Originally Posted by Kelliiii

Why is everyone acting so shocked about this?

They were talking about this weeks ago... along with the fact that they might have to bail out the auto industry as well....but, the unemployment number and auto reports came out this week. The next thing is going to be the states. It isn't just California that is in crisis, many states are going to have to cut job, close fire departments and layoff police (happening in Cali now), cut vacation pay to employees, and do away with programs.

The were talking about it on Lou Dobbs tonight. The lack of property tax (housing collapse) mixed with declining sales tax revenue mixed with the push of unemployment is causing another collapse. I would bet money (if I had any to spare) that we will see another trillion dollars in bail outs and stimulus before it starts to even APPEAR to even out.

The new administration is being handed a county on the cusp of a depression. Ah, the Bush Admin...the gift that keeps on giving.