Should California be bailed out?

Looks like all those wind farms and stuff didn't mean much after all. May 20, 2009 MEGAN MCARDLE: California is hosed: “California is completely, totally, irreparably hosed. And not a little garden hose. More like this. Their outflow is bigger than their inflow. You can blame Republicans who won’t pass a budget, or Democrats who spend every single cent of tax money that comes in during the booms, borrow some more, and then act all surprised when revenues, in a totally unprecedented, inexplicable, and unforeseaable chain of events, fall during a recession. . . . Whoever is to blame, the state was bound to go broke one day, and hey, today’s that day! There is a surprisingly sizeable blogger contingent arguing that we have to bail them out because however regrettable the events that lead here, we now have no choice. But actually, we do have a choice: we could let them go bankrupt. And we probably should.”   http://pajamasmedia.com/instapundit/78845/

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