What will his approval rating be when he asks Congress to bail out California?
“What will his approval rating be when he asks Congress to bail out California?”
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I hope you are saving your pennies for the bail-out of the two other socialist paradises of MA and NY. MA is also isued IOUs and NY is close on their heels.
They will take our un-hip, non-progressive, fly-over territory money in a heartbeat, but still manage to condescend to the American heartland.
California will not be bailed out directly - our benevolent overlords think, perhaps appropriately, that the sheeple will fail to make any connection with a bailout of the banks California is now endowing with generous quantities of IOUs (both directly, and indirectly). Not all paper is made equal - the IOUs are not printed with the magical fairy dust in the possession of the treasury.
Anyway, summary: California offloads a portion of its deficit to the banks, the banks are too big to fail, the federal government rescues the banks. On the surface (bank rescue), everything appears to follow the Bush-Obama bailout paradigm. In reality, it is a cash transfer from middle America (future generations especially) to the California arm of the NEA and other public “works” unions.
The time for bullets in heads was 1913. We are at the stage of looking for ointment to apply between our wrists and shackles now.