The Venezuelan government of U.S.-critic President Hugo Chavez on Wednesday ordered Coca-Cola Co to withdraw its Coke Zero beverage from the South American nation, citing unspecified dangers to health. Coke ZERO is a danger to our heath? What then is Hugo? The next thing you know California will declare bankruptcy, or have they already? One doesn't know what to believe these days!
Seriously Chavez did ban Coke Zero!
And, California's government risks a financial "meltdown" within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state's controller said on Wednesday. Underscoring the severity of California's cash crisis, Controller John Chiang, who has previously warned the state's government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.
Seventeen percent drop in one month! Not good at all!
And, revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger's budget plan by $827 million, Chiang said. He warned California's state government is speeding toward a financial disaster unless officials act urgently to balance its books. "Without immediate solutions from the governor and legislature, we are less than 50 days away from a meltdown of state government," Chiang said in a statement.
Maybe Texas could bail California out, or better yet, don't we still have some TARP money left? Or, Obama could set up a "California czar" and print more money, and BUY California! We can't let all those avocado ranches go to waste!
California's revenues have been on a dramatic slide as a result of recession, rising unemployment and its lengthy housing downturn. The state's revenues from personal income taxes tumbled by 39.3 percent in May from a year earlier while revenues from corporate taxes fell by 52.1 percent and revenues from sales taxes sagged by 7.6 percent, according to a report released by Chiang's office. "A truly balanced budget is the only responsible way out of the worst cash crisis since the Great Depression," Chiang, a Democrat, said.
What's a "balanced budget"
We've gone from California Dreamin to California Nightmares!