California Slippin'

By blackfridayarmy on PhotoBucket.

Signaling that California is slipping deeper into financial crisis, the state’s controller said Wednesday that his office would soon be forced to issue i.o.u.’s to scores of the state’s creditors, as lawmakers failed at their first attempt as a body to close the state’s multibillion-dollar shortfall.

If the i.o.u.’s are issued as threatened, it would be the first time since 1992 — when Gov. Pete Wilson paid roughly 100,000 state employees with them — that the warrants were used to hold over those to whom the state owed money. Before that budget crisis, California last issued the warrants during the Depression. -- The New York Times

UPDATE: California Collapsing

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Mamas & The Papas - California Dreamin'

All the leaves are brown
And the sky is grey
I've been for a walk
On a winter's day
I'd be safe and warm
If I was in L.A.
California dreamin'
On such a winter's day

Stopped into a church
I passed along the way
Well, I got down on my knees
And I pretend to pray
You know the preacher likes the cold
He knows I'm gonna stay
California dreamin'
On such a winter's day

All the leaves are brown
And the sky is grey
I've been for a walk
On a winter's day
If I didn't tell her
I could leave today
California dreamin'
On such a winter's day