Thursday, May 21, 2009

“Golden State”

With most of his referendum initiatives defeated in this week’s vote, Governor Schwarzenegger is now scrambling with lawmakers to slash California’s budget by billions of dollars before state funds run dry. On the plus side, Schwarzenegger himself continues to be very, very rich.

California’s poor financial situation has led state leaders to ask the federal government assistance in the form of loan guarantees, similar to the help given to AIG Insurance and General Motors. So now we know what it’s like when the state is run like a business.

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