[rstrahan]

The lenders would essentially red-line California, and move their lending operations out of California. This would force California to start its own state-wide lending operations, with no capital to support the lending operations. Given its political bent, they would make loans to everyone, regardless of ability to pay. Thus, within 5 years, a new wave of defaults would further bankrupt California.

[HangnJudge]

The lenders would essentially red-line California, and move their lending operations out of California. This would force California to start its own state-wide lending operations, with no capital to support the lending operations. Given its political bent, they would make loans to everyone, regardless of ability to pay. Thus, within 5 years, a new wave of defaults would further bankrupt California.

Cogent, to the point, brutally true