SACRAMENTO, Calif. – California said Thursday that it plans to cut water deliveries to their second-lowest level ever next year, raising the prospect of rationing for cities and less planting by farmers.
The Department of Water Resources projects that it will deliver just 15 percent of the amount that local water agencies throughout California request every year.
Thanks to the worsening economic situation the effects of declining oil production – much higher prices and shortages – look to be even closer and more severe than before the financial crisis emerged. Falling prices at the gas pumps are only a temporary distraction: the real troubles are getting closer all the time.
The swindle of American taxpayers is proceeding more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson’s transaction, the taxpayers were taken for a ride–a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public’s money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.
