The people come to California's rescue
Two weeks ago, Governor Arnold Schwarzenegger wrote a letter to Treasury Secretary Henry Paulson warning that California might need an emergency $7 billion loan to tide the state over until tax receipts started flowing in. Normally, California issues its own bonds, called Revenue Anticipation Notes, (RAN) but Schwarzenneger was worried that the credit freeze might dissuade investors from… » Full Story on Salon.com
