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Chickens coming home to roost

This is very interesting, leverage to the maximum .... and California is going bankrupt .... running out of cash to operate ... even Arnold cannot save California ... the USA has been living high on credit for too long ...

See, e.g.:

"The Reckoning: Agency's '04 Rule Let Banks Pile Up New Debt," by Stephen Labaton, The New York Times, October 3, 2008
"wild greed and market failure" AGINY, October 3, 2008
"Wall Street crisis threatens California's house-of-cards budget plans," by Dan Walters, Sacramento Bee, October 1, 2008

Posted October 4, 2008 07:27 AM · Permalink · Caught Our Eye

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