Schwarzenegger to Obama: Please Help Us Get Loans
Who wants to help bail out California, world's eighth-largest economy, by lending it money? Not bailed out banks. So like a kid asking his parents to co-sign his first apartment lease, Gov. Arnold Schwarzenegger is asking the federal government to back the state on loans:
California is not asking for cash, like the tens of billions given to AIG, General Motors or Morgan Stanley. Instead, the state with the worst credit rating in the nation is asking that Washington act as a sort of co-signer on the state's borrowing, to be backed up with money from the Troubled Asset Relief Program. [snip]
"We are not asking for a bailout," said state Assembly Speaker Karen Bass, a Los Angeles Democrat. "We're asking for the federal government to step in where commercial banks can't this year because of the crisis within the financial industry."