Forum adverts like this one are shown to any user who is not logged in. Join us by filling out a tiny 3 field form and you will get your own, free, dakka user account which gives a good range of benefits to you:
No adverts like this in the forums anymore.
Times and dates in your local timezone.
Full tracking of what you have read so you can skip to your first unread post, easily see what has changed since you last logged in, and easily see what is new at a glance.
Email notifications for threads you want to watch closely.
Being a part of the oldest wargaming community on the net.
If you are already a member then feel free to login now.
California may need emergency $7 billion loan: report Fri Oct 3, 4:50 AM ET
(Reuters) - California may need an emergency loan of up to $7 billion from the federal government within weeks, the Los Angeles Times on Friday quoted Gov. Arnold Schwarzenegger as saying in a letter to U.S. Treasury Secretary Henry Paulson.
ADVERTISEMENT
In the letter dated October 2, Schwarzenegger called for the passage of the $700 billion financial industry bailout plan which the U.S. House of Representatives is expected to vote on Friday, the Times said.
"Absent a clear resolution to this financial crisis, California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing," Schwarzenegger wrote in the letter, according to the paper.
A top Schwarzenegger aide followed up the letter with a call to the Treasury secretary on Thursday night, the paper said.
The California governor's office and the U.S. Treasury department could not immediately be reached for comment.
Credit markets worldwide have frozen up in the two weeks since the failure of U.S. investment bank Lehman Brothers, prompting concerns that issuers will run into trouble rolling over previous loans.
In the letter, Schwarzenegger noted California's plans to issue $7 billion in revenue anticipation notes in the coming days to fund short-tern cash needs -- now put in doubt by the crisis in the credit markets.
On Wednesday, California Treasurer Bill Lockyer said the most populous U.S. state's cash reserves may be exhausted near the end of October, and various state-funded services are at risk of grinding to a halt.
He said the planned notes sale was at risk from the uncertainty gripping financial markets and the U.S. government's lack of response to it.
Lockyer, who manages the bonds of the biggest issuer of public debt in the United States, said the credit market was simply frozen because financial institutions were afraid to commit capital amid enormous uncertainty.
"The economic fallout from this national credit crisis continues to drain state tax coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time. I will continue to do all I can to encourage the passage of the emergency rescue plan," Schwarzenegger wrote.
(Reporting by Ajay Kamalakaran in Bangalore; editing by Patrick Graham and Mohammad Zargham)
This message was edited 1 time. Last update was at 2008/10/03 13:13:13
-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
I almost want to see everything come crashing down around everyone. Sure I'd lose out fairly big, but I think it would do the world some good to put people in their places and teach them some lessons in responsibility. Stupid over spenders. If only I could work this out and still maintain a chance at buying a house in the next 5 years. Sigh. Oh well, guess things will work out one way or the other and both dark clouds have silver linings I suppose.
**** Phoenix ****
Threads should be like skirts: long enough to cover what's important but short enough to keep it interesting.
As Chairman Mao used to say, "Its always darkest before it goes completely black."
-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
Hey! if the Big 5 and Wall st go to Washington to rob the bank why Governator can´t? At least he is asking nicely.
M.
Jenkins: You don't have jurisdiction here!
Smith Jamison: We aren't here, which means when we open up on you and shred your bodies with automatic fire then this will never have happened.
About the Clans: "Those brief outbursts of sense can't hold back the wave of sibko bred, over hormoned sociopaths that they crank out though."
