California will run out of cash in 14 days

This following article from BizJournals.com is a real shocker: 

The state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.

“California’s day of reckoning is here,” he said. With no action, the state will run out of cash in 14 days. Three months after the state budget was approved, California faces a $24 billion deficit.

Schwarzenegger has already proposed massive cuts to education, health care and prisons. Now he’s looking for structural reform to make government more efficient and stretch taxpayer dollars.

Sounds like the Terminator terminated California while everyone was too busy cashing in on easy real estate money…

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Tagged as: California, collapse, economy, Schwarzenegger