California May be the Next Shoe to Drop

Feeling good about yourself today? Think things are going great because Hillary is going down the shitter? Feeling even better because your stockbroker called you from Guantanamo to tell you everything is OK? That Mullah Omar's holdings in Google are fine? Well here's a cure for all that good stuff: Big Picture (with links and shit) informs one and all that California, the world's sixth largest economy, and with bond debt going out to the fucking moon, has their bonds insured by an agency with only $5bln in capital. Not only do they insure California bonds, they insure more than $5 (get ready) fucking trillion in bonds around the world; this from a company with less than $5bln in capital. Is this bad? Well billion has like nine zeros after the first real number and trillion has twelve...$1,000,000,000 vs $1,000,000,000,000. Eeeeek you say? Well eeeek you got. This widespread fraud is just now creeping into the consciousness of the Bush appointees vacationing with Amy Winehouse in London hoping to get high by sniffing her urine tests.