Borrowing is very much on politicians' minds as the state prepares to send a delegation to Wall Street on Thursday. They know that whatever policy choices they make, the real key to making it through the next few years is the ability to get affordable credit. California likely will borrow its way through the crisis.
Angelides will head Thursday to New York, along with Controller Steve Westly and the administration's finance chief, Steve Peace.
Other than California's size and track record of repaying debts, there's little good news to present.
I am sure that Wall Street is going to look at Mr. Peace, his background and ask him lots of questions as to his commitment to pay back borrowed funds even if it means getting everyone he knows voted out of office. These guys going back to NY are going to be walking into the lion's den. When they get back they will have a much better undrestanding of the problems that Davis and the legislature have placed them and the state in. It will be interesting to see if there is any coverage of the meeting.
If there is coverage of the meeting, it will probably be of a rating agency downgrade that discussed the poor responses provide by the California delegation. If that happens, watch out as the Dem's try to spin that.
They will of course, try to spin it, and the California media will help!
It is going to get very interesting!