[KamperKen]

"2) how much Federal money will be dumped down the hole before the Ruling Class decides it is a lost cause."

All the more reason to have the Republicans take over both houses of Congress, so that the idea of a Federal bailout will be stillborn. Their spines will be stiffened by the huge push back they will get from voters in other states who don't want their pockets further picked to subsidize California's insane mismanagement.

California made the list of the top ten political entities in the world that were at risk for default, right down there with the likes of Pakistan and Argentina. That is what California needs; a default that largely cuts it off from credit markets.

[Tzimisce]

Their spines will be stiffened by the huge push back they will get from voters in other states who don't want their pockets further picked to subsidize California's insane mismanagement.

California has 54 electoral votes that went for Obama in 2008.

Democrat Congress or not, you'd better hang on to your wallet cause you're going to be paying for irresponsibility one way or another. :(