School Children Rejoice: California Is So Broke It Will Shorten The School Year

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.

via BBG