Economy Jul 17 A Little Poetry for California’s Crisis Paul Solman: Questions keep coming in about the likelihood and consequences of a California default on its bonds. One unexpected result might be anger for the ages. Here’s Lake Poet William Wordsworth on the 1842 bond default of Pennsylvania,…
Economy Jul 14 Watch Fallout Continues from California’s Budget Woes After failing to plug a $26 billion budget gap, California has begun sending out IOUs to cover its costs, but most banks are refusing to accept them. Spencer Michels reports on the ongoing financial crisis in the Golden State.
Economy Jul 13 Is California Printing Its Own Money? Question: Is California printing its own money? Paul Solman: Funny you should ask. The State of California Franchise Tax Board website currently features this statement: “We will accept registered warrants…towards the payment of tax liabilities.” State taxes, of…