California crawls to JP Morgan for a loan!

[max]

If indeed the borrower is slave to the lender......then California is owned by the banksters http://www.cnbc.com/id/32584157

http://www.tomatobubble.com/id53.html

[Cowlesy]

http://imgur.com/wwDLL.jpg
(http://imgur.com/wwDLL.jpg)

[FrankRep]

JP Morgan Bank Bails Out California | lends $1.5 billion to redeem the IOUs
http://www.ronpaulforums.com/showthread.php?t=206785

[InterestedParticipant]

JP Morgan Bank Bails Out California | lends $1.5 billion to redeem the IOUs
http://www.ronpaulforums.com/showthread.php?t=206785
Interesting that JBS, Griffin, New American or anyone in the extended media even whispers a breath about California's balance sheet, and the fact that there are sufficient Current Assets to avoid the whole IOU scam, as well as this JPM BS loan.

CA 2008 CAFR
Total Assets = $87B (pg 28)
Fund Assets = $52B (pg 34)

Download at
http://bit.ly/1CrIvj

Why all this discussion about finances from so many different sources and no mention of California's balance sheet, which is like the most important financial document in the entire mix. It's like having a discussion about horse racing but never mentioning the horses, or even acknowledging that horses are part of the equation.

But nobody notices.... no one says a word... the mind just boggles.

[FrankRep]

Interesting that JBS, Griffin, New American or anyone in the extended media even whispers a breath about California's balance sheet, and the fact that there are sufficient Current Assets to avoid the whole IOU scam, as well as this JPM BS loan.

CA 2008 CAFR
Total Assets = $87B (pg 28)
Fund Assets = $52B (pg 34)
...
But nobody notices.... no one says a word... the mind just boggles.

Assets doesn't automatically mean liquid cash. Go back to Accounting 101.

[InterestedParticipant]

Assets doesn't automatically mean liquid cash. Go back to Accounting 101.
Three points:


From memory, I believe the CAFR shows approximately $20B in Current Assets, which are defined as assets that can be converted to liquid within 30 days.

Your point does not address the fact that JBS, Griffin, the MSM or the extended media are all silent on this point. None discuss the states balance sheet, but all make comments on other far more trivial issues.

The IOU's were never necessary. It was a PR scam to make the public believe that the state did not have the cash to pay its bills, and therefore could justify spending cuts and loans from private institutions, such as JPM.

[FrankRep]

Three points:


From memory, I believe the CAFR shows approximately $20B in Current Assets, which are defined as assets that can be converted to liquid within 30 days.

Your point does not address the fact that JBS, Griffin, the MSM or the extended media are all silent on this point. None discuss the states balance sheet, but all make comments on other far more trivial issues.

The IOU's were never necessary. It was a PR scam to make the public believe that the state did not have the cash to pay its bills, and therefore could justify spending cuts and loans from private institutions, such as JPM.

Why don't YOU write an article about it and share it with us. Stop whining that everyone is controlled opposition. Come to think about it, Ron Paul hasn't said anything about it either. Is he????

[InterestedParticipant]

Why don't YOU write an article about it and share it with us. Stop whining that everyone is controlled opposition. Come to think about it, Ron Paul hasn't said anything about it either. Is he????

First, I'm flagging your last two posts and taking screen shots, as I refuse to continue to allow you to abuse, mock and ridicule me because I raise relevant points that neither you nor JBS address. Instead of addressing the issues, you attempt to discredit me in the eyes of others by branding me in a certain negative light. Let the merit of the posts stand on their own, and address them on their merit. I had hoped that the new RFP guidelines Josh recently published would deter this sort of childish behavior and force more adult-like and substantive discussion.

Second, I imagine Ron does not address this matter because it is outside his jurisdiction as a Federal Congressman, therefore he does not deal with state, county, city or other local CAFRs.

Finally, JBS, via the New American, & Griffin both chose to make public statements about California's financial situation and the state's latest efforts to secure debt from JPM. I would not have commented on either if they had not chosen to make these public statements. But for both JBS & Griffin to make public comment while omitting any references to California's balance sheet is something that cannot be ignored by anyone concerned about the publics welfare.

[FrankRep]

Second, I imagine Ron does not address this matter because it is outside his jurisdiction as a Federal Congressman, therefore he does not deal with state, county, city or other local CAFRs.

Finally, JBS, via the New American, & Griffin both chose to make public statements about California's financial situation and the state's latest efforts to secure debt from JPM. I would not have commented on either if they had not chosen to make these public statements. But for both JBS & Griffin to make public comment while omitting any references to California's balance sheet is something that cannot be ignored by anyone concerned about the publics welfare.

I can't wait to see the article you're going to write for us.

The John Birch Society and The New American haven't jumped on the subject yet. Just because they haven't used the information you've found (yet) doesn't mean they are Controlled Opposition / "part of the Conspiracy."

Here the only article I've found that the New American wrote:


California's Budget Stalls, Bond Ratings Sink

William F. Jasper | The New American
20 July 2009

http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/1453

[InterestedParticipant]

You are the only one in this thread to have mentioned anything about an article.... and I'm not sure where you got that expectation from. In any event, it is inaccurate, so stop stating it here.

Further, if JBS & New American accurately expose the balance sheet shell game that states and local government play, hiding all of our tremendous wealth, then I will be one of the firsts here to applaud their effort. But remaining silent on this specific issue or openly discussing diversionary vectors is unacceptable for any group claiming to have the publics interest, no matter how they were founded.

Now, instead of talking about this organization and its "magazine," why don't you open up the CAFR and look at the balance sheet statements and let's start discussion how the figures in that statement do not support the types of dire warnings we are receiving in the media.

[catdd]

I wonder what the interest rate for the loan was?

[InterestedParticipant]

I wonder what the interest rate for the loan was?
And why take the loan at all when there is plenty of resources already in the bank?

[Imperial]

President Grover Cleveland once went to JP Morgan for a loan too, when we were in a Depression.

[youngbuck]

Years back Alex Jones did a short documentary on the Comprehensive Annual Financial Reports. ;)

[Feenix566]

Of course, JP Morgan got the money from the Fed. It was probably just printed within the last few months. We used to think states were necessarily more fiscally responsible than the fed, because they can't just print their way out of debt. So much for that little restriction.

[InterestedParticipant]

Of course, JP Morgan got the money from the Fed. It was probably just printed within the last few months. We used to think states were necessarily more fiscally responsible than the fed, because they can't just print their way out of debt. So much for that little restriction.
Very good point. We're paying for everything no matter what, but they get more control with each transaction.

But the state is fiscally ok, that's the hypocrisy in all of this. Their own documents prove it, but they get buried.