Thursday, June 25, 2009

California Woes

Seems that the Failed State of California is about to issue IOUs to cover its debts. Its fortunate that States can't just spend money they don't have like the Fed does, someone eventually will say no more credit to a state. Unfortunately, the very people who irresponsibly caused the problems in the first place won't be punished for it. Unless you count the people of California who elected them in the first place. Maybe there is justice.

"At some point we Californians should ask ourselves, how we inherited a state with near perfect weather, the world's richest agriculture, plentiful timber, minerals, and oil, two great ports at Los Angeles and Oakland, a natural tourist industry from Carmel to Yosemite, industries such as Silicon Valley, Hollywood, and aerospace—and serially managed to turn all of that into the nation's largest penal system, periodic near bankruptcy, and sky-high taxes." - Victor Davis Hanson