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.

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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.
    jo6pac
    4th Generation Californain

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