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#1 |
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Senior Member
Grouper
Join Date: Sep 2007
Location: Andalusia, Alabama
Posts: 947
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I've been reading alot lately about the budget problems in California ("the 7th largest economy in the world" and "12 % of the US GDP") and the fact that the state might start issuing IOUs in lieu of actual checks for services and employee pay. They're saying that other states might have to start doing the same thing. Was wondering how exactly does that work?
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#2 |
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Senior Member
Mingo
Join Date: Jul 2008
Posts: 181
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If that works, remind me to start writing IOU's for stuff I need.
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#3 |
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Senior Member
Trigger
Join Date: Apr 2009
Posts: 240
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If they pay back the IOU's like some of my family members then that system is shot to hell and back. :banghead
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Kristi |
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#4 |
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Member
Ruby Red Lip
Join Date: Jun 2009
Posts: 87
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Someone on another forum said they were issued an iou from Ca. and it stated that they can use it againsttheir tax next year.
If this is true i wonder if they are going to give him interest on his money, I doubt it. |
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#5 |
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Senior Member
Grand Slam
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IOU's
![]() ![]() First of all they are only good if you can collect. I'm curious as to what the interest rate will be if any....Nowhere near what the state/feds charge on late/back taxes. Now go take that IOU and pay your mortgage with it...maybe they got it set up as the mortgage companies will accept them but I'm damn sure with a owner financed home they won't be worth a crap. I have a owner financed in MS and I know I wouldn't take them unless I could pass them to my mortgage company.
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#6 |
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Senior Member
White Marlin
Join Date: Sep 2007
Posts: 3,516
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States used IOU's in the past. The great depression is one time....
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#7 |
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Senior Member
Trigger
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I WONDER IF WALLY WORLD WILL ACCEPT "IOU'S?" OR MAYBE THE BOAT STORE? ANYONE NEED A NEW ROD AND REEL??? MY CREDITS SHOT.. BUT MY IOU'S ARE GOOD!
WTF ARE THEY THINKING? |
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