Why Is California Issuing IOUs? Remember Enron

Courtesy Donklephant  Mon, 07/06/2009 - 9:58pm

After I read Matt Taibbi’s piece about Goldman Sachs gaming the oil/gas marketplace and wrote my own response , I started to think about the massive $24.3 billion budget deficit in California, and I wondered, “How could they get that far in the hole?”

Sure, the global economy has tanked the past couple years and revenues aren’t coming in like they were, but how can the gap be so vast?

Because we’re not talking...


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