State lives on borrowed money

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Peninsula readers' letters: May 22


State lives on borrowed money

Dear Editor: Facing a $21.3 billion budget deficit, Gov. Schwarzenegger is requesting a $6 billion loan from the federal government. California is still living on borrowed money. One of these days the feds are going to start collecting. This is why they were so scared to let California go bankrupt, because too many banks that hold the bonds would fail. They haven't taxed the rich enough and they've spoiled the poor with too much welfare.

Too many businesses would fail, then people would fail, just like a row of dominoes. The politicians are elected by people who don't like higher taxes, so they just keeping living on borrowed money. And because the banks and the capitalists have such faith in their systems and their almighty dollar, they have to keep having faith in that dollar, and therefore they have to keep loaning the money and hoping that they're going to get paid some day — but they won't.

The federal government is already bankrupt, and if it weren't for people's faith in the government, it would crash right this minute. If you leave capitalism alone long enough, it will destroy itself. It'll collapse of its own weight because of its built-in self-destructiveness, because it's selfish.

Ted Rudow III,MA

Palo Alto Daily News, Redwood Daily News, San Mateo Daily News
Serving Atherton, East Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Mountain View, Portola Valley, Stanford, Sunnyvale, Woodside
May 22,2009


State lives on borrowed money
Dear Editor: Facing a $21.3 billion budget deficit, Gov.
Schwarzenegger is requesting a $6 billion loan from the federal government. California is still living on borrowed money. One of these days the feds are going to start collecting. This is why they were so scared to let California go bankrupt, because too many banks that hold the bonds would fail. They haven't taxed the rich enough and they've spoiled the poor with too much welfare.
Too many businesses would fail, then people would fail, just like a row of dominoes. The politicians are elected by people who don't like higher taxes, so they just keeping living on borrowed money. And because the banks and the capital­ists have such faith in their systems and their almighty dollar, they have to keep having faith in that dollar, and therefore they have to keep loaning the money and hoping that they're going to get paid some day - but they won't.
The federal government is already bankrupt, and if it weren't for people's faith in the government, it would crash right this minute. If you leave capitalism alone long enough, it will destroy itself. It'll collapse of its own weight because of its built-in self-destructiveness, because it's selfish.
Ted Rudow III,MA