:17:37 01/02/2009

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