In response to:
Do not despair, Mr. Shedlock, California will do just fine. With Obama in the White House, the probability is high that they can shuck off many of their obligations to the federal government. Of course, by rational accounting rules (GAAP), California is already bankrupt, so who cares what Moonbeam Brown and his Democrat cohorts in the Legislature do? Shucks, Brown might even hire Gray Davis to come back into government to serve as Treasurer or Comptroller or something.
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