[meyer]

The state sold $3 billion of some peculiar bonds at interest rates that look a lot like the interest rates lenders charge failing enterprises these days.

Well, if the shoe fits...

[captnorb]

They will fail! As has been discussed for years..Tobacco tax is for revenue, not stop people smoking. However, one hand says buy smokes(revenue) while the other hand says no smoking in CA. In the future will CA have tobacco monies to repay bond holders? Maybe short term fix. Then what?