Cyprus - Canary in the coal mine?

[xUT]

Cyprus -- The Nightmare Scenario

The Cypriot banks did what all banks do. They gambled. They borrowed money by taking in deposits as well as selling bonds, promised to repay, and then invested in assets they were sure would pay off. These assets included lots and lots of Greek government bonds.

Unfortunately, it’s three options are a rock, a hard place, and another rock. The first is reversing its decision of a couple days back and accepting the IMF/EU conditions for a bailout, namely imposing a 9.9 percent haircut on deposits over €100,000 and a 6.75 percent haircut on smaller deposits. The Russians hate this and the public hates it even more. The second is telling the IMF/EU to get lost, reopening the banks, and watching crazed depositors rush to get whatever money they can out of the banks on a first-come, first-serve basis. The third is going off the euro and declaring that all deposits will be paid off in new Cypriot pounds, which the government will simply print out of thin air.

DOH!
B) xUT

 

[delldude]

Never ever happen here.....Harry Reid would have to tell America on MSNBC that they were going to take 50% from all banks and see what the polling was....You got to be on drugs dude....LOL

 

[xUT]

Never ever happen here.....Harry Reid would have to tell America on MSNBC that they were going to take 50% from all banks and see what the polling was....You got to be on drugs dude....LOL

What's behind the Stockton, CA bankruptcy?

Stockton became the largest U.S. city to file for the protection after suffering one of the nation's biggest hits when the mortgage bubble burst five years ago.
It has since slashed tens of millions of dollars in city services -- including firefighters and programs for at-risk children -- and said it would cut its municipal bond repayments to a level The New York Times said was never seen before in a municipal bankruptcy.
But it has refused to touch current workers' pension accruals or cut benefits retirees now receive.
That is why the mutual funds that hold the threatened bonds, and insurers that guarantee them, are suing, the Times said.
They cite a bankruptcy principle that says similar classes of creditors must be treated the same way, so workers' pensions should also be affected by the bankruptcy filing.
One of the first questions Klein must answer is whether Stockton qualifies for Chapter 9 at all, the Times said.

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[background=rgb(255, 255, 255)]DOH![/background]​

[background=rgb(255, 255, 255)]B) xUT[/background]​

 

[delldude]

Psssst..........Congress been sniffing around for a few years on ways to get your money out of savings and back in the system.

EU starts collapsing and causes another global economic situation making it tough for the US to get loans, wonder how the US will pay its bills?

 

[snapthis]

Psssst..........Congress been sniffing around for a few years on ways to get your money out of savings and back in the system.

EU starts collapsing and causes another global economic situation making it tough for the US to get loans, wonder how the US will pay its bills?

We may have to bail out the Peoples Republic of Kalifornia first for paying a county administrator $423,000 annually in retirement for life.

Alameda County Administrator Susan Muranishi
Alameda County supervisors have really taken to heart the adage that government should run like a business — rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.
For the rest of her life.
According to county pay records, in addition to her $301,000 base salary, Muranishi receives:
– $24,000, plus change, in “equity pay’’ to guarantee that she makes at least 10 percent more than anyone else in the county.
– About $54,000 a year in “longevity” pay for having stayed with the county for more than 30 years.
– An annual performance bonus of $24,000.
– And another $9,000 a year for serving on the county’s three-member Surplus Property Authority, an ad hoc committee of the Board of Supervisors that oversees the sale of excess land.
Like other county executives, Muranishi also gets an $8,292-a-year car allowance.
Muranishi has been with the county for 38 years, and she’s 63. When retirement day comes, she’ll be getting a lot more than a gold watch.
That’s because, according to the county auditor’s office, Muranishi’s annual pension will be equal to the dollar total of her entire yearly package — $413,000. She also has a separate executive private pension plan, for which the county chips in $46,500 a year.
To find out more about how Muranishi wound up being the highest-paid county administrator in California, read here.
Posted By: Matier and Ross ( Email ) | Mar 25 at 4:02 am

 

[Glenn Quagmire]

People are always overpaid when they make more than you.

 

[delldude]

People are always overpaid when they make more than you.

Especially when their salary is out of kilter from the private sector.

 

[snapthis]

People are always overpaid when they make more than you.

There is a reason my family has their business in Texas and not in California. They still paid taxes far more than CA County Administrator makes.

Case in point:

Texas Gov. Rick Perry poaches California businesses

The Lone Star State's governor touts its low taxes and business-friendly nature, but California's still-bustling economy is making him beg.

By Jason Notte Feb 6, 2013

Texas doesn't have redwood forests, a spot on the Pacific, Hollywood or a team in the last Super Bowl or World Series. But it doesn't have California's taxes either.


Texas Gov. Rick Perry's failed presidential campaign didn't make it to the California primary last June, but that's not stopping the single-minded state executive from trying to lure the Golden State's businesses and wealthier residents his way.

Perry has started running radio ads in San Francisco, Sacramento, Los Angeles and San Diego touting his state's low taxes and business-friendly approach in light of recent California tax increases. He kicks off the 30-second ads with this little zinger:


Building a business is tough, but I hear building a business in California is next to impossible. This is Texas Gov. Rick Perry, and I have a message for California businesses: Come check out Texas.

CNBC ranked Texas as its No. 1 state for business last year, while California drifted toward the bottom of the pile at No. 40. Perry, meanwhile, points out that his state has won the "Best State for Business" title from Chief Executive magazine eight years in a row. He also notes that the cost of doing business in California is 6.3% above the national average and Texas' is 4.6% below it.

This all brings up one really important question: If Texas is such a business powerhouse, why is it begging California businesses and Californians themselves to come on down? Simple: California is still the only state whose economy generates more business than Texas. As of 2011, its gross domestic product sat at $1.96 trillion and made up 13.1% of the nation's total economy. Not only does that give it a greater share than the 8.7% taken up by Texas' $1.31 trillion GDP, but that gives it a larger economy than India ($1.897 trillion GDP in 2011), Russia ($1.86 trillion), Canada ($1.736 trillion), Australia ($1.51 trillion) and Spain ($1.478 trillion).


"I can understand why Rick Perry is interested in California. We were the national jobs leader for most of the last year with 257,000 new private sector jobs," said Kish Rajan, director of the California Governor's Office of Business and Economic Development, told CNN. "Real job creation comes from California's history as a national leader in start-ups and the expansion of homegrown businesses."

As CNN points out, however, California's recent approval of sales taxes and new taxes on the wealthy created an opening for Perry's publicity campaign. Unfortunately for Perry, business relocation accounts for only 0.03% of California's job losses. Also, despite golfer Phil Mickelson's grousing about taxes costing him a stake in the San Diego Padres and Perry imploring him via Twitter to move down to Texas, he's stayed put.

Taxes may be enough to pry a handful of frugal business owners out of the state, but until Texas paves itself a Pacific Coast Highway, plants its own Napa Valley and convinces San Francisco and nearby Silicon Valley to flatbed themselves next to Austin, it could be a tough sell.

 

[xUT]

People are always overpaid when they make more than you.

That's crap and your know it!
Taking one liners from the dog?

 

[Glenn Quagmire]

That's crap and your know it!
Taking one liners from the dog?

You missed the point xUT.

We love to piss and moan about everyone else being overpaid while complaining that we are not appreciated or should not have to take paycuts.

Remember when everyone pissed and moaned about us greedy overpaid airline workers during our strikes?

When was the last time you or anyone out there said to yourself, or someone else, "I make too much for what I do."

It is always complaining about others being overpaid.

 

[xUT]

There is a reason my family has their business in Texas and not in California. They still paid taxes far more than CA County Administrator makes.

Case in point:

Texas Gov. Rick Perry poaches California businesses

The Lone Star State's governor touts its low taxes and business-friendly nature, but California's still-bustling economy is making him beg.

By Jason Notte Feb 6, 2013

Texas doesn't have redwood forests, a spot on the Pacific, Hollywood or a team in the last Super Bowl or World Series. But it doesn't have California's taxes either.


Texas Gov. Rick Perry's failed presidential campaign didn't make it to the California primary last June, but that's not stopping the single-minded state executive from trying to lure the Golden State's businesses and wealthier residents his way.

Perry has started running radio ads in San Francisco, Sacramento, Los Angeles and San Diego touting his state's low taxes and business-friendly approach in light of recent California tax increases. He kicks off the 30-second ads with this little zinger:


Building a business is tough, but I hear building a business in California is next to impossible. This is Texas Gov. Rick Perry, and I have a message for California businesses: Come check out Texas.

CNBC ranked Texas as its No. 1 state for business last year, while California drifted toward the bottom of the pile at No. 40. Perry, meanwhile, points out that his state has won the "Best State for Business" title from Chief Executive magazine eight years in a row. He also notes that the cost of doing business in California is 6.3% above the national average and Texas' is 4.6% below it.

This all brings up one really important question: If Texas is such a business powerhouse, why is it begging California businesses and Californians themselves to come on down? Simple: California is still the only state whose economy generates more business than Texas. As of 2011, its gross domestic product sat at $1.96 trillion and made up 13.1% of the nation's total economy. Not only does that give it a greater share than the 8.7% taken up by Texas' $1.31 trillion GDP, but that gives it a larger economy than India ($1.897 trillion GDP in 2011), Russia ($1.86 trillion), Canada ($1.736 trillion), Australia ($1.51 trillion) and Spain ($1.478 trillion).


"I can understand why Rick Perry is interested in California. We were the national jobs leader for most of the last year with 257,000 new private sector jobs," said Kish Rajan, director of the California Governor's Office of Business and Economic Development, told CNN. "Real job creation comes from California's history as a national leader in start-ups and the expansion of homegrown businesses."

As CNN points out, however, California's recent approval of sales taxes and new taxes on the wealthy created an opening for Perry's publicity campaign. Unfortunately for Perry, business relocation accounts for only 0.03% of California's job losses. Also, despite golfer Phil Mickelson's grousing about taxes costing him a stake in the San Diego Padres and Perry imploring him via Twitter to move down to Texas, he's stayed put.

Taxes may be enough to pry a handful of frugal business owners out of the state, but until Texas paves itself a Pacific Coast Highway, plants its own Napa Valley and convinces San Francisco and nearby Silicon Valley to flatbed themselves next to Austin, it could be a tough sell.

I own a business in CommieFornia and it's tough.
Every swinging Gooberment entity has their hand in my pocket.
The more I make, the more I pay.
Gave employees a 25% raise last year and now they are bitching!
WTF!

B) xUT

 

[xUT]

You missed the point xUT.

We love to piss and moan about everyone else being overpaid while complaining that we are not appreciated or should not have to take paycuts.

Remember when everyone pissed and moaned about us greedy overpaid airline workers during our strikes?

When was the last time you or anyone out there said to yourself, or someone else, "I make too much for what I do."

Yes I remember. I still support unionism, but to be honest, as a small business owner, I would have to close if my employees became unionized.
I treat my employees like family, give sick time, overtime, bonuses, paid vacation, parties, 25% raises last year, etc...
They work hard for me and I treat them well, better than I have ever been treated!
They still bit(h about how I am taking advantage of them.
WTF!
Every swinging city/state/federal gooberment entity is regulating/taxing me to ruination.

You want an eye opener? Start your own business and get back to me, then we can talk.

Look at the pay and benefits of the fat cat Bankers/CEO/Directors/Robber Barons and some gooberment employees.

Open your eyes my friend.
Take Care,
B) xUT

 

[Dog Wonder]

That's crap and your know it!
Taking one liners from the dog?

No one takes my one liners.

 

[southwind]

No one wants your one liners !

 

[Glenn Quagmire]

Yes I remember. I still support unionism, but to be honest, as a small business owner, I would have to close if my employees became unionized.
I treat my employees like family, give sick time, overtime, bonuses, paid vacation, parties, 25% raises last year, etc...
They work hard for me and I treat them well, better than I have ever been treated!
They still bit(h about how I am taking advantage of them.
WTF!
Every swinging city/state/federal gooberment entity is regulating/taxing me to ruination.

You want an eye opener? Start your own business and get back to me, then we can talk.

Look at the pay and benefits of the fat cat Bankers/CEO/Directors/Robber Barons and some gooberment employees.

Open your eyes my friend.
Take Care,
B) xUT

I actually do have have my own business. I have had it for 7 years. Tough work owning your own entity. Kudos to you E.

My eyes are open.

We are all underpaid. One thing is that it generally takes two to make a pay contract. Unless of course you are talking about CEO's and compensation committees who scratch each others backs. If they are public, the shareholders must stand up.

If they are private, they pay themselves, so no holds barred.