Governor Arnold Schwarzennegger declares Fiscal Emergency in the state of California, and Government workers are unhappy that they are asked to take 3 working days off, each month, so that the state can save money. As is, California has a US$26 billion hole in its budget, and there doesn't seem to be any workable solution, other than ..... you guessed it right .... borrow some more ..... this time, at much higher interest rate of 5% per annum.
Best wishes,
Ooi
Video entitled "Banks Ponder California IOUs", courtesy of MSNBC.Com & CNBC
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