You know things are bad when the state controller's quotes sound like they come from an action movie trailer:
Last week, of course, the state announced it was going to stop funding a couple thousand infrastructure projects.
What's next?
Well, if the state owes you money, get it now. Chiang says one of the options on the table is to start issuing billions of dollars worth of "registered warrants," in lieu of actual payment. In a sense, the state would be printing its own money. In theory, you could exchange these IOUs for actual dollars, but in reality banks will probably hesitate to give you anything for them, given the state of affairs in Sacramento.
How much longer before the whole state is repossessed?
"Without action by the Legislature and the Governor, we literally are weeks away from a meltdown of state government," says Controller John Chiang.Cue the deflector shields.
Last week, of course, the state announced it was going to stop funding a couple thousand infrastructure projects.
What's next?
Well, if the state owes you money, get it now. Chiang says one of the options on the table is to start issuing billions of dollars worth of "registered warrants," in lieu of actual payment. In a sense, the state would be printing its own money. In theory, you could exchange these IOUs for actual dollars, but in reality banks will probably hesitate to give you anything for them, given the state of affairs in Sacramento.
How much longer before the whole state is repossessed?
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