Ezra Klein is confused on California

"California is in a total fiscal crisis. It's had to slash state services to the bone and will have to cut further. It's gutted the University of California and lost its credit rating." Says Ezra.

Yes, and I can verify that in my local neighborhood, over half the households expect their income paid from the property taxes of the less then half remaining. It has always been this way, mainly because people like Ezra Klein design irreversible government programs.

So, yes, California will default, but the main blame are the liberals who have not discovered reversibility in government programs makes change smooth. For example, my cost of raising the valuation on property taxes is zero up to 2% a year. The cost of evaluating down in a property slump is about $1,000 in bureaucratic costs. Hence, Ezra and his ilk have designed in bankruptcy as the mechanism of change.

Where does California go for a bailout?

"California's political leaders, who are facing the daunting challenge of closing an estimated $20.7 billion budget deficit this year, are looking to Washington for help. Just don't call it a bailout."

Naturally, go see Ezra's pals in Congress, at which point they can make irreversible decisions that will crash later,