Uncle Sol Starting a thought farm

Stranger than Fiction

You really can't make this stuff up. From a piece by Calculated Risk over the weekend...

From Danny Hakim at the NY Times: New York Plan Makes Fund Both Borrower and Lender (ht jb)
Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.

And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
Oh my ...

Really? How does that work? Can I borrow money from my savings account to make deposits in my savings account too?

Where does the madness end?

"Move along folks. There's nothing to see here"

Share on Facebook