Includes “… Meanwhile, the governor advertised a budget surplus of over $75 million, and the legislative analyst office pegged a budget surplus of about $38 million. How can all of this be true? … HD Palmer, a spokesman for the California Treasury … quoted from two major US fixed income rating agencies. … ‘We will continue to stock in professional Wall Street analysts who really have a deep understanding of California’s finances,’ Palmer said. Weinberg shook off Wall Street’s defenses. ‘Rating agencies are there to protect those who buy bonds,’ she said. ‘Who is there to protect taxpayers?’ …” (Note: See also How can Delaware be a AAA and an F at the same time?)

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