Major Banks Prepare to Begin Rejecting California IOUs

Take a hint people, this is how a Republican would run the country. Another PRIME example of Republican economic leadership. Pathetic.

A Perspective wrote:

Take a hint people, this is how a Republican would run the country. Another PRIME example of Republican economic leadership. Pathetic.

Well, we just won't know for 3.5 years how a republican will run the country, will we? meantime, the boy you elected is not doing too good.

Let the State declare bankrupcty. All contracts would have to be re-negotiated.

Other states could follow CA's lead. Californians are fed up with the high taxes, high costs and illegal immigrants.

Once CA had one of the best educational system in the US. It is now decimated and out of control.

Cities are now claimed by gangs, sluggishness, apathy. Businesses are pulling out, people are moving out.

Northern Californians want no part of Southern California. Perhaps this could lead the way for a new 52nd state and other states may do the same.

Watch CA.

seeAmen :)

"Bank of America, Wells Fargo, JP Morgan Chase and Citibank plan to stop accepting the IOUs after today, July 10th. Some smaller banks and credit unions
will still accept them for existing customers."

All have received TAXPAYER BAILOUTS and special favors during their self-imposed banking gambling bubble and bust. We should have let them fail and saved the system for a better crop of managers.

California should sue each and every one of them for its share of the $14 TRILLION in bailout funds allocated to these banking midgets.

HA HA HA HA HA High taxes,big spending,unchecked entitlement programs,wacky enviro laws,and rampant illegal alien invasion has BUSTED your azzes. You can give a BIG thank you to the IDIOT liberal Democrats YOU elected. Yes,they promised you the world,but forgot to tell you when the bill would be due. HA HA HA HA HA BTW: don't forget to try and blame it on Ahnald..... SOME body *might* believe it. HA HA HAHA

All this will accomplish is the loss of customers by those banks refusing the IOUs. Their clients will simply bank elswhere.

Oregon Is Disgusting wrote:

"Bank of America, Wells Fargo, JP Morgan Chase and Citibank plan to stop accepting the IOUs after today, July 10th. Some smaller banks and credit unions
will still accept them for existing customers."
All have received TAXPAYER BAILOUTS and special favors during their self-imposed banking gambling bubble and bust. We should have let them fail and saved the system for a better crop of managers.
California should sue each and every one of them for its share of the $14 TRILLION in bailout funds allocated to these banking midgets.

Exactly, I wish the government would bail out the people, send each person a stiumlus check and let the corporations and banks go under. They have received bailout money and are not lending, they are not renegotiating mortgages, they are not stopping foreclosures.

Lance Winslow wrote:

All this will accomplish is the loss of customers by those banks refusing the IOUs. Their clients will simply bank elswhere.

Hey lance I have a 10k IOU would you cash it for me? Who wants paper now? The bank is obligated to do California a favor? Next Step is Govt guarantee this is BS.... What is the premium for the convenience?

A Perspective wrote:

Take a hint people, this is how a Republican would run the country. Another PRIME example of Republican economic leadership. Pathetic.

Take a look at Michigan to see how a Democrat runs things.

Corbin Dallas wrote:

<quoted text>
Hey lance I have a 10k IOU would you cash it for me? Who wants paper now? The bank is obligated to do California a favor? Next Step is Govt guarantee this is BS.... What is the premium for the convenience?

No problem; my bank is in Lagos.

The SEC wants these IOU's to be treated like securities.

Lol.

An IOU is a hollow promise from a bankrupt source that has nothing backing it up.

Then what happens?

These IOU's get traded until finally the IOU commodity market collapses just like the housing market collapse because of the trading of unbacked and hollow mortgages were passed off as securities.

The buyer ends up owning California.

History repeats itself and leave it to the SEC to see that it repeats itself tomorrow.

In the end some "poor soul" will be the possessor of these IOU's and the owner of California will get a bailout.

Who knows, maybe "investors" see this and will buy them because of that alone.

At some point in our country the buying and selling of debt will have to become illegal because it is no better than any Ponzi scheme or any endless pyramid of affiliate "resellers."

It is the American version of the current English scam of passing off a sack of potatoes as a bunch of Ipods.

A Perspective wrote:

Take a hint people, this is how a Republican would run the country. Another PRIME example of Republican economic leadership. Pathetic.

Dont forget CALIFORNIA has a democratic ASSEMBLY & SENATE Its AHNOLD that tried to keep a reasnoable GOVERNMENT.

lily boca raton fl wrote:

<quoted text>Exactly, I wish the government would bail out the people, send each person a stiumlus check and let the corporations and banks go under. They have received bailout money and are not lending, they are not renegotiating mortgages, they are not stopping foreclosures.

Banks are taking US taxpayer money and stuffing it into the mattress. Fat lot of economic good that does us.

Corbin Dallas wrote:

<quoted text>
Hey lance I have a 10k IOU would you cash it for me? Who wants paper now? The bank is obligated to do California a favor? Next Step is Govt guarantee this is BS.... What is the premium for the convenience?

The US taxpayer is obligated to bail out the banking industry? Call the money...ALL OF IT.

Call all $14 TRILLION in bailouts for the banking industry...right now.

Let Citibank and AIG go under and see if it takes Goldman Sachs and Bank of America in the process.

Lance Winslow wrote:

<quoted text>No problem; my bank is in Lagos.

and your brain is in uranus.

Oregon Is Disgusting wrote:

<quoted text>
The US taxpayer is obligated to bail out the banking industry? Call the money...ALL OF IT.
Call all $14 TRILLION in bailouts for the banking industry...right now.
Let Citibank and AIG go under and see if it takes Goldman Sachs and Bank of America in the process.

according to the farce in the white house, yeah ... the tax payer is ALSO obligated to bail out the auto industry and the insurance industry...

WHO voted for that moron?

A Perspective wrote:

Take a hint people, this is how a Republican would run the country.

Not at all.

California is a solidly liberal state and the bloated Austrian transplant is a RINO (Republican in name only) who is just as lib as the Democrats in Sacremento.

But you're right about the old saying "As California goes so goes the rest of the nation."

If Obama doesn't reign in federal spending sooner or later no one will take America's IOU's either.

The first storm warnings!!! What will become of California, and how long before this tidal wave reaches the rest of us?

Hatred and ignorance will be the "nails" that bind the U.S. to its cross!!!

owe bama wrote:

Let the State declare bankrupcty. All contracts would have to be re-negotiated.
Other states could follow CA's lead. Californians are fed up with the high taxes, high costs and illegal immigrants.
Once CA had one of the best educational system in the US. It is now decimated and out of control.
Cities are now claimed by gangs, sluggishness, apathy. Businesses are pulling out, people are moving out.
Northern Californians want no part of Southern California. Perhaps this could lead the way for a new 52nd state and other states may do the same.
Watch CA.

The State of CA is a sovereign entity, and it cannot go bankrupt like a company or a city. It can default and be unable to pay its bills, but it cannot void the union contracts without the meet and confer process.