[randolph]

There is talk of changing Federal law to allow states to go into bankruptcy and restructure their finances. In view of the dire situation here in California, this may be the way to go. After years of handing out plush salaries and generous retirements and borrowing money to cover operating costs, the state is frozen in a political stalemate. No one is willing to give up anything, the legislature is a farce. Jerry Brown sincerely wants to do something but his power is very limited by the initiative process that has locked expenses into the Constitution.
Bankruptcy would allow the state to break down all the special interests and start from scratch. Sounds good to me.