In crafting the state budget, Gov. Davis and his legislative colleagues applied many of the same deceptive accounting techniques used in these corporate scandals.
Ouch! That has to hurt Davis in two ways. First, it is truthful and connects something that is hurting a lot of folks retirement acounts and therefore is transferring anger to Davis and second, it is pointing out to Davis and the Democrats why their budget (that counts so heavily on borrowed Wall Street funds,) may have a real problem.
Wall Street will look at the budget and then calculate its own cash flow for the state before it lends a dime and before analysts determine bond ratings. With the Merril Lynch New York State settlement, Wall Street will be much more careful to really look at things before it recommends buying bonds from California.
There should be a train wreck, but I suspect that Doofus is hoping that nobody will notice his little problems until after Nobember.
It's fascinating that all discussion of borrowing to "tide the state over" or "amortize the debt" has ceased.
It's quiet...too quiet...