Arnold Schwarzenegger! You've just lost a special election that would have theoretically imposed iron-like fiscal discipline on Sacramento! Now whaddya gonna do?
Would you believe, a $50 billion bond issue for infrastructure?
And yes, two years after the decline and fall of Gray Davis, and one year after a historically huge, "one-time only" voter-approved bond of $15 billion, California still has the lowest bond rating in the nation. Do they have good beaches in Nevada?