So it was announced today that California will have to pay out debts in IOUs come the new fiscal year starting in July. What a blow to the state that you would think is the richest, or one of the richest in the entire country. To sink to this level... what went wrong. Well we all know that Enron put California into so much debt from the energy fixing. That, coupled with the recession, housing crash, unemployment at a high... the country is ready to bust. And yet there are so many movie stars, producers, directors, executives, CEOs, and multi million dollar companies unable to support this problem.
It will be interesting to see what happens over the next week as the fiscal year in California rolls over. Will the state ask the federal government for a bailout? Everyone else is, why can't they. It's not like we don't love our TV shows and movies. The summer TV hiatus might increase the unemployment rate as staff are let go... and maybe even cancelled shows.
Only time will tell.
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