> http://www.latimes.com/news/local/la-me-calgrants29-2009may29,0,694495.story
> California could be the first state to cut student aid while hiking fees
Incredible. The US states need at least $100 billion, maybe more, just to keep the lights on. We're talking education, health care, parks, libraries -- social wealth built up over generations. If that goes, it will take decades to rebuild (just ask Russia).
Can someone please explain to me what Team Obama is doing about this? We're going to need a second stimulus package -- not as big as the first, but at least big enough to keep the states solvent. If the states fall apart, the downturn worsens exponentially -- consumer demand goes into another tailspin, another $1.5 trillion of otherwise solvent car, house, student and credit card debt goes bust, the zombie banks become super-zombies, foreign creditors start heading for the exits...
Are they too busy typing IOUs to ghostly rentiers in the Overlook Hotel, while the fiscal storm rages outside?
-- DRR