Mish posted a link to an interactive feature on the California budget that allows you to come up with your own solution. Here's my solution:
$8 billion in new taxes on gas, cigarettes and alcohol, plus new taxes from allowing offshore drilling. In combination with $25 billion in cuts, it generates a $10 billion surplus, enough to pay down some debt and eventually reduce taxes on savings and investment.
Iron ore rally overshot
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The iron ore bear market rally needs a new spur as steel and margins stall:
Dalian futures likewise look toppy: And coking coal: Steel output is still
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