Here. Recently we had some distant relatives who were visiting California from Germany over for dinner. I made some remark about how California could be going bankrupt soon. The German was a physician and sat on his town council (which was 1000 years old or something, but that's another story). He could not comprehend that a state as rich as California could be going bankrupt. It is pretty mind boggling, but I said all it really takes is to spend a lot of money and then be unable to agree either to stop spending so much or how to pay for what you have committed to spend. Shocking, but not really incomprehensible.
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See also:
http://blogs.reuters.com/felix-salmon/2009/07/01/california-the-haves-and-have-nots/
Posted by: Mike | July 02, 2009 at 12:10 PM