Sunday, November 7, 2010

Thanks New York and California

Thanks to New York , California and democrats, we're in for a heck of a time. From what I've heard there is already a movement under way to stop the Feds from bailing out both states. Those people voted for the mess they're in, let them pay the consequences...

Indebted and Unrepentant
New York and California stand virtually alone against the rest of the country.

This sets up what could be an ugly fight in which a Tea Party–inflected national Republican Party, encouraged by its strength in the interior states, forces California and New York—now heavily dependent on federal subsidies—to reduce their spending sharply. The coastal giants would no doubt respond by threatening defaults, which could affect the credit standing of the entire country, since many of the bonds are held by foreign investors. The upshot would likely be a high-stakes conflict about free trade, globalization, social class, race, illegal immigration, and public-sector unionism.

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