Would you consider buying the California IOUs being handed out?
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M$2 Answers
What wacky money game will then think of next?!
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M$
They will be selling for 60% to 90% of face value depending on the neighborhood and the level of desperation of the seller.
Peolpe with extra cash are going to make a bloody killing. The less fortunate of these holders will be forced to sell them. If I didn't buy them sombody else would.
I feel sorry for the people who have been forced to take Warrants instead of the money the State owes them while the Bozos in Sacremento argue about the definition of 100% Pomgranet juice instead of taking care of their citizens.
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Assembly bill 606 creates a commission to serve the marketing interests of the blueberry industry. Another bill defines "honey" to mean the natural food product resulting from the harvest of nectar by honey bees, and a third bill adopts regulations establishing definitions and standards for 100-percent pomegranate juice.
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See: http://cbs13.com/local/california.food.fight.2.1076357.html
California has the lowest credit rating of any state in the USA. Banks, even if they want to, will not be able to accept them unless the regulators relax the restrictions on low grade investments.
Personal opinion and included link.
Personal experience as a bank investment portfolio manager.
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