They be grabbing commutative property, from wherever it is now. For example, all the municipalities who pay them money need commutative property, they are quite short. They all need it now because they gave their spare to the construction industry, via your typical county stupidity. The equilibrium? A meeting of the elders, most likely in Sacramento under Gavin's chaos. What do they have in Sacramento? A battle over prop 13, a battle over GavinCare taxes. Meanwhile, LA gets camptown, big time.
Sandbox needs a hedge for California, a point of symmetry where folks can bet the insanity of law, give the legislature a warning. Something like an automated S/L for the municipalities of median size, exclude the unique large cities. Like the optimum, error bound credit card, fully cash in advance, and pays balanced deposit income. We get a real early warning of stress, no longer needing to read Pension Tsunami every day.
What we do now, we have all the appropriate reporters watching budget meetings over the state, the bond dealers sift our the aggregate numbers. The median cities, or trimmed cities, and counties, their S/L signals the hedge, immediately upon hearing this kind of proposal.
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