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Meredith Whitney, who was early and right about the cratering of our banking system, says the appalling fiscal condition of many states is a systemic risk to the entire country, with California being in the most calamitous shape. She says California has the biggest budget deficit, has increased spending "dramatically", and has public pension systems that are deeply in the red. Plus, since she expects a double dip in housing, California revenues will drop even more. Though it now appears that a

Whatever the outcome of the November elections, 2010 is shaping up to be an historic year for the nation’s Independent and third party movements, as well as for voters who desire viable alternatives to the dysfunctional two-party government. Widespread dissatisfaction with both the Democratic and Republican parties has led not only to a deep anti-incumbent mood among the electorate, it has also inspired record numbers of third party and Independent hopefuls to throw their hats into the political

The state legislature sauntered back from their month long July vacation on August 1 and promptly got back to what they were doing before, which is virtually nothing of substance about passing a budget.  Now September is here, and there has still been no meaningful forward motion on a budget. Goodness, just because the state constitution mandates that a budget be passed by June 30, and it's already two months late, is certainly no reason for our esteemed legislators to work themselves into a tiz

If it wouldn’t too terribly inconvenience the California legislature when they return from their month-long July vacation - taken in lieu of working together to pass a budget - could they possibly try to pass the budget when they return all sun-tanned and rested in August? Don’t bet on it. Instead there will probably be more frenzied attacks against evildoers on The Other Side for blocking a budget, followed by more paralysis and a continued cratering of California’s credit rating. Surely it’s

Luis Gutierrez, the Illinois congressman leading the push for comprehensive immigration reform, still believes that a bill of some sort will pass before the November midterms.  “Immigration reform is still possible this year...The American people demand law and order and secure borders and comprehensive immigration reform is the only way to get there,” he said in a written statement. He added that President Obama will make it incumbent upon Congress to pass a bill soon.  He also touted that pas

On July 1, the federal government and dozens of states set up temporary “high-risk” health insurance pools for people denied health insurance due to so-called pre-existing conditions. These pools were one of the major provisions included in federal health care reform signed into law early this year. However, this is only a temporary fix intended to provide health insurance to individuals without coverage until the law goes fully into effect in 2014, when insurance companies will no longer be ab

Unbelievably, California is not only facing a $20 billion deficit for the 2010-2011 budget, the state Employment Development Department just forecasted a $20 billion deficit in the Unemployment Insurance Fund by the end of 2011, up from $6.2 billion in 2009. They said it could have been worse, but they expect that a quicker recovery from the recession should increase employment, thus lessening unemployment payouts. Well, maybe, but some are concerned that we’re heading into a double dip recessi

Last Friday, Gov. Schwarzenegger detailed the brutal budget cuts coming, saying the state doesn’t have the money, and that the current system is broken and must be repaired. Further, he said he will not sign a budget that does not contain substantial pension, budget, and tax reform. He singled out CalPERS, the public pension system, as needing reform. By law, CalPERS can force the state to make up any shortfall, and for the coming fiscal year, that will amount to almost $7 billion. Among the

Forty-eight states face or have faced multi-billion dollar budget shortfalls and many are mirroring California, targeting state parks for savings. Supporters of the closures say parks are less essential than paying teachers, providing health care to the poor and continuing to offer other governmental services. Opponents argue that park closures don’t save much money, harm the economies of neighboring communities, and deprive residents of low-cost recreation. Last May, on the heels of a previo

First, it was GOP victories in the gubernatorial elections of Virginia and New Jersey.  Just last month, it was the senatorial election of Scott Brown who claimed a historic Republican victory in the bluest of blue states, Massachusetts.  Finally, it was Sarah Palin speaking before the Tea Party convention in Tennessee, claiming the time had come for a revolution and that the GOP would be ready to deliver this revolution to the people.  With these electoral victories and Palin’s efforts to conso