Too Big To Fail? Bailing Out California

Hey, what fresh hell is this? Here is the latest from the Golden Tarnished State. Short version: California wants a federal bailout. I'm tired just thinking about it. Now didn't I *just* talk about this?

Ultimate upshot: Will solvent states end up paying for the sins of the insolvent ones? Maybe it's time for a big California tea party.

UPDATE: Ballot-box tax revolt by California voters?

Look at this: voters rejected proposals for tax hikes, but they did approval one measure:

Only one of Tuesday's proposed ballot measures met the approval of voters, an initiative that prevents elected officials and employees from receiving pay increases when California is running a deficit. The measure was approved by more than 75 percent of voters.

Awesome.

Oh, and more here via the Insta-Prof: the moral hazard of state bailouts (well, DUH) and the usual media backlash against the voters. Plus more Mark Steyn!