FlappyTheKinkajou
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Tell that to Argentina, Iceland, Hungary, and Pakistan. Nations can and do go bankrupt. I think that bailing out California has the potential to seriously damage the credit rating of the United States (depending on how much cash they actually need, which I don't think has been determined yet). It should be avoided, unless it would result in an Uber-Lehman cascade where all of the banks who have California debt collapse as well.
Californians just voted not to raise their own taxes to prevent their impending bankruptcy...it would hardly be fair to expect the other 49 states to do so. I'd rather let California reap what it sows, if at all possible.
We Californians sent a message that spending needs to experience drastic cuts, and that there is so much waste that it actually unites disparate ideologies under the idea that enough is enough.