More Shouting of Default in a Dysfunctional State

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The latest person to make the irresponsible prediction that California will default on its debts is an analyst named Chris Whalen, who is managing director of something called Institutional Risk Analytics.

California has profound fiscal troubles, but the notion of default is wildly outlandish, given the protection that bondholders have under the state constitution. Robert Cruickshank responds to Whalen and wonders about his motives here.

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