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Originally posted by breakingdradles
California is just the first in many I believe.
The country has had a deficit for years and the states are starting to now too.
What happens when your country, state, county and city go bankrupt?
At least they are getting loans from local governments and not foreign governments like the Fed is!!
Gov. proposes selling L.A. Coliseum, other properties to raise cash
Reporting from Sacramento -- Gov. Arnold Schwarzenegger wants to sell the Los Angeles Memorial Coliseum, San Quentin State Prison, the Orange County Fairgrounds and other state property to raise cash amid the state's growing fiscal crisis, according to a copy of a proposal reviewed by The Times. Other items on the list for potential disposal include Cal Expo, site of the state fair in Sacramento; the Del Mar Fairgrounds in San Diego County; the Cow Palace, a nearly 70-year-old exhibition hall in Daly City, bordering San Francisco; and the Ventura County Fairgrounds.