So do we bailout the Big 3 automakers or do we bailout California? It seems our big liberal western state of California's state government is mega in debt and in danger of completely running out of money. The state faces a $28 billion budget shortfall over the next two years. If nothing is done, nearly $5 billion in public-works projects could be halted in little more than a week for lack of bond sales.
Today Governor Arnold Schwarzenegger said that the state is losing money hand over fist and is currently at a deficit of $15 billion dollars. He called the efforts of California legislators "a shamefull performance" and calls the situation a "financial armegeddon".
The state is losing $500 a minute and $40 million a day currently. So who do you think is net after the Big 3 gets their money? Looks like it could be California!