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http://www.moneynews.com/StreetTalk/California-verge-System-Failure/2010/06/21/id/362560
Budget analysts say Governor Arnold Schwarzenegger has no choice but to ask Washington for bailout funds, and that Washington has no choice but to agree because not bailing out the Golden State could put the entire U.S. economy at risk.
It seems that California — which at one time had the third-largest economy in the world — is like the biggest U.S. banks: Too big to fail.
Neither Democrat Jerry Brown nor Republican Meg Whitman has offered details in their campaigns to become the state’s next governor about how to close this year’s $19 billion budget deficit or handle next year’s anticipated $37 billion deficit, the Mercury News reports.
Fortunately for all of us, the economy has turned around and recovery is just around the corner. Oh, wait, that was last year's news.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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