forget that Californication is larger than most nation states...
And, GD (gall darn) near as far in debt.
However, while nation states may have control over their own economies...
states are U.S. more often than not do not.
for example, Medicare & Medicaid expenses...
What the Feds, not justly, are doing is cutting "doctor reimbursements" by 21%
in the middle of each states budget year.
So, states like Cal, Az, WA and OR have already PAID doctors for 6 month billings.
What was the line: "No more unfunded mandates!"
Ha..., did we fool you.
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Street Sweep
JUNE 18, 2010, 7:35 AM
More bets against cash-strapped states
How ugly are the state budget problems?
Nasty enough that traders are betting that two big U.S. states, California and Illinois, are just as apt to default on their bonds as Portugal -- and almost as likely as Iraq.
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