Posts about California’s Budget Deficit as of October 28, 2009

Cancel those worries about investor indigestion in the Treasury bond market, at least for today: The government’s auction of a record $44 billion of two-year notes was a blowout, as buyers bid aggressively. That has triggered a rally across the board in Treasuries, driving yields lower after their uptrend in recent days . The two-year T-notes were sold at an annualized yield of 1.02%, compared with an expected yield of 1.05% in a Bloomberg News survey of bond dealers.

Wicomico County Executive Rick Pollitt took his anti-revenue cap show on the road this morning.  Speaking before a Salisbury / Wicomico Economic Development (SWED) meeting, Pollitt and a member of his finance staff argued that the county’s existing revenue cap is simply unsustainable. I would agree that the revenue cap is unsustainable without a genuine re-structuring of the county government.  This point has been argued for several years by Wicomico Councilwoman Stevie Prettyman.

Many of those calling for a housing bottom seem to ignore the state budget problems that are already showing up in California’s finances.  State revenues are collapsing.  This is important to focus on because it will leave the state with a few options in remedying the deficit.  It can either raise taxes or cut spending […] Many of those calling for a housing bottom seem to ignore the state budget problems that are already showing up in California’s finances.  State revenues are collapsing. 

TOP STORIES Home prices in August up fourth straight month – Reuters Will Option ARM Loans Still Implode? – I Am Facing Foreclosure Rethinking Salary Constructs, Federal Pay Continues To Skyrocket – Daily Bail Consumer Protection Bill Opponents Got Big Money from Wall St. – Open Secrets Protesters in Chicago March on Offices of Goldman, Wells Fargo – WSJ Why a Gold Bug Isn’t Buying Gold Now – Seeking Alpha Internet bubble 2.0? Not so fast – CNN/Money Let A Hundred Theories Bloom – Stiglitz, IBT Self-jiving Nation – Kunstler, CFN Get these links delivered to your inbox every day.

Fluctuating currency values can make or break foreign exchange traders. On a far wider scale, they affect global economic balance.(Caijing Magazine) Anyone who has read the Chinese bestseller Currency Wars by Song Hongbing knows about the conspiracy theory that says currencies can be used as instruments of war. As one who witnessed the turmoil among Asian currencies during the 1998 Asian financial crisis, I can confirm that currency speculation can be highly profitable for some traders in over-the-counter and thinly regulated markets.Even today, I would not encourage anyone to take up foreign exchange trading.

Had things happened differently, Nick Diaz would forever be part of MMA history. Regardless of how his career transpired after February, 2007 he should have been remembered as part of one of the greatest fights ever. His PRIDE 33 matchup against Takanori Gomi should have created an indelible legacy. It was a mixed martial arts version of Gatti/Ward or Castillo/Corrales 1. It should have been the biggest victory of Diazs career and the centerpiece of his highlight reel.

By Martin Hutchinson Contributing Editor Money Morning It looks like the U.S. housing sector has bottomed. In fact, if you’ve been thinking about buying a house, this may be the time to make your move. Let me tell you why. Congress and the Obama administration are considering whether to extend the $8,000 first-time-buyer tax credit for another year from Nov. 30, when it expires. With cheap money, housing may show strength in the short term, just as we’ve seen with other assets.

KOMO – Sports >>  RSS Feed for KOMO – Sports Source: | | SEATTLE (AP) ? Physically beat up and mentally taxed, Washington is ready to take a break. The Huskies entered their bye week on Monday ready for some time off after eight straight games, including Saturday s 43-19 loss to No. 10 Oregon where Washington (3-5, 2-3) appeared physically worn down in the second half. The Huskies, along with Stanford, are the last two teams in the Pac-10 to get a bye, and for Washington it s sorely needed.

Ed. note : Above the Law has teamed up with Law Shucks , which has done excellent work translating all of the layoff news into user-friendly charts and graphs: the Layoff Tracker . We took the week off last week, but you didn’t miss much. In fact, we had another run of almost two weeks without a layoff, before WilmerHale laid off 57 staff . But we’ll get back to the layoffs after our regular sojourn through the broader American economy.