Dan Walters: The Governor and Legislature Fiddle As California Crumbles

Summary

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You have to string together a series of seemingly unrelated events to see it, but last week painted a powerful picture of California's chronic inability to govern itself.

As the week began, a legislative committee heard state Treasurer Bill Lockyer describe, in blunt terms, why the state finds it increasingly difficult to market its bonds. Briefly, its budget is chronically unbalanced, it has floated too much debt, and it's now forced to pay higher interest rates on its debts than many Third World nations.

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Dan Walters: The Governor and Legislature Fiddle As California Crumbles

Counterintuitively, state schools chief Jack O'Connell a day later urged the Legislature to approve a big new bond issue for s...

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