The virtually insolvent U.S. federal government may be forced, sooner rather than later, to bailout its most populous state. California is fast descending into a fiscal sinkhole, with no resolution in site.
Pension fund solvency has morphed into the next massive financial bubble. Bold action must be taken now, before Gov. Schwarzenegger's difficult choice confronts every governor and mayor in the country. Here are three steps that can be taken now.