California is broke but so is the Federal government.  The only difference is that California acknowledges it because it is required to have a balanced budget.  The Federal Government denies it because it just borrows more money.  Like so many things in this financial crisis, California actually is in much better shape than the Federal Government, because California doesn’t have the massive debt that the Federal Government does.  The Federal Government will continue with $TRILLION deficits for years to come that will only end when the U.S. is worthless.

The U.S. banking system is insolvent.  The Obama administration doesn’t want to admit that; instead, they want to continue pumping more money into insolvent institutions.  Meanwhile, everybody is surprised that banks are giving bonuses, raising credit card interest rates, lowering savings rate, and not lending money as they take more taxpayer money.  If the government is so stupid to let such a system continue, why should it surprise us that the greedy, self-serving banks are continuing the abuse.

America is so doomed and what, possibly, makes things even worse is that it is going to take a long time for everybody to understand just how messed up and doomed America is.  Obama hasn’t gotten it yet.  The Republicans are even more clueless and they think they can oppose everything the Democrats are doing will be a winning plan — Republicans are delusional.

America is doomed.