The scary thing is that California and Illinois, the two worst by far, have a voting population in its big cities (L.A., San Fran, Chicago) that is completely detached from the fiscal reality based on November's elections.
Based on the release of the names of the international borrowers from the Fed’s special credit facilities it is entirely possible the Fed will bail out California and we won’t know about it for two years.
And gerrymandered to remain that way!
We just elected Quinn, have only a $40,000 per household unfunded pension liability in the city of Chicago, and a God only knows unfunded state pension liability.
What was the problem, again?
It’s sobering to think, that as an Illinois resident, that both Illinois and California are in worse financial shape than Michigan which has a hellhole like Detroit.