Please Let Us Go Down the Drain

Please do everything you can to prevent the federal government from attempting to rescue my sorry home state of California from the sea of red ink in which it currently is foundering and into which it is destined to sink in the not too far distant future.

Only that disaster will shake this debt ridden la-la land's dreamy voters out of the irresponsible complacency that led them just this month to continue to avoid  reality and again elect the biggest and wildest governmental spenders to virtually every state office. The voters even facilitated still greater future spending excesses by passing a measure that reduces the vote to adopt a state budget from two-thirds to a simple majority of the legislature.

Voters in other states should do everything they can to ensure that their elected representatives actively oppose any federal bailout of California's feckless government. And the same thing is true in the case of the almost equally debt ridden and irresponsible State of New York.

These monstrously big spending states will be trying to issue and sell bonds to the federal government to obtain cash infusions to fund their continuing profligate spending. The current national administration, the Federal Reserve, and the country's major financial institutions are predisposed to go along with such transactions even though there is very little possibility of such bonds ever being repaid or even serviced for very long. "Too big to fail" and a plethora of other theoretical and philosophical -- but phony -- claims will be offered to justify the proposed bailouts.

But why -- and this is the relevant question that the bailout proponents won't answer or even address -- should taxpayers in states that have handled their finances prudently chip in and pay to try to keep the fringe bookend states from bearing the consequences of their recklessly spendthrift ways? 

Furthermore, the pain that the forthcoming collapse of the California and New York fiscal houses of cards will inflict ultimately will benefit the big coastal states' voters by driving home a much needed lesson on the need for, and benefits of financial discipline.