California is on the verge of system failure, says this latest report from CTV news. We would hasten to point out that the report implicitly shares Warren Buffet’s dangerously stupid idea that the Federal Government will eventually have to rescue beleaguered cities, counties and states. Where, one might ask, will a just-as-bankrupt Federal government get the money if the cities and states themselves cannot squeeze it from taxpayers? Or would we purport to fix the U.S. economy with yet more printing-press dollars from heaven?
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I think I hear Bernanke’s helicopter starting up.