After mentioning the financial condition of Greece in the previous post, I ran across a story in the London Telegraph.
Here's the lead:
"Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of Greece's current debt woes."
California politicians long have thought you can have whatever you want, regardless the cost.
Their attitude is that if they drag the state into bankruptcy, the other 49 states will bail them out.
We may soon find out if they are right.