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Budget rule hides where Prop. 30 and Prop. 39 taxes will be spent

November 16, 2012 By admin. Nov. 16, 2012 By Wayne Lusvardi A little known new accounting rule buried in the fiscal 2012-13 California state budget now will make it virtually impossible for the public to track where and when the tax revenues from Propositions 30 and 39 will be spent. Prop. 30 is Gov. Jerry Brown's $6 billion tax increase. And Prop. 39 is hedge fund manager Thomas Steyer's $1 billion tax increase....

Supermajority can’t legislate away reality

November 15, 2012 By admin. Nov. 15, 2012 By Wayne Lusvardi Since the election, several acquaintances of mine have gone out of their way to taunt me about the emergence of the Democratic supermajority in the California Legislature. I have listened respectfully but sadly.  Achieving a supermajority seems like a collective psychological defense mechanism that denies the obvious reality at hand. The following is my...

Little Hoover: More CA city bankruptcies loom

November 14, 2012 By admin. Nov. 14, 2012 By Dave Roberts “Are your cities going to make it for five years?” asked Little Hoover Commission Chairman Daniel Hancock at the recent commission hearing on pension and infrastructure financing. “That’s a good question,” responded Dwight Stenbakken, deputy executive director of the League of California Cities. California’s cities are being eaten alive by e...

Bankruptcy series: The Road Ahead

November 14, 2012 By admin. Editor’s Note: This is the 11th in a CalWatchDog.com Special Series of in-depth articles on municipal bankruptcy. Nov. 14, 2012 By Chriss Street Up through September 2011, Wall Street underwriters, bond counsels and other assorted securities industry camp followers were gloating over the supposed failure of predictions in late 2010 by Meredith Whitney and me that there would be a ...
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