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    <title>The Market Ticker - States</title>
    <link>http://market-ticker.denninger.net/</link>
    <description>Commentary On The Capital Markets</description>
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<pubDate>Mon, 22 Feb 2010 15:24:11 GMT</pubDate>

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        <title>RSS: The Market Ticker - States - Commentary On The Capital Markets</title>
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    <title>911 Just Became Worthless</title>
    <link>http://market-ticker.denninger.net/archives/1991-911-Just-Became-Worthless.html</link>
            <category>States</category>
    
    <comments>http://market-ticker.denninger.net/archives/1991-911-Just-Became-Worthless.html#comments</comments>
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    <author>nospam@example.com (Karl Denninger)</author>
    <content:encoded>
    &lt;p&gt;There&#039;s stupid, and then there&#039;s really stupid.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://techdirt.com/articles/20100219/1238398241.shtml&quot; target=&quot;_blank&quot;&gt;This fits into the second category:&lt;/a&gt;&lt;/p&gt;
&lt;blockquote style=&quot;MARGIN-RIGHT: 0px&quot; dir=&quot;ltr&quot;&gt;
&lt;p&gt;Apparently, the town of Tracy, California (a bit east of the Bay Area) has decided to turn 911 emergency calls into a profit center. &lt;a href=&quot;http://twitter.com/KarlBode/statuses/9351167161&quot; target=&quot;_blank&quot;&gt;Karl Bode&lt;/a&gt; points us to the news that the town now &lt;a href=&quot;http://cbs13.com/local/tracy.911.calls.2.1502690.html&quot; target=&quot;_blank&quot;&gt;wants people to pay &lt;em&gt;$300&lt;/em&gt; for every 911 call&lt;/a&gt;. Of course, if you think you might be a frequent 911 caller, they&#039;ve got a plan for that. For the low, low, low price of just $48 per year, you can call 911 as many times as you want. Yes, that&#039;s right folks, there&#039;s a special deal for those of you who regularly have emergencies. Make sure to order now! &lt;/p&gt;&lt;/blockquote&gt;
&lt;p dir=&quot;ltr&quot;&gt;There is an update on this - apparently it will only apply if the fire department has to respond to medical emergencies.&lt;/p&gt;
&lt;p dir=&quot;ltr&quot;&gt;You know, like, for example, if you&#039;re driving down the road and see a horrible single-car wreck happen in front of you?&lt;/p&gt;
&lt;p dir=&quot;ltr&quot;&gt;The 911 system has just become worthless folks.&lt;/p&gt;
&lt;p dir=&quot;ltr&quot;&gt;I won&#039;t dial any more when traveling, and I&#039;ve phoned in a couple of &lt;strong&gt;&lt;u&gt;really bad&lt;/u&gt;&lt;/strong&gt; single-vehicle accidents that I happened upon &quot;first.&quot;&amp;#160; I have no idea if my doing so saved lives or not, but it is reasonable to assume that it might have.&lt;/p&gt;
&lt;p dir=&quot;ltr&quot;&gt;Those people may&amp;#160;now die, because unless I can be assured that I won&#039;t get hit with a $300 bill for calling in an accident everywhere in this nation I&#039;m not going to do it, and this sort of idiocy has a way of spreading - rapidly.&lt;/p&gt;
&lt;p dir=&quot;ltr&quot;&gt;Thanks to the people of Tracy, California, which believes that raping its citizens is the most important aspect of things, I can no longer use my cell phone to call in auto accidents without the risk of&amp;#160;being charged $300 for being a good Samaritan.&lt;/p&gt; 
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    <pubDate>Mon, 22 Feb 2010 10:28:00 -0500</pubDate>
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<item>
    <title>State Detonation Countdown: California</title>
    <link>http://market-ticker.denninger.net/archives/1831-State-Detonation-Countdown-California.html</link>
            <category>States</category>
    
    <comments>http://market-ticker.denninger.net/archives/1831-State-Detonation-Countdown-California.html#comments</comments>
    <wfw:comment>http://market-ticker.denninger.net/wfwcomment.php?cid=1831</wfw:comment>

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    <author>nospam@example.com (Karl Denninger)</author>
    <content:encoded>
    &lt;p&gt;Off the wire: California&#039;s Governor has declared a fiscal emergency and is imposing $8 billion in emergency cuts, asking for $7 billion in Federal aid.&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.ebudget.ca.gov/pdf/BudgetSummary/GovernorsMessage.pdf&quot; target=&quot;_blank&quot;&gt;Governor Schwarzenegger&lt;/a&gt; has declared that the state is facing a deficit of $41.6 billion - &lt;strong&gt;nearly half of projected revenues.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;&lt;a href=&quot;http://www.ebudget.ca.gov/pdf/BudgetSummary/SummaryofSignificantChangesbyMajorProgramAreas.pdf&quot; target=&quot;_blank&quot;&gt;The summary budget can be found here.&lt;/a&gt;&amp;#160; While there are major cuts in a lot of programs, what&#039;s amazing is what&#039;s not cut - specifically, K-12 and higher education, both of which are either flat or receive increases.&lt;/p&gt;
&lt;p&gt;Debt service is also up, and may go up a lot more.&lt;/p&gt;
&lt;p&gt;This is what I would call &amp;quot;a good start&amp;quot; - but exempting overly-bloated state educational systems is idiotic.&amp;#160; They are a huge part of the budget and, along with &amp;quot;health and human services&amp;quot;, need to bear more of the pain.&lt;/p&gt;
&lt;p&gt;When all is said and done with a 50% deficiency &lt;strong&gt;The Governor is proposing to decrease spending by a paltry 3.7%.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;Where did you put the bong, Arnie?&lt;/p&gt;
&lt;p&gt;You said you were missing half the money you needed - or rather, to balance the budget based on revenues you&#039;d have to&amp;#160;manage to cut the budget in half, double revenues, or some combination.&lt;/p&gt;
&lt;p&gt;So how is it that you come up with the revenue and expense numbers in that latter document?&amp;#160; They balance.... how&#039;s that?&amp;#160; I&#039;ve not found the trick yet, but I&#039;m sure there is one.&lt;/p&gt;
&lt;p&gt;A 3.7% reduction can&#039;t close a 50% deficit.&lt;/p&gt;
&lt;p&gt;When facing an elephant that is threatening to stomp you the appropriate response is not to attempt to address him with a flyswatter.&lt;/p&gt; 
    </content:encoded>

    <pubDate>Fri, 08 Jan 2010 14:53:00 -0500</pubDate>
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