Contributed by Chriss Street: In another abrupt surprise, the respected Chairman of the Orange County’s Treasury Oversight Committee resigned on April 16. It seems he was asked to read into the public record at a meeting of the Board of Supervisors a letter by county Treasurer Shari Freidenrich stating that she had complied with the county’s Investment Policy Statement mandates. The community was already reeling from discovery that….
Contributed by Chriss Street: Like the Titanic that ignored warnings and ran full-speed into a massive iceberg, Orange County is taking enormous financial risks rather than addressing its gapping cash-flow deficit. The county quietly entered into $518 million of illiquid and unsecured interest rate wagers, mostly financed from payroll and savings accounts of local schools and other government agencies.
Contributed by Chriss Street: President Obama doesn’t need to campaign for financial support from the highest 1% of income earners; his economic policies have already won their financial backing! During the Great Recession the top 1% suffered a lower percentage decline in income than during the Bush Recession of 2000 to 2002. During the 2009 to 2010 expansion the top 1% captured a staggering 93% of all income gains.
Contributed by Chriss Street: Orange County’s financial crisis spirals out of control as the State of California filed a law suit to force return of $73.5 million of property tax revenue the County skimmed from schools and community colleges last November. At the time, it seemed bizarre that the “Most Conservative County in America” would increase spending by $145.8 million, then grab the school’s cash and cancel layoffs of 490 union workers.