Thursday, July 2, 2009

Federal Reserve Issues Warning On California IOU's

The California State Controller's Office has announced that it may issue registered warrants, or IOUs, for some payments as early as today.

The Federal Reserve has issued a warning that states in part:

These warrants will not be subject to the normal, federal check-hold limits and therefore could be subject to extended holds.

The Fed goes on:

The State of California will likely return unpaid any registered warrants that it receives before the payment date. Therefore, depositors of these warrants may be subject to returned-deposit fees if their banks attempt to collect these warrants before they are payable. In addition, if customers rely on these funds to make other payments, they may be subject to overdraft or bounced-check fees if the warrants are returned


  1. hahahahahaha.

    Sorry, but after that somber educational moment, I needed this moment of hilarity.

    (As George Carlin said, even rape can be funny)

  2. James Rothfield,

    I suppose you think pedofilia and lynching can be funny too, huh?

    Still, I get your point about the post; and I disagree. California was once a wonderful place. Now it is a sad garbage heap, and America-hating Obama wants to use it as a model for destroying America.

  3. Anonymous, my ancestors came from a very sombre place where blood ran ankle-deep more often than is good for the collective psyche. As a result, my humor tends to run a little darker than that of most North Americans. Sexual innuendo barely makes me crack a smile, but give me the end of civilization as we know it - and I am in stitches.
    But, my unknown friend - how else should one react? It's possibly the end of the world as we know it - and so when tears don't work, and anger barely makes a dent, what can one do but laugh?