Wednesday, February 4, 2009
Bellwether State is Ringing the Alarm Bell for America
California has always been considered a bellwether state. Whatever happens today in California is thought to be in the cards for the other 49 states tomorrow.
How's California weathering the economic crisis?
Well, California pension funds are close to bankruptcy.
And the state itself is broke.
Along with the warnings coming from other traditional bellwether indicators - such as the Baltic Dry Shipping Index and General Motors - California's economic crisis does not auger well for America as a whole.
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GW, The statement on the California Pension plans being bankrupt is BS. I saw this story the other day and went to the site for the funds, Sure enough they are both down 20+ , but that still leaves them with a lot of money. Yes the cities will have to kick in now because fund returns are down but I didn't here them bitching when they didn't have to kick in. The source for this story is tainted.
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