Remember when they recalled Gray Davis?
They said he was spending to much, and he was. Now he has to be rolling on the floor laughing.
Far be it from me to defend a Democrat. But compared to A-r-n-o-l-d Davis was on an austerity program.
Schwarzenegger is Republican in name only.
California's debt is seen by investors as riskier than Kazakhstan's, according to Bloomberg News. Five-year credit default swaps tied to California's debt, which are a key measure of the market's belief in the likelihood of default, are actually trading at 100 basis points above those of Kazakhstan. In other words, the market believes a developing country of just 15.7 million people is actually less likely to default on its debt than California, which makes up the eighth-largest economy in the world!
Currently CA is drowning in debt to the point scuba diving gear is issued just to enter Arnold's office.
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