Geez, all sorts of bad things start happening when asset prices stop rising. Here in California, the Gubernator just declared some sort of "financial emergency" so that, after the first of the year, they can take back money that they’ve already promised to school districts and county agencies due to dwindling tax receipts .Tax receipts are dwindling primarily because of dwindling property values as a result of the dwindling rate of homeownership here in the Golden State due, in part, to the soaring rate of foreclosures.Along with some state tax receipts, some state pens[...]
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[Source: The Money Blogs]
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