The Bloomberg Press reports on how Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. convinced California to sell its bonds under a "special deal" in exchange for a better long-term arrangement. This deal lead to one of the worst bond markets in recent history and millions of dollars in losses for the state.

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These are creepy times for taxpayers -- the creepiest in memory. Between the state and local ballots, there are hundreds of measures that would increase the burden on taxpayers. If all or most of these tax increases and bonds pass, it will be Halloween every day as taxpayers are compelled to dole out big dollar treats to our political class.  Read more >>

Even in the best of times, the three major bond proposals on the November ballot would merit a thumbs down. Propositions 1A, 3, and 10 would put taxpayers another $16 billion in debt to fund some dubious projects.  Read more >>

Like most political decisions made under duress, there are legitimate questions as to whether the deal reflects good public policy -- or whether it was even legal.  Read more >>

In politics, sometimes you eat the bear and sometimes the bear eats you. Just ask the national Republican Party.

However, there is no doubt that California taxpayers "ate bear" last week by scoring some great electoral victories. First, the four statewide tax increase measures on the statewide ballot were soundly defeated. Propositions 86, 87, 88 and 89 would all have increased taxes on somebody and would have resulted in additional costs to everyone.  Read more >>

There was a popular song a few years ago called, "Money for Nothing." While the tune was a satire on the vast amounts paid to successful rock stars, the title could just as easily apply to many voters' attitudes toward bonds.

As we approach the November election with over $41 billion in bonds on the statewide ballot, and additional billions being considered for local jurisdictions, now is a good time to brush up on the significance of bonds, their true costs, and how they are repaid.  Read more >>

An appeals court in the state of Washington has ruled that politicians cannot be punished for lying, and the issue will now be considered by the state supreme court.

When a candidate for state senate published a brochure falsely claiming that her opponent had voted to close a facility for the disabled, the matter was referred to the state sponsored Public Disclosure Commission. The commission fined the offending candidate $1,000 for violating a law that bars candidates from deliberately making false statements.  Read more >>

There are 13 measures on the statewide ballot this fall in California. Those advocating a "yes" vote on any of them have an uphill battle.

And if you think it is too early to be talking about the next election, well, that proves the point. We just had the June primary and that was the fifth statewide election since 2002. Part of the issue, of course, is voter fatigue. But there is something deeper going on.  Read more >>