I've been wondering what the federal government plans to do if California really cannot pay our bills any more? Will they allow us to descend into further cuts to already bottom dwelling public services? Will we be forced into it by the Republican minority in the state Legislature? And more importantly, if we cannot come to an agreement, and we actually see the Republicans pull the trigger on the gun they have had to pointing at California for years, what will the feds do? Will there be a bailout? Must our state leaders crawl on glass or something to prove our desperate we really are?
Well, perhaps there is an indication in the situation with our revenue anticipation notes (RANs). There is indication that the feds might help out.
"We're going to need cash-flow borrowing the likes of which California has never seen, at a time when market and economic forces are stacked against us," said Tom Dresslar, spokesman for state Treasurer Bill Lockyer. "That's a recipe for calamity."
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A spokesman for the House Financial Services Committee, chaired by Rep. Barney Frank, D-Mass., confirmed that Lockyer had met with Frank in late March, and that Frank was in the process of drafting legislation designed to aid states and local governments with problems similar to California's.
"There is something in the works," said spokesman Steve Adamske, "and that should be drafted by the end of this month ... there are several ideas being considered."(SacBee 4/15/09)
RANs are the state's version of commercial paper. The money that the state needs to operate comes in unevenly throughout the year, so we have to sell bonds based upon our expected revenues. Usually it works quite smoothly, but because of the credit squeeze and our poor credit rating, things aren't expected to be as easy this summer.
So, we go a-calling on the feds to guarantee our loans or something else to get our credit moving. Perhaps this is revealing as to what will happen the next time we come a-calling. If the feds don't back us now, well, our day of reckoning will come sooner rather than later. If they do help us out, perhaps the pattern, co-dependent as it may be, will continue.
Either way, it is important that we get this loans, but the tea leaves aren't quite clear as to the future.
U.S. Representative Barney Frank (D-MA), dean of the Massachusetts Congressional delegation and Congressmember from the Massachusetts 4th CD, gave a stirring speech early this evening to spur local Progressive Democratic activists to action on behalf of Cathedral City Councilmember Greg Pettis in his bid to replace the termed-out Bonnie Garcia (R) in the CA 80th Assembly District. Pettis is in his 14th year as Cathedral City Councilmember and has served as Cathedral City Mayor Pro-Tem. Frank noted in his talk that State government always benefits from having someone of Pettis' caliber move from local government to the State Assembly.
Frank, as usual, a combination entertainer, progressive Democratic rabble-rouser, and spiritual leader to thousands in the 80th AD, spoke about the failures of the Bush Administration in the areas of the environment, the economy, and education. Sometimes self-deprecating, sometimes assertive, and oftentimes Barney Frank, he delighted his audience with stories of Washington, D.C., and hopes for California and the 80th AD. Frank attacked the incompetence of the Bush Administration and the ambivalence of the Republicans towards freedom of speech. Frank noted that the monies wantonly spent during election campaigns is necessary and is protected under 'Freedom of Speech.' However, according to Frank, the financing of campaigns is one of the few areas where Republicans seem interested in protecting Freedom of Speech. Frank exhorted the attendees to help to fund Pettis' bid for the 80th AD, especially in light of the appalling amounts of monies being spent by the AFL-CIO-labeled rogue union and associations on behalf of the pretender to the Democratic nomination.
Palm Springs Mayor Steve Pougnet
Palm Springs City Councilmember Ginny Foat
Palm Springs City Councilmember Rick Hutcheson
Gay and Lesbian Victory Fund
Equality California
The Bottom Line Magazine
Palm Springs Democratic Club
Desert Stonewall Democratic Club
Invite you to meet
U.S. Congressman Barney Frank (D-MA)
and to join him in supporting
Greg Pettis
For California State Assembly (80th AD)
Saturday May 24, 2008 at 5:00 p.m.
Location for the Cocktail Reception at the home of Andy Linsky will be provided with a confirmed reservation
Suggested minimum contribution: $100 per person
Sponsor: $500 ~ Co-Host: $1000
I received Press Releases from National Stonewall Democrats, the Sacramento Stonewall Democratic Club, and U.S. Representative Barney Frank regarding the decision by the Republican-dominated California Supreme Court overturning the ban on Marriage Equality in the State.
National Stonewall Democrats, co-founded by U.S. Representative Frank (D-MA), is the National voice of Lesbian, Gay, Bisexual, and Transgender Democrats. The Desert Stonewall Democratic Club is the official local Democratic Club for LGBT Democrats, sanctioned by both the National Stonewall Democrats as well as the Riverside County Democratic Central Committee. Zander, Vice-President Roger Tansey, Treasurer Bob Silverman, and Secretary James Reynolds are amongst the leaders of the local club.
The Greg Pettis for the California 80th Assembly District Campaign has announced that U.S. Representative Barney Frank (D-MA) will headline a fundraiser for the campaign on Saturday, May 24, 2008. Pettis has served with distinction for more than 13 years on the Cathdral City Council, also serving previously as Mayor Pro-Tem, and is presently the leading Democratic candidate for the 80th AD. Pettis was one of the first openly-gay electeds in the Coachella Valley and has solid support in the LGBT community amongst local, state, and National electeds.
Rep. Frank has served in Congress since 1981. He is the Chairman of the House Financial Services Committee. Previously, he was a Massachusetts State Representative and an assistant to the Mayor of Boston. Frank has also taught at several Boston area universities.
As of May 2007, Frank is one of two openly-gay members of Congress, the other being Rep. Tammy Baldwin (D-WI), who has also endorsed Pettis for the CA 80th AD (see BlogActive.com for its listing of the closeted gay members of Congress who regularly vote to harm their own clan).
Frank's blunt stance on outing certain gay Republicans has become well-publicized, dubbed "The Frank Rule" - that it is acceptable to out a closeted gay person, if that person uses their power or notoriety to hurt gay people.
Too few of our Democrats are truly music to the ears. Barney Frank is one of that eloquent, ballsy few. Smart, funny, and particularly compelling when he's stumping for my Democratic challenger, David Roth.
Yes, I MET him in a Roth supporter's Palm Springs full-to-the-brim house last Saturday (forgive the delay in posting, the kids shorted out my keyboard that same morning). A lovely man. He told us not to whine about how corrupt and unfair the rightwing is - they're not going to stop. Democrats have to beat them in GOTV, we have to walk our precincts, and we have to give David money.
Mary Bono called Barney Frank to prevent this appearance. Let's discuss that on the flip:
