California running out of money….
The LA Times has this report :
“SACRAMENTO — California Gov. Arnold Schwarzenegger, alarmed by the ongoing national financial crisis, warned Treasury Secretary Henry M. Paulson on Thursday that the state might need an emergency loan of as much as $7 billion from the federal government within weeks.
The warning comes as California is close to running out of cash to fund day-to-day government operations and is unable to access routine short-term loans that it typically relies on to remain solvent.”
Jonathan said,
March 21, 2009 at 8:03 pm
Sorry for an off-topic comment, but I was just looking at your page with the mortgage volume graph (http://www.housingbubblebust.com/Fed/USMortgages.html) and see that the values in your graph do not match the values in the table of data below it. The values in the graph match the original data in the Fed’s Z.1 report. But where do the numbers in your table of data come from? I don’t find those numbers anywhere in Z.1 (at least, not the most recent version covering years 2005 and after). So maybe your table data needs an update.
Cheers, Jonathan