Friday, July 10, 2009
Californians will have fewer places to cash in IOUs after large banks stop redeeming them Friday.
At least three major banks, Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500), will stop accepting the IOUs, as they'd previously announced. The state of california is the world's eighth largest economy, it has issued more than 90,000 IOUs worth nearly $355 million. Also called registered warrants, the IOUs pay an interest rate of 3.75% and can be redeemed on Oct. 2 or earlier if divided state officials reach a budget deal.
Recipients will include state contractors, social service agencies and those owed income tax refunds.
But some analysts say the government is to blame, with its policies of encouraging migration from China's overcrowded east widening the divide between different ethnic groups.
Al Jazeera's Steve Chao reports from Beijing.
Category: News & Politics
AlJazeera Al Jazeera China Uighur Han Xijiang Unrest
The United States Supreme Court has refused to hear a challenge to California’s medical marijuana laws, signaling that federal law will not intervene or make void state laws on its growth, distribution, and use.The state that pioneered the legalization of marijuana in medicine in 1996 has been fighting a legal battle with the federal authorities ever since.
Under federal law, marijuana is an illegal drug. A lot of people thought that when the states were passing the new laws for medical marijuana use they could be made void.
California budget crisis marijuana Dan Bernath Калифорния бюджет кризис марихуана Дэн Бернат