Financial News

[Y2HH]

Your governor may be a felon, but at least he knew what he was doing.

 

Um, not for nothing, but your govenor saved the world on multiple occasions.

 

I've seen the documentaries: Terminator 2, Last Action Hero...I can keep going, they've made a lot of documentaries on him, you should watch them.

[Balta1701]

Um, not for nothing, but your govenor saved the world on multiple occasions.

 

I've seen the documentaries: Terminator 2, Last Action Hero...I can keep going, they've made a lot of documentaries on him, you should watch them.

He's done such a terrible job that this really isn't even funny any more.

[mr_genius]

He's done such a terrible job that this really isn't even funny any more.

 

he's worse than Blago. Yep I said it.

[Y2HH]

He's done such a terrible job that this really isn't even funny any more.

 

I love that you blame all of California's problems on one guy. Yea, because it was all him. All of it.

 

Pelosi and her ilk, who run that state, had nothing to do with it, it was all Arnold. We wouldn't wanna blame liberals, after all.

 

Blago sucked, but even I know he was 2% of the problem in IL. The other 98% still exists...and they're still sucking this state dry.

 

The days seem to become sadder and sadder with the way we're moving in this country. Obviously, we're broke, and we have no way of ever reigning in the spending...but I have faith, the US always seems to pull through in the end. I just hope I'm alive to see it happen...

 

We...will...prevail.

[Texsox]

Um, not for nothing, but your govenor saved the world on multiple occasions.

 

I've seen the documentaries: Terminator 2, Last Action Hero...I can keep going, they've made a lot of documentaries on him, you should watch them.

 

[southsider2k5]

I love that you blame all of California's problems on one guy. Yea, because it was all him. All of it.

 

Pelosi and her ilk, who run that state, had nothing to do with it, it was all Arnold. We wouldn't wanna blame liberals, after all.

 

Blago sucked, but even I know he was 2% of the problem in IL. The other 98% still exists...and they're still sucking this state dry.

 

The days seem to become sadder and sadder with the way we're moving in this country. Obviously, we're broke, and we have no way of ever reigning in the spending...but I have faith, the US always seems to pull through in the end. I just hope I'm alive to see it happen...

 

We...will...prevail.

 

It is a great example of what the left wing is trying to do at the federal level. The government can't be all things to all people. Trying to do that is going to lead to a collapse. In Cali all they are doing is blaming the last in a long line of people who have made this mess. This didn't just start.

[Texsox]

It is a great example of what the left wing is trying to do at the federal level. The government can't be all things to all people. Trying to do that is going to lead to a collapse. In Cali all they are doing is blaming the last in a long line of people who have made this mess. This didn't just start.

 

I agree with you. But the other side is as bad with the government is terrible and can do nothing for you. Wish we had a new crop of leaders that understood the truth was somewhere in the middle.

[bmags]

Pelosi is a Congresswoman, I have a hard time putting her on the line for California's problems.

[Chisoxfn]

It is a great example of what the left wing is trying to do at the federal level. The government can't be all things to all people. Trying to do that is going to lead to a collapse. In Cali all they are doing is blaming the last in a long line of people who have made this mess. This didn't just start.

Arnold had no chance. There needs to be an entire fresh start in California.

[Balta1701]

Arnold had no chance. There needs to be an entire fresh start in California.

Arnold had a chance to be that fresh start. After the recall stomping, he could have legitimately pushed for institutional reforms and probably won. He even had advisors (Buffet) saying that prop 13 needed fixed. Instead, he cut the vehicle tax with no way to replace the revenue, launched pointless fights with the teachers unions (demanding concessions but offering nothing in return), borrowed his way through budget deficits in good times, and did nothing to plan for the future.

 

The way he was elected, he had a genuine madate to reform the state if he wanted to use it. He didn't.

[StrangeSox]

Seasonally adjusted, from what I saw. Also, given the economy, I doubt many places are already taking on new staff for the holidays. I think the number is more reflective of companies having laid off a bunch, or not hired for open positions, and doing so long enough, they realize they really need some things done. They just don't want to gamble on the future, so they go temp, for now.

 

The company I just started working for a week and a half ago is adding staff this way. They've tripled their staff in a matter of months but most of us are on 6 month contracts. They have crazy amounts of work right now but can't guarantee anything 6 months out.

[southsider2k5]

Arnold had a chance to be that fresh start. After the recall stomping, he could have legitimately pushed for institutional reforms and probably won. He even had advisors (Buffet) saying that prop 13 needed fixed. Instead, he cut the vehicle tax with no way to replace the revenue, launched pointless fights with the teachers unions (demanding concessions but offering nothing in return), borrowed his way through budget deficits in good times, and did nothing to plan for the future.

 

The way he was elected, he had a genuine madate to reform the state if he wanted to use it. He didn't.

 

A genuine mandate? I seem to recall just under half of the state being up in arms when he was elected.

[Balta1701]

A genuine mandate? I seem to recall just under half of the state being up in arms when he was elected.

But he could roll over the legislature at the time. Everyone was scared of him. Then he dithered for 2 years, put out some absolutely ridiculous ballot initiatives, spent a year campaigning about how evil the Democrats were and how he'd go around them to the people, and then once his ballot initiatives went down, suddenly no one scared or even respected him any more.

[kapkomet]

I agree with you. But the other side is as bad with the government is terrible and can do nothing for you. Wish we had a new crop of leaders that understood the truth was somewhere in the middle.

That's wrong. The government can do things for us. But they're not supposed to do everything for us.

 

[Rex Kickass]

It is a great example of what the left wing is trying to do at the federal level. The government can't be all things to all people. Trying to do that is going to lead to a collapse. In Cali all they are doing is blaming the last in a long line of people who have made this mess. This didn't just start.

 

The mess that states are in have very little to do with a specific party in power, sadly.

 

Half of California's issues stem from referendum madness, imo.

 

But the other half are very similar to issues that we saw reflected in the New Jersey election. Voters don't want state governments to fix systemic problems with the budget, they just want people who will promise to fix them.

[southsider2k5]

The mess that states are in have very little to do with a specific party in power, sadly.

 

Half of California's issues stem from referendum madness, imo.

 

But the other half are very similar to issues that we saw reflected in the New Jersey election. Voters don't want state governments to fix systemic problems with the budget, they just want people who will promise to fix them.

 

The referendum process is really interesting. At the end of the day it is the people saying what they want. The question becomes, how come practically a generation of California politicians haven't been able to adjust to a pretty consistent message from its residents?

[Balta1701]

The referendum process is really interesting. At the end of the day it is the people saying what they want. The question becomes, how come practically a generation of California politicians haven't been able to adjust to a pretty consistent message from its residents?

The problem is...the people can want anything, but there are consequences/tradeoffs that typically happen for things to happen. If you want better services, typically the trade is higher taxes. The initiative process though allows you to legislate higher services and lower taxes at the same time.

[southsider2k5]

The problem is...the people can want anything, but there are consequences/tradeoffs that typically happen for things to happen. If you want better services, typically the trade is higher taxes. The initiative process though allows you to legislate higher services and lower taxes at the same time.

 

How often has this happened out there? Most everything I have seen is rejection of taxes.

[Balta1701]

How often has this happened out there? Most everything I have seen is rejection of taxes.

We've spent an enormous sum through the initiative process. A very large fraction of the state's budget is required to be spend on education via Prop 98. The 3 strikes law was a proposition that has required a lot more spending on jails. Then there's all the small ones. The $3 billion for stem cell research. The Bullet train from San Francisco to L.A. After school programs. Mental health services. It's a long list, even in recent years. A lot of them are for good things...but the problem is that they become constitutionally mandated, such that even in the event of a budget crisis, the legislature can't override them, nor can it override Prop 13, the anti-property tax initiative. So the only thing the Legislature can do is crank up the sales tax, pull off gimmicks like closing all the state parks, or this higher withholding rate.

[southsider2k5]

We've spent an enormous sum through the initiative process. A very large fraction of the state's budget is required to be spend on education via Prop 98. The 3 strikes law was a proposition that has required a lot more spending on jails. Then there's all the small ones. The $3 billion for stem cell research. The Bullet train from San Francisco to L.A. After school programs. Mental health services. It's a long list, even in recent years. A lot of them are for good things...but the problem is that they become constitutionally mandated, such that even in the event of a budget crisis, the legislature can't override them, nor can it override Prop 13, the anti-property tax initiative. So the only thing the Legislature can do is crank up the sales tax, pull off gimmicks like closing all the state parks, or this higher withholding rate.

 

They can take care of Prop 98 themselves.

[jasonxctf]

ISELIN, New Jersey - JPMorgan Chase & Co. said Tuesday it will hire 1,200 mortgage loan officers by the end of next year, a 60 percent increase in its sales force.

[jasonxctf]

Advanta Files Bankruptcy; Has $2.7 Billion Portfolio to Collect

Monday, November 09, 2009

 

Small business credit card lender Advanta Corp. said it filed for bankruptcy protection. According to court filings with the U.S. Bankruptcy Court for the District of Delaware, Advanta listed total assets of about $363 million and total debt of $331 million.

 

"The economic debacle over the last two years devastated Advanta's small business customers and Advanta itself," said Dennis Alter, chairman and CEO, who is waiving his salary and any bonus during this process.

 

Advanta Bank, a wholly owned subsidiary of Advanta, is not included in the Chapter 11 filing. It has been one of the nation's largest issuers of credit cards for small business. It is currently collecting its $2.7 billion portfolio of managed receivables from 360,000 customers but the cards are not open to new charges. The Chapter 11 proceeding will not have any impact on outstanding credit card balances and customer payment obligations will continue on normal schedules.

 

In May of this year Advanta and Advanta Bank initiated a plan to limit their losses and add substantial value through the acquisition of Class A bonds issued by the Advanta Business Card Master Trust. However, the FDIC, after initially clearing the Plan, ultimately decided not to allow it to proceed.

 

After that Advanta Bank proposed a second plan to enable the company to preserve value for its stakeholders and provide capital both for the Company and the Bank. However, an essential component of that plan recently also failed to secure FDIC approval leading to the Chapter 11 filing.

 

[Chisoxfn]

Arnold had a chance to be that fresh start. After the recall stomping, he could have legitimately pushed for institutional reforms and probably won. He even had advisors (Buffet) saying that prop 13 needed fixed. Instead, he cut the vehicle tax with no way to replace the revenue, launched pointless fights with the teachers unions (demanding concessions but offering nothing in return), borrowed his way through budget deficits in good times, and did nothing to plan for the future.

 

The way he was elected, he had a genuine madate to reform the state if he wanted to use it. He didn't.

I agree with you. I'll be supporting my local council-men Cambell for the governor race. I doubt he'll even be the republican nominee though.

[lostfan]

That's wrong. The government can do things for us. But they're not supposed to do everything for us.

You know that and we know you know that but I doubt there is a majority on your side that do, either that or it gets lost in translation. People are kind of stupid.

[lostfan]

The referendum process is really interesting. At the end of the day it is the people saying what they want. The question becomes, how come practically a generation of California politicians haven't been able to adjust to a pretty consistent message from its residents?

See: previous post. This is why we don't have a pure democracy and why it won't work