Monday, December 15, 2008
Bailouts Are US
"The nation's governors urged Congress to pass an economic-stimulus package for states, warning that their collective budget shortfall could rise to $140 billion by mid-2010. ... On Tuesday, a group of about 40 governors is scheduled to meet with President-elect Barack Obama in Philadelphia to discuss the proposal. Mr. Obama has repeatedly pledged to helpstates cope with the economic downturn. ... In California, Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address a $11.2 billion shortfall. The state's revenue gap is expected to hit $28 billion over the next 19 months, and without quick action, the state said it is likely to run out of cash in Febsurary. ... The governors association package, which seeks about $60 billion to finance infrastructure projects, is designed to square with one of Mr. Obama's core campaign proposals", Christopher Cooper and Brad Haynes at the WSJ, 2 December 2008.
Municipal bonds look like they are hazardous to your financial health.