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Daschle and the Democrats cannot let Kalifornia fail. After what Kalifornia did to bond holders of the utility companies, the state could have some difficulty in peddling these instruments. After the history of default from Orange County, governments including state governments are going to start paying higher risk premiums if they can sell them at all. This could be a very juicey scenario for Simon and conservatives. If we had a better conservative in the White House, a federal bail out would be less likely to happen. After the fed bailed out Chrysler and NYC years ago (recent federal NYC funding is politically and morally a bit different), Bush will have a hard time saying no, a political price he will not be willing to pay or face. But here is a table stakes game where the left could potentially be forced out of the game, or the right could lose most of its current perceived advantages.

What you see happening in Kalifornia now, is what you are going to see in 2008 when Medicare enters permanent negative cash flow, and in spades when Social Security enters permanent negative cash flow in 2012. Who will buy the bonds of a government who will never ever be able to repay and will progressively be needing to borrow more each and every year forever? There is not enough resources in the United States to pay the unfunded liabilities of Medicare and Social Security. The US will default on some of the unfunded liabilities (cut promised benefits to beneficiaries who will be the baby boom generation that doesn't take no for an answer), raise taxes to pay for some of the shortfall (cutting the income of their own children and grand children depriving them of a secure retirement-what would you tell your own spendthrift profligate parent or grandparent-would you cough up or tell them to get a job), this will be when the chimes for midnight of the US will begin to chime. There will be no presidential election in 2016 because the clock will have run out before the elections can be held. Can anything be done to head this off? Maybe.

What can be done?

You posted the magic mantra of Davis: Getting help from the federal government.

Facist Davis had planned on Goron being president when he set into motion our electricity crisis by refusing to sign the contracts to lock in electricity at great rates.

Davis figured that the Bravo Sierra would hit the fan. PG&E would go broke as they would be forced to sell electricty to for a semi free electrical lunch for us kalis for less than they payed for it. He knew that Kali could not meet the demands for electricity in 2001. He expected the states in the Western Region to provide us with electricity and then screw the people who lived in those states with higher electricity prices when so much came to Kali.(Which happened in Oregon and Washington and started those left wing states into a real early recession slide!)

Then, he planned to go to President Goron and get federal price freezes on what Kali payed for electricity. This would then force energy suppliers around the country to dip into their profits to provide low cost electricity to the socialist users in Kali land. That would mean more votes for Fascist Davis as he was screwing the evil energy companies. As you know, they never deserve to make a profit!

Then, if a real shortfall came up like what happened, Fascist Davis would just go to President Goron and have the people in the other 49 states pay for our free electrical lunch. Goron would have done it due to the Kali Sheeple and illegal aliens who voted for him in Kali land.

Well, guess what Fascist Davis, Goron is not your president. You are up that famous creek filled with your own Bravo Sierra and you are about to lose your remaining oar. You lost your right oar, the week before you became Governor and ran to confer with el Presidenti Fox about sending up more illegal aliens to use more electricity for their votes in 2002! So you have been using only your left oar since you became governor, and now you and we are paying the price.