Mercury Rising 鳯女

Politics, life, and other things that matter

Government of world’s fifth largest economy nears bankruptcy

Posted by Charles II on October 3, 2008

Dow Jones:

California Gov. Arnold Schwarzenegger warned U.S. Treasury Secretary Henry Paulson in a letter emailed Thursday that the state might need an emergency federal loan of up to $7 billion within weeks, the Los Angeles Times reported Friday, citing a copy of the letter that the newspaper obtained.

California, among several states frozen out of the bond market by the credit crunch, is nearly out of cash to fund day-to-day government operations and can’t access routine short-term loans it relies on to remain solvent.

Getting rid of Gray Davis was such a smart thing to do.


One Response to “Government of world’s fifth largest economy nears bankruptcy”

  1. jo6pac said

    Yep, that recall thing went real well. Davis was much cheaper.
    4th Generation Californain

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