Thursday, December 23, 2010

Bill Lockyer represents me to bondholders

In an opinion piece in the Los Angeles Times, State Treasurer Bill Lockyer got on his high horse to state “California isn’t broken,” won’t default on its debt payments, and isn’t anti-business.
Lockyer obviously is trying to issue some reassurance to bond markets.  The bond market recently demanded almost a half percent risk premium to sell California’s general obligation bonds and could only sell about 60 percent of the bonds put on the market compared to 75 percent last year in November.  There were no buyers for the other one third of the bonds even with the rate kicker added.

Well, I can speak to bondholders right here. The answer is they won't get a dime from me until the property tax assessments are brought up to date.

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