On Fri, 11 Jan 2008 13:16:45 -0600, F. George McDuffee
wrote:
snip
and
California [as the first domino] is on the verge of bankruptcy.
=========
WOW -- that was fast --

Several people emailed me to ask about the California budget
crisis.

click on
http://www.sacbee.com/dyn/comments/s...&tie_to=626364

For people that live in other states [like me -- Kansas] remember
that California is unique only that it is *FIRST*.

The available information/data indicates that *ALL* [US] states
and most of the major municipalities, have evaded the "no
deficit" provisions of their constitutions/charters, and have
accumulated horrendous unfunded pension liabilities, as well as
massive "authority" or quasi independent institutional [such as
university] debts for which they are responsible as guarantors.

California is of particular concern as it is the home of "high
tech" (as in silicone valley), and by GSP [gross state product]
is the 6th or 7th largest economy in the world.

If we have to rerun years because of the writers' strike, lets
chose one other than 1929... What a way to start 2008...