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Can you give me some reasons why that would be a good idea?

Yes, I can give you some reasons after living here for over 25 years:

1. Californians (in the aggregate) are childish people and the humiliation of bankruptcy would do them good.

2. Republicans are in control of Congress this time around and the state would not get any sweetheart deals.

3. Democrats are in complete control of CA and it would fall on their shoulders.

4. California is ungovernable and people need to understand that. Bankruptcy would drive it home.

5. Buyer beware! California Munis have been a bad deal for a long time. I wouldn't go downwind from a CA Muni. People who bought them should have been aware. California will have a very difficult time borrowing money as they are now for their high speed rail boondoggle. This would be a good thing. It would force California to live within their means, something they haven't done for a long time.

6. Lastly it would be funny to see the state go bankrupt with Jerry Brown as governor. It would be poetic justice. He had so much to do with the initial forces that caused the bankruptcy and he's the type of person who has caused the problem.

Thank you for the reply.

I see your points and can agree.

Though at the end of the day I do not support bankruptcy by the states as politicians will use it as a means to clean up the mess they have created only to create a new mess following bankruptcy.