State Treasurer Timothy P. Cahill said yesterday that the state must take dramatic steps - borrowing at a higher interest rate than usual and tapping the state's rainy day fund for $310 million - to make sure it has enough cash to make local aid payments due next week to cities and towns.
Rainy day fund?
When we need so many things done, are facing wazoo cuts, and tax giveaways are going through the roof??
The extraordinary moves are a direct result of the troubled credit markets roiling Wall Street, and they portend more dire decisions looming for state lawmakers, Cahill said. The turmoil arises as state revenues are decreasing, making access to credit even more important.
"This is no longer a Wall Street issue, this is a Main Street issue," Cahill said. "I don't want to be constantly beating a dead horse. But it's a crisis. A full-blown crisis. We have to slow down or cut spending."
Cahill warned that some major-ticket items might have to be curtailed, including some of the Governor Deval Patrick's priorities, such as expanding prekindergarten classes, repairing bridges, and increasing healthcare spending.
Of course, it seems to be no problem for the lying looters of state government to hand out money to rich Hollywood folk, Wall Street, corporate and lottery favorites, golf courses, overpriced contracts to favored clients, primo tickets to the games, or TAXPAYER BAILOUTS for BANKS !!!!
Also see: The Big Pit
The state usually is not this strapped this early and facing interest payments this high. The state yesterday borrowed $51 million in a short-term loan from investors, at an interest rate of 6 percent for a practice that normally charges 2 percent interest.
So the BANKS are FUCKING US -- just at the WRONG TIME!
When is America going to wake up?
In order to make local aid payments, the state still needs to borrow up to $349 million in similar loans before next week. "This stuff is unheard of," Cahill said. "It's like going to the loan shark for money."
Yeah, USURIOUS JEW BANKERS are kinda like that, aren't they?
To continue paying bills, the state would try in early October to borrow $750 million, taken against future revenues, Cahill said.
WTF? Borrow, borrow, borrow, borrow?
But we got TAX GIVEAWAYS to CORPORATE FAVORITES and we can't repeal the income tax or the sky will fall!!!
PFFFFFFFFFTTTTTTT!!!!!
