What you are suggesting is “too big to fail”. Hogwash. This is the very attitude that allows the Left to recoup, rebuild their power & authority. Failure, OTOH, exposes the total incompetence of the Left to govern. They need to learn that lesson. The rest of America needs to see what insane liberalism does to people & states.
It is obvious to me that Jerry Brown & Co. are forging ahead with fiscal insanity in the sure knowledge that Obama or Romney or Santa Claus will eventually come to their rescue with billions of free money - my money. Mommy's very presence emboldens the child. Well, if I have a say, CA will get NOTHING for a bailout. Nada! The state can rot in the hell they made.
At this point, I think some states NEED to fail. That’s the point of the federal system, or it should be. Wise policies bring prosperity to wisely-run states. Foolish policies bring utter failure to foolishly led states.