Obama knows that no matter what he does or does not do for CA, the state will go overwhelmingly for him in 2012.
So the money will get him nothing he doesn’t already own.
I agree that there is nothing for Obama to gain by bailing out CA, which is in the tank for him no matter what he does. He knows that any money he borrows for CA would be spent on freebies for illegals and other corrupt wastefulness and there is a slight risk that someone outside California might notice. Californians themselves are so jaded by the corruption, graft, and waste that they don’t even care anymore.