Paradoxium's Financial 'Tao of Fail' Extravaganza!

[SuBe]

I agree Para, California isn't really the shining example of how to run a Government. In the middle of all this Recession and Economic downturn, Arnold wants to raise taxes on a ton of things, they need to cut spending. Cut everything they can. When I'm poor, I don't go out and buy a freaking Flat Screen and Ruth Chris!

 

[Paradoxium]

I agree Para, California isn't really the shining example of how to run a Government. In the middle of all this Recession and Economic downturn, Arnold wants to raise taxes on a ton of things, they need to cut spending. Cut everything they can. When I'm poor, I don't go out and buy a freaking Flat Screen and Ruth Chris!

hahaha

You know something is wrong when even the commies are even cutting taxes t:

CHINA may soon cut business tax as part of its efforts to prop up the slowing economy amid the global financial crisis, state media reported on Tuesday.

The government is ’very likely’ to soon cut the business tax for enterprises by one percentage point, the China Daily said, citing an unnamed source close to policymakers.

China’s current business tax varies from three to 20 per cent, boosting government revenue by 600 billion yuan (S$131 billion) last year, according to the paper.

The news follows other state press reports last week that Beijing was planning to cut business tax for commercial banks - possibly to three percent from the current five percent, to help improve their capital adequacy.

Beijing has launched a number of tax measures aimed at maintaining growth as the global meltdown’s impact on the Chinese economy becomes increasingly pronounced.

It has increased export tax rebates on various items from textile to steel products and has announced plans to lower export tariffs on agricultural goods by up to 30 per cent.

 

[Paradoxium]

Schwarzenegger: State heading to 'financial Armageddon'
California Budget Deficit Reaches Record $42 Billion

So is California going to be the first state where **** hits the fan? Looks like February is the magic month they will run out of cash and issue IOUs (if anyone is dumb enough to take bait).

 

[chamber-music]

California should tax Porn, they would be rich then!

 

[BlackLantern]

I live in Connecticut, the landscape here is a bit odd because we have lots of residents that commute to NY for work....there really isn't one big employer....Sikorski, Pratt and Whitney, and electric boat are all here....I work for a small dot com and i'm making it...

 

[Paradoxium]

I live in Connecticut, the landscape here is a bit odd because we have lots of residents that commute to NY for work....there really isn't one big employer....Sikorski, Pratt and Whitney, and electric boat are all here....I work for a small dot com and i'm making it...

If your company is based out of Delaware consider your company a luckier bastard t: Although in the past I would have put Delaware and Nevada in the same breath, I don't know what to make of Nevada now. I do wonder if Nevada are crazy enough to start taxing businesses to makeup their shortfall.

Truth be told, if there is anything that can get America of this massive jam, it is a huge "event" - something equivalent to what the internet was for businesses in the 90s. Perhaps jmanspice might be on to something - something of a renewable and sustainable energy source or product. Whereon companies "produce" something and not "service". This would address the fundamental flaw of the mostly service economy in America.

I would investigate the situation of where you reside... just to be safe BlackLantern. I don't think Connecticut will deteriorate as quickly as say California. But still...

 

[BlackLantern]

I work for a medium sized company and we're doing OK (we do merchant support for websites and a lot more people are buying online these days, so we're ok) my electric bill has seen a slight jump due to a rate hike but that's been it so far...

 

[LexCorp]

Mississippi is where it is at fellars

 

[BlackLantern]

Mississippi is where it is at fellars

I wouldn't move into the South if you paid me

 

[LexCorp]

I wouldn't move into the South if you paid me

Hmmm

I can understand why however I have had more unpleasnt things happen when up north then when down south.

But I only go to the good parts of the south. (I am English)

Madison MS is in the top 10 places to live in the USA.

 

[BlackLantern]

Hmmm

I can understand why however I have had more unpleasnt things happen when up north then when down south.

But I only go to the good parts of the south. (I am English)

Madison MS is in the top 10 places to live in the USA.

the fact that you even have to make that statement proves my point....

 

[LexCorp]

the fact that you even have to make that statement proves my point....

lol

Yeah you got me there

But there is good and bad in the north and south.

I can easily say as long as I stayed away from the bad parts of the north I had a great time.

 

[Paradoxium]

I work for a medium sized company and we're doing OK (we do merchant support for websites and a lot more people are buying online these days, so we're ok) my electric bill has seen a slight jump due to a rate hike but that's been it so far...

I agree, I expect most physical retailer to get hit, but online sales to retain (or not get hit as hard) or even shoot up. I am aware of a number of webmasters who are getting numbers off the stratosphere since this crisis. The internet allows you to gain access to customers beyond a local niche, on top of lower prices.

 

[souvlaki]

Just giving a heads up.

Goldman is recommending Credit Default Swaps against:

New Jersey
California
Florida
Nevada
Ohio
Wisconsin
Michigan
Illinois
Massachusetts
Connecticut
Hawaii

Basically big tax hikes, cutting tons of services, job losses and foreclosures. If any of you guys have a chance to get out of the situation... consider it - hence heads up.

Well, I was considering moving outside of California anyhow, but given that I was planning on moving to Chicago it looks like I may have to re-think those plans.

 

[Spidey-Bat]

I live in NJ. Awesome.

 

[Handsome Rob]

Hmmm

I can understand why however I have had more unpleasnt things happen when up north then when down south.

But I only go to the good parts of the south. (I am English)

Madison MS is in the top 10 places to live in the USA.

That doesn't surprise me one bit. I lived there for a couple of years (my parents still do)--the mayor may be extremely strict on building and zoning regs, but she's managed to build up one heck of a town. Extremely safe, good schools, a lot to do nearby, a small-town feel . . . if I were married, I wouldn't mind moving back there.

 

[LexCorp]

That doesn't surprise me one bit. I lived there for a couple of years (my parents still do)--the mayor may be extremely strict on building and zoning regs, but she's managed to build up one heck of a town. Extremely safe, good schools, a lot to do nearby, a small-town feel . . . if I were married, I wouldn't mind moving back there.

It's funny you say that - I plan to move to Jackson which is more or less right next to Madison in 2009 as long as immigration goes through OK. God willing.

That town needs good hairdressers. Southern American hairdressing education is not the best in the world - now I am not saying they suck far from it. But they can not compete with the education form the EU. Such as Toni and Guy for instance.

 

[Paradoxium]

California controller to suspend tax refunds, welfare checks

What I say? They are getting pretty desperate now. Maybe this little action is a microcosm for the rest of America.

Welfare and Social Security gets nuked

If people are pissed about Madoff at 50 billion. The 43 trillion social security nightmare says HELLO! t:

 

[Handsome Rob]

California controller to suspend tax refunds, welfare checks

What I say? They are getting pretty desperate now. Maybe this little action is a microcosm for the rest of America.

Welfare and Social Security gets nuked

If people are pissed about Madoff at 50 billion. The 43 trillion social security nightmare says HELLO! t:

I thought California was supposed to be this shining example of a wonderful, progressive state.

 

[Kelly]

Well right now its about to become one of the top 10 traders in the world going bankrupt.

 

[Malice]

Texas has a State Sales Tax....then of course Country and City taxes...

I pay 8.25% in total.
7% of that is from Texas...

I love it.

 

[Paradoxium]

An update from the previous headline. Now Student Grants are included:

California controller to suspend tax refunds, welfare checks, student grants

On top of that... in San Diego

A call to share the pain

Mayor sees cut in services, fee hikes, water rationing

San Diegans should expect shared pain in the form of scaled-back city services, higher fees and mandatory water rationing, Mayor Jerry Sanders said last night in his fourth State of the City address.

“Clearly the plan has to be bigger than increasing volunteers and further cutting employee benefits,” Gonzalez said. “There's got to be more than that.”

The solution of course: get rid of the money black holes by privatizing a chunk of these services. It's that or no services at all. Take your pick.

How big is California's budget hole? Try these numbers on for size

If Gov. Arnold Schwarzenegger were to fire every employee in state government tomorrow, it would easily patch California's enormous deficit, right? Not even close.

But surely shutting down all state prisons would do the trick? That, too, would only get him about a quarter of the way there.

Now what if he were to close every prison and cut off funding for health care and other services for the poor? Now we're in the ballpark.

God damn the fail in California is just comedically bad. Tons of people are leaving that state now with the reverse gold rush... in other words the smart people with any money that could have been taxed are gone. Services are being slashed, water rationing... and higher taxes....

But hey don't say I didn't warn about this a few months ago. Maybe you guys should just sit on your hands and ignore the problems like a few people advised t:

For the proactive few, consider "relocation".

 

[souvlaki]

But hey don't say I didn't warn about this a few months ago. Maybe you guys should just sit on your hands and ignore the problems like a few people advised t:

For the proactive few, consider "relocation".

You want to give me the money it costs to move out of state, and find me a job?

 

[Paradoxium]

You want to give me the money it costs to move out of state, and find me a job?

What can I say? It's obviously easier said than done, but if you start working towards that now, it will be more productive than sitting on your hands. Start saving and listen to none of the nonsense about "spending more" on things you don't need. And anyone owning properties in Cali - more condolences. But rentals should be dirt cheap.

 

[souvlaki]

What can I say? It's obviously easier said than done, but if you start working towards that now, it will be more productive than sitting on your hands. Start saving and listen to none of the nonsense about "spending more" on things you don't need. And anyone owning properties in Cali - more condolences. But rentals should be dirt cheap.

Oh trust me, I'm definitely working toward making a move sooner rather than later. I may have to make a change in plans though since I was initially planning on moving to Chicago, but with Illinois seemingly right behind California as far as being "on the verge of teH fail" I guess that would probably not be a smart move. Is Pennsylvania doing okay? Philadelphia was second choice on my list.