California needs cash and is unhappy at the rate it might have to pay to borrow it. The article doesn't tell us what that rate would be, so I have no idea if it's just a bit above the rather low rates we've all become accustomed to in recent years or if it's actually at "pay day loan" levels.
All of the chatter around the last couple weeks seems to be premised upon the assumption that cheap and easy credit for everyone all the time is absolutely positively 100% necessary to get over a problem caused by the availability of cheap and easy credit for everyone all the time.
