California's IOUs being traded on Craigslist

However, some banks aren’t so thrilled with the IOUs:

That’s just what I want - an IOU from a broke socialist state!!! UGH! I wonder if Lowes would take an IOU if I decided that I didn’t want to pay my bill?


The experts are advising buyers not to assume those IOUs are risk-free.

Look for “We Buy IOUs” bandit signs in CA soon. :rolleyes

They only pay 3.25% so unless you are buying them at a DEEP discount I would think they are not worth the risk.

3 years ago I would have never imagined this junk happening. This is flat out stupid.

Whats sad is… most of the young voters are Liberal IMO. A FISCAL young conservative (such as me) is pretty rare. There are plently of Pro-lifers/no gay marriage social conservatives, but those same people dont understand Conservative fiscal policy. I feel until this group of people (young people) actually educate themselves about our problems, were doomed.

Just yesterday I had a conversation with a group of people who were younger (16 to 20 years old) and they all said stuff like "Dude shut up seriously about the Obama stuff, hes a good president, and with all that spending, hes just trying to fix the problem instead of ignoring it. "

Until THIS group of people educate themselves, which is a vast majority of our youth, were headed for a horrible path.

Our country is going in the wrong dirrection… thats all I can say. Since when in the hell is a IOU a currency? SERIOUSLY??? WTF. think about it. How stupid does a IOU sound. I know I wouldnt take one.

I dont mean to hijack this thread, so I dont want to make everybody get off topic, sorry for ranting… giggity.

An IOU seriously??Are we all 10yr olds now.I guess they’ll need to add cure research clause in the healthcare bill for the cooties. :rolleyes

I’m surprised you haven’t heard about it sellnbama.
The state is broke and can’t agree on cuts, so they’re paying tax refunds, welfare payments, and all their creditors with IOUs.

Hold and buy,
Yeah I heard about it weeks ago,I was just setting up my intended joke.I don’t miss much these days,unless it’s on msnbc(the obama network).I’m not one of those ten people watchin that channel.I also wonder what CNN will cover after they bury MJ?

NO SH*T!!!

Our economy is falling apart around us and MORONS are FLYING in to attend the MJ circus.

In my opinion THAT is exactly what’s wrong with this country…

MORONS…Priorites that are so out of WHACK it’s mind boggling!!!

We’re gonna get a GIANT TOILET FLUSH very soon.

California is asking MJ idiots to DONATE $$$ so they can pay for the $3,000,000 it cost for police presence at MJ circus…


People in this country with wealth are already LEAVING…Foreign home ownership is at an all time high among the affluent.
Does anyone think these people will stay here if this all goes to sh*t???


With the massive taxes that are coming to pay for this spending spree,they have to.The rich are gonna protect themselfs no matter what.This is what obama can’t get thru his peabrain.If you target the rich to carry more of their fairshare,guess what happens??It’s the same scenario that drove business to right to work states out of union states.It’s the same business we do FD,they can just pick up and move.I hate it FD,I really do we’ve all worked hard to get here and we should’nt be targets just cause we have’nt been an idiot. :beer

I heard about that. Didn’t know whether to laugh or cry.

Just another reason to not like that family. All that money they collectively have and they want to put it on the taxpayers to have an extravagant event. Did you see Joe Jackson announce the other day he was starting his own record label at age 80. They’re all using this crap for publicity. With our stupid society, I’m sure there will be a couple Jackson reality shows emerge out of this.
Here we are in our current economic situation and you have people reportedly paying $25K for a “free” ticket to attend his memorial. People need to wake up.

I LOVE Michael as much as the next guy, hes the king of pop(and his hometown is like 1/2 hr away from where I live btw), but to ask the taxpayer/donations to pay for the ceremony is just flat out stupid.

What is wrong with gay marriage?

Nothing, I support gay marriage because I dont believe our government should discriminate against anybody, nobodys being harmed. Libertarian here.

I was saying that many people are social conservative/fiscal liberal, which annoys me.

OK. I am just curious as to how people think. I usually ask people why they don’t like this or that to understand how the American mind works. I was watching C-Span this weekend (what kind of nerd am I?) And this congressman was going on and on about how America had the greatest economy, and the greatest healthcare and the greatest schools system. If he had said any of those I would not have thought about it but because he was going on and on, I wondered why is it that if you tell an American that America is the best country, they accept it as a matter of fact without asking for criteria?

One thing I wonder about is the thinking behind Americans not wanting to make it legal for homosexuals to marry each other. When you ask people why they are against gay marriage, they invariably say it is harmful to the family. But gay people by definition can’t breed, so what family are they hurting? Well they can adopt, but they can adopt now married or not. So how is them marrying changing adoption? What I have deduced is that they don’t like homosexuals and they see outlawing homosexual marriage is like outlawing being homosexual. But it doesn’t it just harasses them. They are going to be homosexual anyway. There have been homosexuals since Sodom and Gomorrah. I was just trying to figure out a legitimate reason to be against it. As long as they don’t make it mandatory that I marry one I don’t have a problem with it.

How about “open” gays in the military? Do you think it is a good World image for our marines to skip around and hold eachothers hands? I’m talking about the real sissy type gays.

I agree with you on the gay marriage as long as they can’t adopt. I don’t think it’s right to psychologically twist a child up that way.

Gays can adopt now married or not. The issue is not gays married the issue is that people want to outlaw being gay. These laws don’t outlaw that, they just try to make it more difficult to be gay.

My problem is the concept of gay. I am not heterosexual or gay. I am an engineer and a father that likes to play golf. I am only gay or heterosexual when I am looking for someone to have sex with. A person that defines themselves by who they screw is weird. If I can be a protected class because I like to screw guys, I should be a protected class if I like to screw ugly girls, or skinny girls or fat girls.

Good luck with those traded IOUs, from what I understand it may be very hard for the holders if they aren’t the name on the front to cash them. Some banks are taking them for a small fee and from what I gathered only certain banks can do that and have to be some how certified to do it. I don’t think John Smith is going to be able to cash John Doe’s IOU when the money becomes available.