[Ernest_at_the_Beach]

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[dfwgator]

Wall Street to California, "Drop dead."

[DoughtyOne]

Well the Democrats have had firm control of the state Legislature for decades. California is what Decmocrat leadership will give you. Take that to the bank California, for all it will get you.

[Jim Noble]

Why is this a "stunner"?

California is insolvent and run by incompentent socialist toads. Why should this produce a warm reception down at Broad and Wall?

[meyer]

The state sold $3 billion of some peculiar bonds at interest rates that look a lot like the interest rates lenders charge failing enterprises these days.

Well, if the shoe fits...

[meyer]

If investors continue to treat California like junk, curing the budget crater will be extra taxing to the citizenry.

Interesting - the story falls just shy of blaming Wall Street Investors for the state's cost-of-capital. Which state would you buy bonds in - California, or Idaho?

[JohnGalt]

This illustrates why Bush's tax cut will not stimulate growth when government debt draws most of the dollars. (40 years at 7% is approaching life insurance returns!)

Without a capital gains tax cut that rewards investment, there is nothing in the short term to spark growth.

[NormsRevenge]

Double Ouch!!!

[Petronski]

The efficient information-seeking behavior of millions of investors makes Wall Street a blunt and frank world where spin is quickly dispelled. The truth can sometimes be brutal.

[Jimbaugh]

Time to reboot Kalifornia. Crash the system and start over.

[GSWarrior]

In a related story, it has just been announced the Davis Administration plans to merge the California Highway Patrol and the California Department of Fish & Game into a single entity called the California Department of Fish & Chips.