The American Recovery and Reinvestment Act contained more than $100 billion for education, including $40 billion to stabilize state education budgets and $5 billion in discretionary money for incentive grants...

So how did it come to this - that powerhouse California, a nation-state of 33 million with a budget larger than most small countries, has again been brought to its knees in a life-or-death struggle for financial survival?...

California is drowning in ever-deepening red ink...

In his column in The New York Times on June 25, Judge Richard Posner wrote that “The most promising reform would be to give the Federal Reserve, the National Economic Council or the president’s Council of Economic Advisers the ability to collect and analyze financial intelligence and do emergency planning...