California IOU's

Play'N Hooky · 07-01-2009, 04:20 PM

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?

yakdiver · 07-01-2009, 04:27 PM

If that works, remind me to start writing IOU's for stuff I need.

Kamo · 07-01-2009, 04:29 PM

If they pay back the IOU's like some of my family members then that system is shot to hell and back. :banghead

LadyAngler · 07-02-2009, 10:49 AM

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.

Tuna Man · 07-02-2009, 05:10 PM

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.

WW2 · 07-02-2009, 05:26 PM

States used IOU's in the past. The great depression is one time....

LazyFatYANKEE · 07-06-2009, 12:43 PM

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?

Getsome · 07-06-2009, 12:46 PM

I think that some banks might take them for a while until they see if the state will pull out of it.

07-01-2009, 04:20 PM	#1
Play'N Hooky Senior Member Grouper Join Date: Sep 2007 Location: Andalusia, Alabama Posts: 1,009	California IOU's 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?

07-01-2009, 04:27 PM	#2
yakdiver Senior Member Mingo Join Date: Jul 2008 Posts: 181	RE: California IOU's If that works, remind me to start writing IOU's for stuff I need.

07-01-2009, 04:29 PM	#3
Kamo Senior Member Trigger Join Date: Apr 2009 Posts: 243	RE: California IOU's If they pay back the IOU's like some of my family members then that system is shot to hell and back. :banghead

07-02-2009, 10:49 AM	#4
LadyAngler Member Ruby Red Lip Join Date: Jun 2009 Posts: 87	RE: California IOU's 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.

07-02-2009, 05:10 PM	#5
Tuna Man Senior Member Grand Slam Join Date: Oct 2007 Location: Calera, AL....25 Miles S of Birmingham Posts: 6,583	RE: California IOU's IOU'sFirst 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.

07-02-2009, 05:26 PM	#6
WW2 Senior Member Blue Marlin Join Date: Sep 2007 Posts: 4,091	RE: California IOU's States used IOU's in the past. The great depression is one time....

07-06-2009, 12:43 PM	#7
LazyFatYANKEE Senior Member Trigger Join Date: Jun 2008 Location: Gulf Breeze Posts: 231	RE: California IOU's 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?

07-06-2009, 12:46 PM	#8
Getsome Senior Member Grouper Join Date: Sep 2007 Posts: 1,007	RE: California IOU's I think that some banks might take them for a while until they see if the state will pull out of it.

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