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screw you arnold!

Looks like he just didn't want to spend the time reading the bills, or listening to an aide give him a summary. Not very responsible government in my book. Whimsical.

Finally!

This bill would have allowed another government entity to incur yet more bonded indebtedness.

This is partially what has ruined California. The bonds issueed at state and local levels and usually approved by voters kept coming through the 90s and until now.

Eventaully the indebtedness becomes prohibitive. We have been living way beyond our means and the uncontolled issuance of bonds for every kind of project - many questionnable - has caught up with us.

Bravo Arnold!!

Gil somehow I think the public markets are more adept at assessing the level of risk associated with state / public entity bonds than you.

And please tell me how public agency bonds have "caught up with us?" Not sure that the Port trying to issue bonds is responsible for the current credit crisis.

"And please tell me how public agency bonds have "caught up with us?" Not sure that the Port trying to issue bonds is responsible for the current credit crisis"

Port bonds are one element added to the whole massive bond indebtedness of state public entities.

We have school bonds no end, water bonds, park bonds, special projects bonds, special use bonds.

Its all smoke and mirrors. it like you going out and borrowing for A, B, C, D and other things. You get to the point where you can't service the debt. It happens a lot quicker to the individual - it is starting finally to happen to goernment.

Bond issuance got out of control - an element of the bubble mentality. State and local public entities issued bonds for all sorts of things as if the golden train ride would never end and a day of reckoning would never occur.

The irresponsibilty of California from state to local to special districts in their issuance of bonds is inexcusable. Finally a small token of sanity - The Gov vetoing this.

What is irresponsible (and mind-boggling) is to let a major piece of the city's waterfront waste away in ruin for decades...

It looks like the veto was -- literally -- an eff-you message to Tom Ammiano:

http://www.sacbee.com/static/weblogs/capitolalertlatest/026571.html?mi_rss=Top%20Stories

Way to go, Tom. Insulting the governor with drunken profanity is a fine way to serve your constituents.

I love this whole dust up. First Arnold should not be speaking at a Democratic Fundraiser. Second Tom shouldn't be yelling at him when he does. Third, Arnold shouldn't be so petty to veto a bill and insert a f'u into the message. But of course they did do all these things. Highly entertaining. At least if our politicans are not going to do their jobs they can at least provide us some amusement.