kmanm

No Bailout for the Governator: California's 'Fiscal Emergency'

CA's budget problem is a poster child to what will happen to the country unless the government cut spending significantly and start paying down the national debt. Soon or later the government will start issuing IOU to China and US will be lead by politicians not from Washington DC but from Beijing. Remember, US is paying over half trillion dollar (and growing) on interest alone. This cannot be sustained and something has to give in. Be assure the first causality will be the dollar.