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IPFS News Link • Economy - Economics USA

Arnie's World: Why California Could Be the Next Greece

Despite his positioning of the story as Arnold Schwarzenegger wanting to do the right thing and the California legislature as not co-operating, the facts are accurate. There is no way out. Like Greece , the politicians can't cut for fear of an uprising. Thus,default and bankruptcy, or Federal bailout (with controls) is looming.

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