Is California too big to fail? - MarketWatch
 

http://www.marketwatch.com/news/stor...ist=TNMostRead

Even before the vote on the $700 billion bailout bill last week, the wily Terminator of fiscal discipline had a letter on the desk of Treasury Secretary Henry Paulson making the case for a $7 billion loan to keep the nation's most populous state running past October. Arguing that California -- and many other states -- have been frozen out of the credit markets like a subprime homebuyer, Schwarzenegger said the state needs the money to pay teachers, cops, firefighters, nurses, and other state-funded enterprises of some importance.
California was quickly followed by Massachusetts, whose reputation as "Taxachusetts" hasn't seemed to help it stay above water. And now the race is on to see whether any of these states can tap into the bailout frenzy before all the money goes to save Iceland.

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Posted by reader:
"I lived in Ca for 25 years. Saw more money (and water) wasted than I thought existed. After I moved, had my accountant calculste what my taxes would have been had I stayed. Ca Income taxes alone would have cost me $1000 per month more, (I was paying 11%) I lived in Bakersfield. In over 20 years the umemployment never went below 10%, but we had illegals everywhere working. You can't get into a hotel and understand the clerk. The welfare people were paying $800 per month to house welfare people when I was paying $500 for my apartment. When they finally cracked down a little on Sacromento expenses, they found the state maintained 3 TV studios to make campaign stuff. It goes on and on, Let them eat cake."

:1orglaugh:1orglaugh:1orglaugh