They're doing it wrong.

Hopefully at 23% interest.

That's fine, more for the rest of us.

Protip: "taking $550 million in federal stimulus money because it only could be accepted if unemployment coverage in Texas was broadened."

...means the sum they're having to pay now, $258.2 million, would have been higher had they accepted the money. I suppose that doesn't matter, though, since as we all know the recession is over and that $550 million wasn't a finite sum.

Wait, I didn't read the article, but why is a state turning down $550m, and taking only $160m a problem?

FTA

Rep. Mark Strama, D-Austin, said the stimulus money would have eliminated the need to borrow $550 million and would have saved $100 million in interest payments on the bonds.

It is unfortunate for the residents of Texas that the governor was more interested in playing politics than he was in the well-being of the unemployed masses or the financial health of the state.

Mattyb710: Wait, I didn't read the article, but why is a state turning down $550m, and taking only $160m a problem?

Because they took a Moral high ground, declared themselves sovereign and detached from Obama's America, and denied the money.

Which they now are coming back and accepting, hopefully with a sufficient amount of shame.

The stimulus money would have reduced how much Texas had to borrow and would have lowered the tax increase that state employers will face next year to raise the money needed to pay back the loans.

well played, Texas.

well played

Nucleus: It is unfortunate for the residents of Texas that the governor was more interested in playing politics than he was in the well-being of the unemployed masses or the financial health of the state.

God, I wish this guy would get struck by lightning or unelected. He's a blight upon our state. I can't believe he's been reelected so many times.

Not that Kay Bailey Hutchinson is any better. She scares me worse than Gov. Good Hair.

Mattyb710: Wait, I didn't read the article, but why is a state turning down $550m, and taking only $160m a problem?

The state is expected to borrow up to $493 million interest free from the U.S. Labor Department between now and Oct. 1 so it can continue to pay unemployment claims.

The state ultimately is expected to have to take out up to $2 billion in bonds to repay the federal loans and spread the burden of higher taxes on businesses out for four or five years.

Rep. Mark Strama, D-Austin, said the stimulus money would have eliminated the need to borrow $550 million and would have saved $100 million in interest payments on the bonds.

tudorgurl: Nucleus: It is unfortunate for the residents of Texas that the governor was more interested in playing politics than he was in the well-being of the unemployed masses or the financial health of the state.

God, I wish this guy would get struck by lightning or unelected. He's a blight upon our state. I can't believe he's been reelected so many times.

Not that Kay Bailey Hutchinson is any better. She scares me worse than Gov. Good Hair.

Wasn't W a popular Governor of Texas at one time? Puts things into prospective doesn't it.

tudorgurl:
God, I wish this guy would get struck by lightning or unelected. He's a blight upon our state. I can't believe he's been reelected so many times.

To be fair, the opposition vote was split three ways the last time.

Not that Kay Bailey Hutchinson is any better. She scares me worse than Gov. Good Hair.

That's only because she appears to have a brain.

there aint no dumb bass like a texas dumb bass.

Read up on Texas's unemployment policies, expanding them would have increased their debt significantly, mostly because the policies are pathetic and are in dire need of overhaul already...

Hey, Texas, why don't you put your money where your mouth is?

Lots of "tough talk," and no action. Secede already, you dumbfarks. We'll be fine without you.

Sovereign Texas might be wishing they hadn't paid the $160 million to the fed in the first place.

bulldg4life: The state is expected to borrow up to $493 million interest free from the U.S. Labor Department between now and Oct. 1 so it can continue to pay unemployment claims.

The state ultimately is expected to have to take out up to $2 billion in bonds to repay the federal loans and spread the burden of higher taxes on businesses out for four or five years.

So, I can borrow $493 million interest-free, and then I only have to repay them $2 billion? That sounds like a heck of a deal. (I suspect the "journalist" who wrote this is either too stupid to notice how asinine this sounds, or he just copy/pasted the Democrat press release without looking too closely).

Cataholic: So, I can borrow $493 million interest-free, and then I only have to repay them $2 billion? That sounds like a heck of a deal. (I suspect the "journalist" who wrote this is either too stupid to notice how asinine this sounds, or he just copy/pasted the Democrat press release without looking too closely).

They are borrowing X dollars at zero interest, and by selling bonds are essentially borrowing another Y dollars at another interest rate.

I don't see why this is that complicated to you. I am sure they would love to borrow X+Y dollars and pay no interest on the whole bundle, but since that isn't possible, they are making the X as big as they can, and the Y as small as they can. Well, as small as they can without having to accept evil big gubment money.

Enjoy hyperinflation!

Texas needs to rename themselves as ACORN.

Then they can get 8 Billion just given to them.

Culture of Curruption is now the norm again.

If they had accepted the money they would have spent much more in the long term because of the mandated increase in welfare. Typical liberals wanting to increase the number of people defendant on the government.

Sovereign Texas can now kindly sit down and STFU.

Arnold T Pants: If they had accepted the money they would have spent much more in the long term because of the mandated increase in welfare. Typical liberals wanting to increase the number of people defendant on the government.

3/10 for obviousness, but 10/10 for "defendant on the government."

So how's that succession thing going guys?

Fart_Machine: So how's that succession thing going guys?

No better or worse than the secession thing.

bartink: Fart_Machine: So how's that succession thing going guys?

No better or worse than the secession thing.

/facepalm myself
//drinks more coffee

Viewer: 3/10 for obviousness, but 10/10 for "defendant on the government."

OMG! I made a spelling error on fark! How embarrassing! Thanks for pointing it out. You are an amazing person.

And by obvious I'm guessing you mean obvious fact that liberals want to avoid.

gothelder 2009-06-13 10:37:29 AM Hopefully at 23% interest.
====================================

One can hope. But one would probably be wrong :)

But stimulus money comes with strings attached doesn't it?

My state has to give money to part timers and seasonal workers even if they haven't put any money into unemployment insurance now.

That doesn't seem like a fiscally responsible way of doing things.

Um, that bailout money came with serious strings attached that would cost allot in the long term and those strings were unacceptable. Texas was right to refuse the money. Too bad they couldn't trim the budget enough to balance it.

/My state is running a surplus.

Hey, Texas.
That back door you're using to sneak out of your highly principled position?
How's that working out for ya?

Giltric: But stimulus money comes with strings attached doesn't it?

My state has to give money to part timers and seasonal workers even if they haven't put any money into unemployment insurance now.

That doesn't seem like a fiscally responsible way of doing things.

For Texas the two main things taking the Feds money the first time would have been extending unemployment benefits to part-time workers and basing those benefits on the amount of money the worker made the previous quarter (instead of Jan the previous year).

Wal*Mart is a big contributor to Gov Perry and did not want the law changed because they normally have only a few full time workers at each store and would have to incur additional costs.

Construction crews and ground services companies that normally employ illegal aliens would also be losers as they would be forced to pay additional money to the state(illegals of course wouldn't get the unemployment).

Notabunny: Hey, Texas.
That back door you're using to sneak out of your highly principled position?
How's that working out for ya?

How exactly are they 'sneaking out' of their position. They're borrowing money that they have to pay back.

Arnold T Pants: Notabunny: Hey, Texas.
That back door you're using to sneak out of your highly principled position?
How's that working out for ya?

How exactly are they 'sneaking out' of their position. They're borrowing money that they have to pay back.

And they only have to pay interest....not sell their soul so to speak.

Giltric: How exactly are they 'sneaking out' of their position. They're borrowing money that they have to pay back.

And they only have to pay interest....not sell their soul so to speak.

They don't even have to pay interest.

FTFA: "The state is expected to borrow up to $493 million interest free from the U.S. Labor Department between now and Oct. 1 so it can continue to pay unemployment claims."

Alien Robot: Giltric: How exactly are they 'sneaking out' of their position. They're borrowing money that they have to pay back.

And they only have to pay interest....not sell their soul so to speak.

They don't even have to pay interest.

FTFA: "The state is expected to borrow up to $493 million interest free from the U.S. Labor Department between now and Oct. 1 so it can continue to pay unemployment claims."

even better.

godofusa.com: Enjoy hyperinflation!

enjoy hyperFAIL

tudorgurl

Not that Kay Bailey Hutchinson is any better. She scares me worse than Gov. Good Hair.

The funny part about that, I was surprised she didn't get tacked onto the Mccain presidential ticket. She's essentially an equally vapid redistributer of current talking points as Palin, but Kay seems a bit more battle hardened. My guess is that republican circles at the time didn't rate Mccain's chances very well, and consequently she didn't want to stick her neck out. Her name had to have come up sometime during the search for a running mate.

Linux_yes:
Here I sit
cheeks a flexin'
just gave birth
to another texan

Durr hurr hurr, I made the same funny I do in every Texas thread! Maybe if I keep posting it, people will start thinking I'm witty and intelligent!

There. Now you don't have to. Even quoted it for ya.

PC LOAD LETTER: godofusa.com: Enjoy hyperinflation!

enjoy hyperFAIL

I can't hear you over the sound of the printing press.

I'd suggest giving Texas back to Mexico, but I doubt they'd take it. They have enough problems as it is.

Came for smug replies by liberals enthralled by the power and might of the federal government, leaving amused

Man it sucks how I can't call Perry a farking moron around some of my friends. They seem to think he's farking awesome all of the sudden. WTH do rushbots like Perry now?


Hell DIA agrees with me that Perry is a dick

Texas should start printing their own money and stop using the worthless paper tucked into our wallets that we are all pretending has some sort of value.

Did you hear about the 150 billion in US bonds that the two asian fellows were caught with in Italy? No? I wonder why?

Noam Chimpsky: Texas should start printing their own money and stop using the worthless paper tucked into our wallets that we are all pretending has some sort of value.

Did you hear about the 150 billion in US bonds that the two asian fellows were caught with in Italy? No? I wonder why?

I heard about that but it's all very hush hush.

Noam Chimpsky: Texas should start printing their own money and stop using the worthless paper tucked into our wallets that we are all pretending has some sort of value.

Did you hear about the 150 billion in US bonds that the two asian fellows were caught with in Italy? No? I wonder why?

Thats what gold is for. The down side is you can't wipe your ass with a

HempHead: Giltric: But stimulus money comes with strings attached doesn't it?

My state has to give money to part timers and seasonal workers even if they haven't put any money into unemployment insurance now.

That doesn't seem like a fiscally responsible way of doing things.

For Texas the two main things taking the Feds money the first time would have been extending unemployment benefits to part-time workers and basing those benefits on the amount of money the worker made the previous quarter (instead of Jan the previous year).

Wal*Mart is a big contributor to Gov Perry and did not want the law changed because they normally have only a few full time workers at each store and would have to incur additional costs.
......

Which would sound LOTS more plausible as a pre-programed conspiracy talking point if Fark hadn't recently posted for us an article showing that Walmart is THE major new hire business in the USA during this downtrend.

Hiring more workers .NE. laying off workers.