Posted on Wednesday, December 16, 2009 10:03:08 PM by sushiman
James David Manning asks why are the banks that receive bailouts doing so well. And more …
Posted: 16 Dec 2009 06:25 AM PST
Kremlin position papers presented to Prime Minister Putin today on his upcoming meeting with NATO Secretary General Anders Fogh Rasmussen state that the European-US military alliance has authorized an ‘emergency request’ from President Obama to utilize American and Canadian NATO troops to put down what is expected to be a “rebellion” after the expected January, 2010 ‘declaration of bankruptcy’ by the State of California.
According to these reports, Obama’s fears of rebellion are due to the economic health of California (the United States largest State) after the 3rd largest US State, New York, declared a ‘fiscal emergency’ and refused to release to its cities and towns over $750 Million due them this past week with the Governor of New York, David Paterson, declaring “I can’t say this enough: The state has run out of money.”
New York’s fiscal crisis, however, pales in comparison to California’s, where new economic data points to its expected 5-year budget deficit reaching the staggering amount of over $100 Billion which Russian economists warn will result in budget cuts so steep as to create ‘social chaos’ among this States 36 million citizens.