Category — Law/Government

BLOOMBERG REPORTS the Federal Home Loan Bank Board will eventually have to write off $1 trillion in loses.  And, oh, yes it will have to be bailed out by taxpayers.

It will take time for Americans to realize the nation is insolvent and that trillions in mortgage securities loses will eventually be added to the exploding national debt.

THE QUOTE OF THE DAY “California budget going Mayan in 2012″ from Dr. Housing Bubble.  Oh, Goodie.  But the good Doctor didn’t add the worst part: by 2012 California will have lost another 9% of its base industry jobs.

CALIFORNIA STATE AUDITOR finds CDCR laid off 3655 state prison guards just days before receiving Stimulus funds and paying out $450 million in wages, then reported 18,229 jobs “retained” as it paid out the balance of $1.08 billion in Stimulus to CDCR.

According to CDCR records, at most 5000 jobs were retained at a cost of $360,000 each.  What appears to have actually happened is Corrections paid 18,229 prison guards $59,000 each without the guards missing a day of work and no job being created.

The state now pays $48,563 a year/$133 per day to keep each prisoner while it contracts out the same service for $23,000 a year, or $63 per day to Arizona prison facilities.

This is just the tip of the iceberg at Corrections.

CA STATE SENATE just passed a bill to impose sales taxes on Californians purchasing on Amazon.  Assembly is to follow.

More anti-tech, anti-job, and pro get out of CA actions from CA government.

The Failed State state of denial.   Austin, TX anyone?

BLOOMBERG TV reports year end job losses are being revised upward 824,000.

Federal agencies, like the Bureau of Labor Statistics, are now engaged in intentional misrepresentation of fact, also known in the private industry as fraud.  Did someone say there is a “trust deficit” between the public and Washington D.C.?