‘It is quite clear that Illinois has passed the point of no return, even if Connecticut has not. But owing to the embedded political powers, little if anything can be done to salvage a situation that is careening toward disaster. Fortunately, the damage will be confined within the borders of the state unless the United States supplies an ill-advised bailout. That’s the beauty of our federalist system.’
-A link for Michael Lewis’ article about California politics, public pensions and Schwarzenegger’s time in office.
David Harsanyi at Reason has more on the GM bailout. Non-union employees pensions got raided and taxpayers foot the bill, so that Obama and the UAW can maintain power.
How did Detroit get here? Very comprehensive and easy to navigate.