California Dreamin'

California's budget is in the red 10 weeks after passage and they don't know why [ed: here's a clue—spending]:

California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said...

The budget news comes as the most populous U.S. state prepares to sell as much as $15 billion of bonds...

Who's gonna buy that debt? Obviously, people that expect a bailout of California. They also have to expect not to be treated like GM's bondholders. Do any of those people have money left?