Earlier this week, Arnold Schwarzenegger, like another great California governor* two decades before him, decided to issue IOU’s to to state employees and vendors. This time around, several major banks chose not to honor the promissory notes, as seen on the screen of a Wells Fargo ATM. Now, California state employees will very well experience what much of the working poor do with ghetto taxes, especially going to check-cashing places.** That means hefty charges. Hopefully, they won’t get caught up in cash advances. Too scary to think about, not something I’d wish on anyone, not even the employees of EDD.
If I worked at SDSU as part of my adjunct professorhood, or if I were still a grad student doing TA work, I’d have major nightmares right now, mainly because their paychecks are issues by the State Controller’s Office. I definitely feel for friends, former professors, and others who work for the State of California right now.
* 
Not a fan of the former governor Pete Wilson.
** Credit unions are another option.
Tags: IOU's, recession, State of California
I was just visiting with two friends here in Sacramento who work for the state… helping them to look for new jobs…
And then on the news we hear about this guy who is suing the ski resorts because they are giving discounts to state workers on furlough days… apparently that’s discrimination.
Some people still have time on their hands…
Cutcha Baldy´s last blog ..ALL CLEAR: FeedMedic Alert for InWhichCutchaWritesAboutLife
Hope your search for their jobs is a successful one. You’re doing a very good thing.
I was almost hit by Pete Wilson’s SUV–I shit you not. I was about to cross Westwood Blvd in the heart of Westwood (right by where Eurochow is or used to be) and after taking one step into the road Pete Wilson’s SUV jerks to a halt just a foot away from me. Naturally I look to the driver to scowl at him. I see it’s Wilson and scowl more as I stomp off. He just smiled and waved like any other rich, entitled, white man would do.
They give jaywalking tickets in that neighborhood for crying out loud and I almost get rundown by Pete Wilson in his SUV.
At least I know Governor Patterson will never run me down. It’d be illegal for him to be behind the wheel at all!
But on a more serious note, I think the current economic situation in my former home state should be sending shockwaves through the rest of the country and even the rest of the planet. California is the 5th biggest economy in the world. When the government of the 5th biggest economy of the world can’t afford to pay its employees, this says something bad, not only about the state of California’s economy but of everyone else’s economies, too.
thepete´s last blog ..What TheHell? Surrounded by Bank of America clones on the A Train
@thepete: He just became another SUV driving douche, but he was a douche as mayor and governor, so nothing changed.
As you said, it should send shockwaves about California and the IOU’s. Chase benefited from the bailouts as it bought Washington Mutual, but they can’t be bothered about California’s crisis. As for shockwaves, New York Times doesn’t seriously seemed too alarmed. If the New York State Comptroller’s office is forced to do the same thing, then they’d pay more attention.