That’s essentially what some banks are telling California now.

Some big ones, too.  So the whole IOU thing isn’t going to go over now.  The question is:  Now that California is backed into a corner, what do they do?  Start spending sensibly and get their act together?  They’re running out of ways to avoid demonstrating the failure of socialism to their brainwashed masses.

Of course, it could just be I’m overly optimistic about any good that might come from all of this.  We are talking about California, after all.  They may as well be living on another planet.  But I can still hope that a little calamity might turn the state around faster than a lot of logic, which seems to bounce off the people out that way with irritating regularity.