California Watch (State needs bailout)

[m9...@mail.com]

November 12 – Bloomberg (Adam L. Cataldo): “California faces a $27.8
billion budget shortfall over the next 20 months, according to an
analyst for the Legislature, the Los Angeles Times reported. That is
$3 billion higher than the amount estimated by Republican Governor
Arnold Schwarzenegger’s administration… Mac Taylor, a non-partisan
analyst for the Legislature, produced the latest figure… ‘The numbers
are just truly awful,’ Taylor told the Times. ‘There are no good
options left.’”

November 13 – Bloomberg (Michael B. Marois): “The California Public
Employees’ Retirement System said housing-related real estate
investments have lost 35% of their value… Calpers, the largest U.S.
public pension fund, said the value of its residential land portfolio
was $6.1 billion as of June 30, compared with the $9.4 billion total
cost of the properties.”

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