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Thread: Orange County going into recession

  1. #1
    God/dess Deogol's Avatar
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    Default Orange County going into recession

    “To be blunt, we’re on recession watch,” said Jack Kyser, the chief economist of the Los Angeles County Economic Development Corporation and the conference’s keynote speaker.

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    God/dess Lysondra's Avatar
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    Default Re: Orange County going into recession

    That's news?


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  3. #3
    Yekhefah
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    Default Re: Orange County going into recession

    Recession WATCH? Um, hate to break it to you, but the recession's been around for awhile already.

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    Default Re: Orange County going into recession

    Deogol:

    Ironically, tomorrow is the 13th anniversary of Orange County's bankruptcy. I knew somebody working for Robert Citron, and the news sent ripples throughout California and the rest of the nation...

    "On December 6 1994, Orange County, a prosperous district in California, declared bankruptcy after suffering losses of around $1.6 billion from a wrong-way bet on interest rates in one of its principal investment pools. The pool was intended to be a conservative but profitable way of managing the countys cashflows, and those of 241 associated local government entities. Instead, it triggered the largest financial failure of a local government in US history.

    Robert Citron, the hitherto widely respected Orange County treasurer who controlled the $7.5 billion pool, had riskily invested the pools funds in a leveraged portfolio of mainly interest-linked securities."

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    Default Re: Orange County going into recession

    that bankruptcy was BANK for a lot of consultants, heh!

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    Banned Melonie's Avatar
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    Default Re: Orange County going into recession

    those who fail to learn from history are doomed to repeat it !

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    Default Re: Orange County going into recession

    Quote Originally Posted by Yekhefah View Post
    Recession WATCH? Um, hate to break it to you, but the recession's been around for awhile already.
    Not really. And not here. We're doing very well, thank you. But we sure did get our "lumps" back in 01 and 02 when tech busted.

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  8. #8
    Yekhefah
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    Default Re: Orange County going into recession

    No, I meant in SoCal.

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