California sun
But you're still in bed
And the California rain
Is turning red
California has no cash to fund operations, can't sell bonds, and the banks won't help. Girly Man Schwarzenegger goes crying to Paulson.
California typically borrows at this time of year for seasonal cash flow reasons. But this is no ordinary year, and the revenue that those Revenue Anticipation Notes are anticipating won't be there. Schwarzenegger is still spending like the housing bubble is coming back.
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UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a... -
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QE has permanently ruined bonds for investors
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