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Date Posted: 19:44:03 10/06/08 Mon
Author: Bill
Author Host/IP: 71.250.61.82
Subject: Re: States now looking for Fed bailout money.... can't raise money in munical bond market.....Hey, this could get serious!!!
In reply to: Mark S. 's message, "States now looking for Fed bailout money.... can't raise money in munical bond market.....Hey, this could get serious!!!" on 18:02:26 10/06/08 Mon

The MAss guy was on CNBC this morning or maybe this afternoon and said they began the process before the " bailout " because they were concerned about not having the cash to pay their employees and other expenses.
He also said that right now they do not have a problem with their cash flow but were getting a head start on the possabillity they might need to borrow if things changed and were making the preliminary steps so they might be able to apply to the fed for some of that window money just like the financials and the banks if they could not find backers for their spending by selling bonds and so forth as usual.

SO though it might happen it has not actually happened yet at least as far as MAss is concerned. California is another story and If I heard correctly they will run out of cash soon so are looking for a possible bailout from the feds.
Neither states probelms surprise me all that much as California can't seem to curb overspending ( usually on the wrong things but that's just an opinion ) and MAss has had cash flow problems in the past for somewhat the same reasons. they once got 18 months behind paying the public advocates who had NO income for that whole time frame while the prosecuters got their bi monthly paychecks.

Nice place to visit but I wouldn't want to live there....

b

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