So, let me get this straight. The federal government has bailed out all the banks and the auto industry but said “Sorry, we can’t help you, California.”
Something is wrong here. I promise you, the US will learn to get along just fine without an auto industry. In fact, I believe we will have to anyway because, as much as I would like to believe that Chrysler and GM will find a way to turn things around, I simply don’t believe they have the ability or wherewithal to make it happen.
California is another matter. I simply do not believe that we can survive with a bankrupt California and, personally, I would have rather seen us bail out Sacramento (actual neighbors of all of us) then Citicorp who fleeced all of us.
For many years, the California economy has ranked fifth, sixth or seventh in the world. And while we cannot afford to have GM go away, I guess we can afford to have a third-world economy replace our largest state in terms of economic output. As Will Rogers once said “There’s no trick to being a humorist when you have the whole government working for you.”