Free Republic

<p>The borrowing authorized by Prop. 57 makes little sense without a strong spending cap, which companion Prop. 58 does not provide.</p> <p>Thanks to Gov. Arnold Schwarzenegger's persuasive powers, recent polls show a dramatic turnaround in the percentage of California voters backing the governor's pet initiatives, Propositions 57 and 58. Prop. 57, which would float a $15 billion bond to pay for the deficits created under the Davis administration, and Prop. 58, which requires the state to enact a balanced budget, are now likely to pass.</p>

As noted in the editorial above, this page strongly supports Gov. Arnold Schwarzenegger's economic recovery plan. Nonetheless, his trolling for large contributions from Wall Street executives who stand to profit from his proposed $15 billion bond sale is nothing short of deplorable. Schwarzenegger, who is visiting New York today, must have had second thoughts about the propriety of charging a whopping $500,000 per head for tonight's fund-raiser in support of Propositions 57 and 58. After coming under considerable fire, he cut the unseemly fee for the event at the home of Robert Wood Johnson IV to $25,000. The worthy cause...