I hope Kevin Hassett is right.
The California morass has Democrats in Washington trembling. The reason is simple. If Obama’s health-care plan passes, then we may well end up paying for it with federal slips of paper worth less than California’s. Obama has bet everything on passing health care this year. The publicity surrounding the California debt fiasco almost assures his resounding defeat.
I don’t know. Instapundit sees it as more of a bust-out.
You don’t have to be a gangster to bust out a joint, just crooked and greedy. What happens is, shady parties worm their way into a legitimate enterprise and then slowly strip it of all assets, reducing it to a hollow shell, driving it into bankruptcy . . . busting it out.
The ability of politicians to learn from their own mistakes, let alone those of others, is easily overestimated.
Update, and bumped:
Matt Welch is encouraged.
But there’s another interpretation of California’s rebellion, one with far sunnier implications for those of us who prefer our governments constrained. Faced with a political class that ignored bureaucratic inefficiency, that demanded higher taxes, that filled the newspapers with scare stories about people who will literally die as a result of budget cuts, the citizens of one of the bluest states in the nation collectively said we just don’t believe you anymore. If even California’s famous fruits and nuts can call the statists’ bluff, there may be hope for the rest of the country.