Check out this interview with "Schwarzenegger's right hand man" John Cruz who was the Appointments Secretary of California for former Gov. Schwarzenegger. He discusses if California will default or potentially become America's Greece
http://www.youtube.com/watch?v=33Q7Y9wbd7c&feature=feedu
http://www.youtube.com/watch?v=33Q7Y9wbd7c&feature=feedu