Opps! The SLEEPER, Did You Say, TEXAS DEFICIT

[decoy409]

Deserves attention so the misguided can have a peek,

Quote: Wow: Texas Deficit Estimate Comes In Worse Than The Worst Expectations
Read more: www.businessinsider.com/texas-budget-shortfall-2011-1#ixzz1BhRJE7if

(Excerpt) Texas may still be in a better shape than states like Illinois, but this is a severe gap, and cuts to healthcare or education or higher taxes are coming.

Why of course they are.

[decoy409]

All States shall have their coming days. It was told long ago.

[bimetalaupt]

Jan 21, 2011 14:29:25 GMT -5 decoy409 said:

Deserves attention so the misguided can have a peek,

Quote: Wow: Texas Deficit Estimate Comes In Worse Than The Worst Expectations
Read more: www.businessinsider.com/texas-budget-shortfall-2011-1#ixzz1BhRJE7if

(Excerpt) Texas may still be in a better shape than state Schools like TAMU, :-Xbut this is a severe gap, and cuts to healthcare or education or higher taxes are coming.

Why of course they are.

I did not see the DEFICIT except on the score board.. I checked it over two time..three.. five +_ times .. What Deficit

Attachments:

[decoy409]

That's funny? You are a Banker and can read can't you? Here, try the rest of the story,

Quote: You know the story and you know the names: states like Illinois, New Jersey, New York, and California are supposed to be in huge financial trouble thanks to bloated governments, business-unfriendly regulations, and strong public sector unions.

After a crisis-free 2010, investors are expected to punish these hotbeds of bad governance in a muni bond market rout, at least if pundits like Meredith Whitney are correct.

But there's one state, which is fairly high up on the list of troubled states that nobody is talking about, and there's a reason for it.

The state is Texas.

This month the state's part-time legislature goes back into session, and the state is starting at potentially a $25 billion deficit on a two-year budget of around $95 billion. That's enormous. And there's not much fat to cut. The whole budget is basically education and healthcare spending. Cutting everything else wouldn't do the trick. And though raising this kind of money would be easy on an economy of $1.2 trillion, the new GOP mega-majority in Congress is firmly against raising any revenue.

So the bi-ennial legislature, which convenes this month, faces some hard cuts. Some in the Texas GDP have advocated dropping Medicaid altogether to save money.

So why haven't we heard more about Texas, one of the most important economy's in America? Well, it's because it doesn't fit the script. It's a pro-business, lean-spending, no-union state. You can't fit it into a nice storyline, so it's ignored.

But if you want to make comparisons between US states and ailing European countries, think of Texas as being like America's Ireland. Ireland was once praised as a model for economic growth: conservatives loved it for its pro-business, anti-tax, low-spending strategy, and hailed it as the way forward for all of Europe. Then it blew up.

This is the sleeper state budget crisis of 2011, and it will be praised for doing great, right up until the moment before it blows up.
Read more: www.businessinsider.com/texas-state-budget-crisis-2011-1##ixzz1BhYiDz3p

[midwesterner (banned)]

You are a Banker and can read can't you?

Interesting??

[texasredneck]

The Democrats put the deficit at 27 billion.

Texas real estate is getting worse so I do not know where they can get the money.

For your pleasure what goes around comes around. MSN Money has not been able to retrieve news quotes most of day and since noon no stock quotes.

[decoy409]

texasredneck, howdy! Spent some time your way, Houston when the booming trend was on. Have a few aquaintances in Dallas and Corpus Christi.
Need more as yourself willing to come forward from their neck of the woods so a clearer pic can be shown of the overall. To many spaces.
Your 110% CORRECT! What goes around comes around, but the coming around is backwards.
This whole overall scenario was discussed and stated by many from the UN,IMF,etc. back in the 50's and 60's to what becomes. And it was pacificly stated that at some point that the states would have to fend for themselves.
I'll be dammed if I am going to ignore work and study done over the past almost 40 years on it and be changing my outlook. As what has been noted is in FACT happening.
Now why is it that others have to be so bull headed and ignore the signs and that in which was already hammered over long ago?

[decoy409]

Come,come now brain children. Some of you paint a rainbow picture of Texas and then somebody spills the story and even a good old Texas Redneck joins in!
Then those painting rainbows run for the hills (as usual!).

[decoy409]

Pumpy is upset. You can tell when pumpy gets upset as it is his job to lull sheep!

[sangria]

Good catch Decoy. Did you see what Senator Cornyn is talking to Ben Bernanke about?

[decoy409]

Hi Sangria, thanks for commenting! Wondering when somebody would ask about the rest,

Quote: TODAY FOLKS! U.S. states must be allowed to declare bankruptcy to reduce pension bills, say Republicans

Republican politicians are fighting to win U.S. states the right to declare bankruptcy in a bid to free them crippling pension bills and other punishing debts.
Currently states such as Illinois and California, which are struggling to pay back loans, are forbidden from claiming federal protection from insolvency.
But advocates, including Senator John Cornyn and former House Speaker Newt Gingrich, say states are so burdened by debt that bankruptcy may be the only feasible way out.
Republican advocates: Senator John Cornyn and former Speaker of the House Newt Gingrich believe state bankruptcy is a better alternative to federal bailouts

For example, bankruptcy would allow allow governors to reduce contractual pension payments, which are often protected by state constitutions.
It could also provide an alternative to bailouts, which Republicans have shown themselves determined to oppose since Barack Obama’s election as president.
But there are also fears in Congress that states’ bonds could be reduced to junk and it would put investors off buying U.S. debt.
Paul Maco, a former head of the Office of Municipal Securities at America’s financial regulator, the Securities and Exchange Commission, told the New York Times that fear of the words “state bankruptcy” has proponents in Congress going about their work on tiptoe.
So policy makers have been forced to work behind the scenes to change the rules, which could require a difficult constitutional amendment as states are considered sovereign by Washington.
No draft bill is in circulation yet, and no member of Congress has come forward as a sponsor, although Senator Cornyn, of Texas, asked Ben Bernanke, the chairman of the central bank, the Federal Reserve, about the possibility in a hearing this month. Discussion of a new bankruptcy option appears to have begun in November following a speech by Mr Gingrich about soaring debts.
“We just have to be honest and clear about this, and I also hope the House Republicans are going to move a bill in the first month or so of their tenure to create a venue for state bankruptcy,” he said.
Although, nothing formal has been outlines, unions are worrying about the prospects of their members losing retirement income.
Still, discussions about something as far-reaching as bankruptcy could give governors and others more leverage in bargaining with unionized public workers.
Charles M. Loveless, legislative director of the American Federation of State, County and Municipal Employees told the New York Times: “They are readying a massive assault on us. We’re taking this very seriously.”
He added that public employees and their benefits were not the cause of the states’ financial problems so should not be treated as a scapegoat.
No state is known to want to declare bankruptcy, and some question the wisdom of offering them the ability to do so now, given the jitters in the normally staid municipal bond market.
Other experts have warned that bankruptcy is unnecessary as states’ immediate problems are not their long-term structural deficits but their current budgets.
“States have adequate tools and means to meet their obligations,” a report by the Centre on Budget and Policy Priorities stated yesterday.
James E. Spiotto, head of the bankruptcy practice at law firm Chapman & Cutler in Chicago, said the possibility of some states declaring bankruptcy could also raise the cost of borrowing for others.


Read more: www.dailymail.co.uk/news/article-1349343/US-states-allowed-declare-bankruptcy-reduce-pension-bills.html#ixzz1Bhn2j1BN

Sangria, I called it the Iceberg that had already MELTED what, 1 1/2 years ago recall.

[sangria]

Agree Decoy. Ever since California started mailing out IOU's . . . . . well, you know the rest of that story.

[decoy409]

Sangria, I certainly do.

And when you run out of cake Sangria, why just do something about it! And since people got antsy with waiting for months, let's keep things as lull as possible,

Quote: Treasury Offers Tax Refunds on Prepaid Debit Cards

The Treasury Department launched a pilot program Thursday to provide tax refunds on prepaid debit and payroll cards.

The cards offer taxpayers a safe, convenient and low-cost way to receive their tax refunds electronically, especially if they lack a bank account. The new program aims to provide consumer protection features for Americans with limited or no access to traditional banking services.

“This pilot program will provide low- and moderate-income Americans with a low-cost option for faster delivery of their federal tax refund,” said Deputy Secretary of the Treasury Neal Wolin in a statement. “This innovative card can be used for everyday financial transactions, such as receiving wages by direct deposit, withdrawing cash, making purchases, paying bills and building savings safely and conveniently, giving users more control over their financial futures.”

Advertisement

As the next step in this pilot, originally announced in September, the Treasury will mail letters next week to 600,000 low- and moderate-income individuals nationwide. The letters will invite these taxpayers to consider activating a MyAccountCard Visa Prepaid Debit Card in time to have their 2010 federal tax refund direct deposited to the card. Compared to paper checks, direct deposit provides a safer, faster and more convenient way to receive a federal tax refund as well as other regular income.

Also this week, the Treasury began a companion pilot to encourage tens of thousands of current and potential payroll card users to direct deposit their 2010 federal tax refund onto existing payroll cards. Nationwide, more than 1.7 million workers use payroll cards to receive and access their wages, often because they do not have bank accounts. Working with ADP, a provider of payroll services, the Treasury will highlight the safety, ease and convenience of direct deposit onto payroll cards through tax season communications, including materials distributed with pay statements.

The letters mailed to taxpayers about MyAccountCard contain information about the card’s features, including free services and the fee structure for optional services. Many of the features, including free point-of-sale transactions, free online bill pay, free ATM cash withdrawals at more than 15,000 ATM machines nationwide, and free cash back at participating retail stores, will help cardholders limit the costs of using the card. The information also explains how to sign up, and how to use the card to receive a federal tax refund and conduct everyday financial transactions.

As part of the pilot, Treasury will randomly offer several different variations of MyAccountCard in order to evaluate which product features, fee structures and marketing messages generate the greatest positive response from taxpayers. The results of the pilot will help determine the benefits and feasibility of a card account as an integrated part of the tax filing and refund process.

The Visa-branded MyAccountCard will be issued by Bonneville Bank, acting as Treasury’s financial agent and pursuant to a license from Visa U.S.A. Inc., with additional services provided by Bonneville Bank through its program manager, Green Dot Corporation, a prepaid financial services company. Bonneville Bank, Visa and Green Dot will offer MyAccountCard cardholders a wide variety of card features, reliable customer service support by telephone and Internet, and a large nationwide reload network.

The tax-time pilots build on the Obama administration’s efforts to increase electronic payments and to empower Americans to make informed financial decisions. Those who receive Social Security, Supplemental Security Income and other types of federal benefits already have the choice to get their payments through the Direct Express Debit MasterCard card, which was designed for federal benefit recipients and is recommended by the U.S. Department of the Treasury.
www.accountingtoday.com/news/Treasury-Offers-Tax-Refunds-Prepaid-Debit-Cards-56927-1.html

And what about those that have to pay in??? I know!!! Use the old slogan, 'Hurry up and WAIT!' Why what a picnic! Better than last year!

[decoy409]

Why don't miss the action! Have some!

[Deleted]

Decoy

What is the significance of people getting debit cards....instead of a check?

I think it helps people...what do the check cashing places charge? 4-5%

Serious question.....why does it MATTER? and why do you consider it important?

[texasredneck]

gdgyva I am sure Decoy has an answer of his own, but it occurs to me that if the refund is small and you intend to spend it at wal mart or some other retailer it will not be a big problem. If you would Rather save it for your children's education or your retirement it becomes a big problem. Besides it is bad president we pay with money so we should get a more liquid form of money back.

[itstippy]

Texans don't all just hang out at the ranch raising a little beef and pumping a little oil. Most of them work for a company of some sort and draw a paycheck. They won't admit it, but Texans aren't much different than the rest of the country except for their taste in headgear and footwear. They want schools for the kiddies, artificial knees and heart bypasses for the old folks, and roads to drive their pickup trucks around on. They don't want to pay taxes.

Most (not all, but most) Texans today have never been through a real "rough patch". They vote for windbag politicians who claim to be able to provide all the services without paying all the taxes. The windbag politicians play risky budget games to meet their promises. State finances become "less than robust". Systemic risk and unfunded obligations creep in everywhere. When an economic twister hits, the budget flies apart and they have a $20+ billion deficit. For proud Texans, it's hard to admit their State budget more closely resembles a cheap Dairy Queen than it does the Alamo. Sam Houston would be pissed off.

"I'm really glad that our young people missed the Depression and missed the big war. But I do regret that they missed the leaders that I knew, leaders who told us when things were tough and that we'd have to sacrifice, and that these difficulties might last awhile. They brought us together and they gave us a sense of national purpose.”
- Ann Richards

[decoy409]

itstippy, but Texas is in fine shape remember as Bruce stated, he missed something and is having a hard time commenting on what he said was in GREAT SHAPE! Oh well, we all make mistakes. Even BANKERS.

[itstippy]

Decoy,

Bruce likes the Texas Farm Bank (Land Bank?), smaller West Texas Savings & Loans (Credit Unions), and the Bank of North Dakota. He likes how they conduct business, and explains why. He dislikes the Big Banks. He disapproves of how they conduct business, and explains why. He also has a lot to say about International Banking, global monetary policies, and shooting wild boars with shoulder-fired cannons. He bolsters his opinions with lots of data and historical references.

He tends to avoid political discussions and focuses primarily on monetary (not fiscal) policy. The Texas state budget might be in better shape if Bruce had been on board as a consultant, provided the clowns in Austin could get past the reams of numbers and charts. Anyone who uses compressed hand loads in a 45-70 cartridge to shoot pigs obviously favors a "robust" approach to getting the job done with minimal risk of failure.

[decoy409]

Good Morning itstippy! Bruce needs to defend his own turf,

Quote: Bi Metal - I did not see the DEFICIT except on the score board.. I checked it over two time..three.. five +_ times .. What Deficit
Read more: notmsnmoney.proboards.com/index.cgi?board=moneytalk&action=display&thread=2059#ixzz1BmGuZD1p

I have not had a problem with Bruce. Bruce needs to clarify. I put that clarification justification post up and he did not respond.

Quote: This is the sleeper state budget crisis of 2011, and it will be praised for doing great, right up until the moment before it blows up.
Read more: www.businessinsider.com/texas-state-budget-crisis-2011-1##ixzz1BhYiDz3p

The grand divide is coming together. This will be fun to watch! All those that say,'that does not concern me, it has nothing to do with me' and the onslaught from, 'it has nothing to do with me.'

[blackliver]

decoy, what is your problem? you see nothing but negatives. Why not give us your insights on how to make things better, rather than attacking Bruce and others? Remember, attitude is 90% of the game. How are the packers gonna fair out sunday?

[decoy409]

Good Morning blackliver (heck of a choice),

Let's see, well I do not have a problem but we all do. So let's not go picking apples out that are not bad ones.
When Bruce cares to come and speak as to the overall state and condiition of Texas, then he will, or he won't. He does not need any help with anybody defending him as he is a very bright individual.

Bruce, no foul, just waiting for the reply as to what I presented.

blackliver, what is the problem? Well pay attention and you would SEE what the problem is. No fould with you, just saying.

Packers or Bears? IL. needs more money than Wis. does at this point. Well see.

[decoy409]

Boy the chumps are out today. How much do you people get paid for disinfoing? Is that paycheck tax deductable?

[bimetalaupt]

Decoy409,
The are two numbers and the are two turns... Depression is overall.. Texas will run a spending $25 billion more then income over the next 2 years.

Recession.. is short term change in income so if income goes down 50% we have a depression but if there is a return in GDP to 55% the next year: we have a recovery.. Like 1935 and 1939.. but we still are in a depression.

Texas state budget is a mess, no question to it.. Based on 150/brl oil and 200/sq foot house prices.. Now we are seeing a 90/brl oil and $80/sf houses.. Esp in the areas where we have large military bases things are doing well. Well vs 2008 when the roof fell in. The small banks have almost no exposure to RE prices that went up above the average person ability to buy. I have been told the Prices in the West Village in NY have are higher then 2009.. nOT WHERE THEY WERE IN 2007 BUT THE SHORT TERM EFFECT WOULD BE HIGHER VALUES.

I talked to the leading Real Estate Broker in Abilene,TX in November and He said the First Financial Bank never got crazy with RE loans in 2007. They have made money every year and have no major write-off's. I do not see a of of $50,000 year Wall-Mart Associates buying $250,000 houses.

Just a thought,
Bruce

[bimetalaupt]

Jan 22, 2011 10:11:09 GMT -5 @itstippy said:

Decoy,

Bruce likes the Texas Farm Bank (Land Bank?), smaller West Texas Savings & Loans (Credit Unions), and the Bank of North Dakota. He likes how they conduct business, and explains why. He dislikes the Big Banks. He disapproves of how they conduct business, and explains why. He also has a lot to say about International Banking, global monetary policies, and shooting wild boars with shoulder-fired cannons. He bolsters his opinions with lots of data and historical references.

He tends to avoid political discussions and focuses primarily on monetary (not fiscal) policy. The Texas state budget might be in better shape if Bruce had been on board as a consultant, provided the clowns in Austin could get past the reams of numbers and charts. Anyone who uses compressed hand loads in a 45-70 cartridge to shoot pigs obviously favors a "robust" approach to getting the job done with minimal risk of failure.

Its Tippy, Thank-you for the question!!
Yes.. But the two banks merged about 15 years ago.. So Texas Farm Credit bank is also the Land Bank.. They also moved from Houston to Austin,TX just after that..

We took a friend out to the shooting range Yesterday and yes the 45/70-500 was a hit.. with a kick. We use the last of the sour beer, deer corn and molasses in a dozen holes to see if we could get the Russian Boar out.[/img].I did this in the summer and deer know what is in season,[/img] I have been looking for more land for Hunting, vineyards, lakes and wood.. but the prices are more then I want to pay.. Very little is ever sold at auction. The average price for a nice house and 400+ Acres is over 3 million. You have to raise a lot of Angus to keep your agriculture tax exemption.

Just a thought,
Bruce

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[bimetalaupt]

Jan 22, 2011 11:23:28 GMT -5 decoy409 said:

Good Morning blackliver (heck of a choice),

Let's see, well I do not have a problem but we all do. So let's not go picking apples out that are not bad ones.
When Bruce cares to come and speak as to the overall state and condition of Texas, then he will, or he won't. He does not need any help with anybody defending him as he is a very bright individual.

Bruce, no foul, just waiting for the reply as to what I presented.

blackliver, what is the problem? Well pay attention and you would SEE what the problem is. No fould with you, just saying.

Packers or Bears? IL. needs more money than Wis. does at this point. Well see.

DeCoy 409,
Well, it is All about the Bar-B.Q. we have going today.. I got Eric minding the fire and and I am minding the FIRM.. We are cooking a BUTT ( aka Boston But of Pork).. With three types of hard woods.. I Hope it goes well with the 2005 Merlot/ Cab Franc House blend Read win with a real French Oak undertone. Talking about Undertone you should try my Deer Texas Red with the habinero Kicker!!!!
Well I like my new 2.5-12 Nikon with BDC.. I have it on one of the 300 mags.. You should join us for the Russian Boar hunt.. Or I have been pitched more $10 Million deals in the last three week then Russian Boars we have spotted. Well I gave up on the iron sights and moved the 1-4 ( German 4) Nikon Monarch to the 45-70-50 and have it sighed in at 100 yards just for you. AT one you can use it with both eyes open!!! ...

As you know I take off early for the week end and Have a hard time using the laptop with that finger pointing and small display,
Bruce

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[bimetalaupt]

Jan 22, 2011 8:35:27 GMT -5 decoy409 said:

itstippy, but Texas is in fine shape remember as Bruce stated, he missed something and is having a hard time commenting on what he said was in GREAT SHAPE! Oh well, we all make mistakes. Even BANKERS.

My friend .. At the YO Ranch.. This is also the animal that killed the Operation manager of the YO ranch a few years ago.. It is dangerous but It is a growing industry in Texas.. I get to go free.. Just hold the 45-70 500 GG to take out anything that is still a threat.. This was a one shot kill as I recall.. He was a Seal.[/img]

Just a one shot kill in Texas..

Bruce

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[bimetalaupt]

Jan 21, 2011 14:32:41 GMT -5 decoy409 said:

All States shall have their coming days. It was told long ago.

DeCopy 409,
You do recall the good old days of 1999-2001 life was great and We also had time for Business.. I have never made a deal on the golf pasture.. But dream are not made of gold balls but bull This bull is for you.. Back to see what they are doing with the BUTT

BruceVR

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[frankq]

Decoy, why don't you keep an eye on your own back yard:

Record high budget deficit rocks Wisconsin. | Pax Americana Institute
Next Wisconsin governor faces big deficit - JSOnline
State deficit forecast rises to $5.4 billion by mid-2011
Fiscally Irresponsible Actions Continue to Drive Wisconsin Deficit ...

Above the results of Google search on Wisconson deficit

" When it comes to the state deficit, Wisconsin is "proportionally in as much trouble as the State of California."
Alberta Darling on Sunday, December 5th, 2010 in a television interview

[frankq]

"Boy the chumps are out today. How much do you people get paid for disinfoing? Is that paycheck tax deductable"

Why do you ask Decoy? Do you think you're getting ripped off? With all the bullshit you spread, you may be in a position yo renegotiate your deal.