Orange County, California's gamble on derivatives ultimately led to its bankruptcy. Poway's desperate financing deal is far worse and should be prohibited. Governments, especially small municipalities, should limit themselves to traditional financing. Times may desperate in the Golden State, but this is nuts.
- Video: Israel shoots down Syrian jet over Golan Heights Ed Morrissey 41 mins ago
- Joe Biden 2012: Can you believe Mitt Romney wants to hit Syria? Allahpundit 1 hour ago
- Rally point: Should Obama start talking about combat forces now? Ed Morrissey 2 hours ago
- International community concerned America violating international law by striking Syria? Noah Rothman 2 hours ago
- Jihadi social media: Khorasan Group leader Muhsin al-Fadhli killed in U.S. airstrikes in Syria Allahpundit 3 hours ago
- NYT: On second thought, Bush did pull together a coalition on Iraq Ed Morrissey 4 hours ago