I tried to tell you. To see the once great State of California looking to FaceFuckingBook to save their asses is indicative of… of… I don’t know what of. I just wanted to use the word “indicative” in a sentence before I die.
So take me now, Sweet Jesus! My work is done here.
Have another hit on that bong, Moonbeam. Y’all must have got some good shit out there we can’t get around here.
Comment by dick, not quite dead white guy — May 23, 2012 @ 8:54 am
makin’ fools of Homo sapiens elitus gumintium finacialgenii since they crawled out’a the swamp.
Comment by DougM (jackassophobe) — May 23, 2012 @ 9:46 am
When the State of California degenerates to America`s largest BLM(Bureau of land management…), the park rangers will prolly build a railroad from Oregon to Mexico—-using old time steam engines & cars fm the 1800s, to haul campers and tourists around, even their pack horses, for shits an grins…..
Comment by Colonel Jerry USMC — May 23, 2012 @ 10:16 am
My solution is for lawmakers to agree that the taxes will be accepted if they trade temporary castration for the increase.
^ leelu, it’s Facebook, plunging in both value and in the volume of shares traded.
I would guess (and it is just a guess) that it will soon break 30, and in a year will be close to 10 ($ per share). I could be wrong; it might plateau around $22 or $23.
Again, I haven’t done the math, but I’d guess that means that CA has already made a lot of whatever it’s going to make on the stock, since now there will mostly be desperate dumping, which means short-term capital losses, which can be used as off-sets against other forms of actual income. If I’m right, then Facebook may well reduce CA tax revenues instead of increasing them.* Thereby proving Dick (3) to be even more right than is already evident. Nicely worded Dick, hope you don’t mind if I appropriate that turn of phrase.
Regarding Facebook and taxes, I’m not a pro, and didn’t work the numbers. I’m also assuming (without any empirical evidence) that retail trading will more than offset the original owners cashing out. Anybody more knowledgable, please weigh in.
* It would be a great irony if the la-la folks in CA government wound up with less where they thought they’d get more.
Comment by Ironic in Denver — May 23, 2012 @ 2:01 pm
^ I should have said “some other forms of actual income.” But everybody knows that. Whatever.
Comment by Ironic in Denver — May 23, 2012 @ 2:03 pm
So iiuc, the “temporary” tax increases will fill the budget hole. So what will be done to spending plans so that when the “temporary” tax increases end, the budget will be under control? And if you already know what to cut in order to fix the budget hole when the “temporary” tax increases end, then why not just do them now and skip the increases?