To: EGPWS
California already had their credit rating downgraded, this can start or speed up a downward spiral. Being able to sell enough bonds would generate enough immediate revenue, so they would have time to "Do the right thing", otherwise it could be a downward death spiral.
Naturally the borrowing is only a very short term solution and major changes, i.e. serious spending cuts need to be implemented to recover.
To: FairOpinion
i.e. serious spending cuts need to be implemented to recover.Anything else, in the minds of sensible people, will only exasperate the problem.
Don't you agree?
80 posted on
08/16/2003 3:19:16 PM PDT by
EGPWS
To: FairOpinion
Being able to sell enough bonds would generate enough immediate revenue... Pssst...
Selling bonds does not generate revenue.
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