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rffrydr
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rffrydr
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rffrydr
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Joined: 30 Oct 2005
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 Posted: Sun Feb 07, 2010 8:30 am Post subject: |
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The bright face of recession:
http://www.sacbee.com/topstories/story/2518998.html
| Quote: | | Both the university and the region have "a reputation of not being too open to risk, and we have to change that," said new UC Davis Chancellor Linda Katehi, who holds 16 engineering patents. She's appointed a committee to study why the university has not been more successful at tech transfer. |
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rffrydr
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Location: Sunny California
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| Posted: Fri Feb 05, 2010 1:40 pm Post subject: |
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| Quote: | FYI on CDS...
2/5/2010 1:37 PM EST
I feel like Goldman is basically running the CDS business at this point, especially off-the-run stuff. If you want to know something like where State of California CDS are, it seems like no one knows except Goldman.
I was joking internally that given the recent revelations about Goldman selling ABS-related products to clients, then retaining the long CDS (effectively net short) position in the ABS, what does that tell you about their position in California? You want protection on the Golden State defaulting, Goldman seems very willing to sell you protection. |
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rffrydr
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rffrydr
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| Posted: Tue Jan 26, 2010 8:58 am Post subject: |
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In the great 1906 SF Earthquake it was man, not nature, that did the yeoman part of the damage.
The drought has been serious, no doubt, but after Katrina a political decision was made to reduce reservoir levels to bare minimums to take all the risk out of the "newly vulnerable" levy system.
"Not on my watch" can be its own kind of disaster.
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HenryTo
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Location: Los Angeles, California
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| Posted: Sun Jan 24, 2010 11:13 pm Post subject: |
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Looking on the bright side of the recent storms - this will have a direct impact on California's agricultural industry:
http://www.latimes.com/news/local/la-me-drought25-2010jan25,0,2528270.story?track=rss
| Quote: | The precipitation shortfalls have been bad enough to prompt water restrictions for urban customers around the state and to cut irrigation deliveries to agriculture, forcing some farmers to pump groundwater and leave fields unplanted.
In the last century, Roos said, California experienced two droughts that lasted six years: 1929 through 1934 and 1987 through 1992.
A drought in the late 1940s lasted four years.
But more often, he added, "In three years it's done -- and the year that ends it turns out to be a wet one.
"We can't say that this is going to be wet yet. But I'm optimistic that it will at least be above average."
As of Friday, the snowpack in the Northern Sierra was 117% of average for this time of year. Statewide it was 107% of the norm. The snowpack season runs from December through March.
Shasta Dam's reservoir, fed by the northern end of the Sacramento River and its tributaries, rose 24 feet in 10 days. |
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rffrydr
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| Posted: Wed Jan 13, 2010 2:52 pm Post subject: |
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S&P takes a notch off.
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rffrydr
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| Posted: Sun Jan 10, 2010 9:50 am Post subject: |
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| Quote: | As a state, too, we have ridden the wave: Californians who optimistically cast their lot with an untested movie star now resemble survivors on a reality show, trying to figure out which bugs to swallow in order to stay alive. California's -- and Schwarzenegger's -- flamboyant optimism has proved to be no match for hard reality.
Just one measure: In October 2003, when Schwarzenegger was elected for the first time, unemployment in California stood at 6.9%. In November, the last month for which figures are available, joblessness stood at 12.3%. |
http://www.latimes.com/news/local/la-me-week10-2010jan10,0,7209931.story
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rffrydr
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HenryTo
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Location: Los Angeles, California
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| Posted: Sun Dec 27, 2009 1:30 am Post subject: |
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California looking for more federal aid:
http://www.latimes.com/news/local/la-me-budget23-2009dec23,0,7164018.story?track=rss
| Quote: | Reporting from Sacramento - Facing a budget deficit of more than $20 billion, Gov. Arnold Schwarzenegger is expected to call for deep reductions in already suffering local mass transit programs, renew his push to expand oil drilling off the Santa Barbara coast and appeal to Washington for billions of dollars in federal help, according to state officials and lobbyists familiar with the plan.
If Washington does not provide roughly $8 billion in new aid for the state, the governor threatens to severely cut back -- if not eliminate -- CalWORKS, the state's main welfare program; the In-Home Health Care Services program for the disabled and elderly poor, and two tax breaks for large corporations recently approved by the Legislature, the officials said.
Schwarzenegger also will propose extending a cut in the state payroll that is scheduled to expire this summer. That cut has translated into 200,000 state workers being furloughed three days a month, the equivalent of a 14% pay cut. Lawmakers would have the option of extending the furloughs, imposing layoffs or some combination of the two.
The governor is scheduled to unveil his plan publicly early next month. Administration spokesman Matt David declined to comment on the details. |
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rffrydr
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rffrydr
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Location: Sunny California
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| Posted: Tue Nov 03, 2009 9:03 am Post subject: |
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Germans back to Kalifornia:
| Quote: | Tom Graff
California Finds Some Love in Germany
11/3/2009 8:46 AM EST
The state of California will move forward on issuing approximately $1 billion in new Build America Bonds on reverse inquiry. Reverse inquiry is where a large buyer goes to an issuer asking for the issuer to sell them a bond with particular features. This is extremely common in the Agency market but extremely rare in municipals.
I've heard that the buyer is a single German bank. Supposedly it will be priced at +300 vs. the Long Bond. California's large 2039 BAB issue from April (one of the first BAB issues) was originally priced at +365 but has recently traded between +290 and +310.
This is worth noting because before the crisis, European banks were the dominant buyers of U.S. taxable municipals. Now that market has exploded in size with the initiation of the BAB program, but Europeans have largely stayed away. If Europe got more involved, BAB spreads would tighten substantially. |
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rffrydr
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| Posted: Tue Oct 27, 2009 7:32 am Post subject: |
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Saw that last night in the supermarket, coverstory:
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HenryTo
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| Posted: Mon Oct 26, 2009 11:12 pm Post subject: |
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Time Magazine (I cringe whenever I cite something from the publication, but I'll take it) reports that the demise of California is greatly exaggerated:
http://www.time.com/time/nation/article/0,8599,1931582,00.html?xid=rss-topstories
| Quote: | | California has long inspired its own premature obituaries. The 1855 book The Land of Gold dismissed it as "lawless, penniless and powerless." TIME published a woe-is-California issue called "The Endangered Dream" in 1991 after the aerospace industry collapsed. But even with 12% unemployment, California still has an enviably young and productive workforce. And it's still a magnet for dice-rolling dreamers who want to start anew, make money and change the world, with or without pants. "I see my own pattern repeated again and again — people who want to invent the future and aren't afraid to fail," says billionaire Silicon Valley financier Vinod Khosla, an Indian immigrant who helped found Sun Microsystems and recently unveiled a $1.1 billion venture fund for investments in clean technology. |
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