Tuesday, July 07, 2009

Big Banks Don't Want California's IOUs - WSJ.com

Big Banks Don't Want California's IOUs - WSJ.com: "A group of the biggest U.S. banks said they would stop accepting California's IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap."
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California funny money becomes basically useless in three days. Apparently some credit unions will keep accepting it, but that won't last.

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