[goldstategop]

The bond markets aren’t investing. CA and NY are stone cold broke. They have no way out and while Andrew Cuomo wants to cut spending, good luck getting it past the Assembly Democrats in Albany.

[monocle]

Someone is left holding the bag.

[saneright]

From what I understand NY and CA have had provisions incorporated into their state constitutions which protects public employees pensions no matter what.

Public sector unions in these states knew that the fiscal day of reckoning was going to come sooner or later and they demanded that their political allies (ie democrats) protect the booty at all costs. FU joe public. Just shut up and pay my lavish pension. I don't care how you get the $ just pay me.