From Zero Hedge:
This is just getting ridiculous:
• CALIFORNIA REVENUE MAY TRAIL FORECAST BY $3.7 BLN, ANALYST SAYS
• CALIFORNIA REVENUE SHORTFALL MAY MEAN SHORTER SCHOOL YEAR
Who needs to go to school anyway: all we need to know we learn from The Situation and Pauly-D. But yes, M-Dub is off by a month or two on the upcoming tsunami default wave: pesudo-sophist muni experts rejoice! Also rejoice because this news is somehow bullish - probably the EFSF will be expanded to include California, or the FT will break a story at 3 pm that China is about to buy CA, sending the S&P to Uranus.
http://www.zerohedge.com/news/school-children-rejoice-california-so-broke-it-will-shorten-school-year
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