“Tom Dresslar, spokesman for California Treasurer Bill Lockyer, said he hoped Chowchilla ‘will be an isolated case.... There’s no imminent threat of widespread municipal defaults in California.’”
There will be plenty of munincipal defaults in California, but they are not imminent and widespread. I think Lockyer is saying that the defaults will not be in the next 48 hours and will involve less than 90% of the munincipalities in California.
Yes, and I want some of what Bill Lockyer is smoking!