The state of California is the biggest of several governments nationwide that are being locked out of the bond market by the global credit crunch. If the state is unable to access the cash, administration officials say, payments to schools and other government entities could quickly be suspended and state employees could be laid off.
Friday, October 3, 2008
California ready to Go Belly Up
Per the LAT, Gov will be asking the Fed for a $7 billion loan to bail out credit crunched California.