California’s "train wreck" a golden opportunity? (Reuters)

California Governor Arnold Schwarzenegger delivers the State of the State address at the State Capitol in Sacramento January 15, 2009. Schwarzenegger said the state 'faces insolvency within weeks' and he will put new policies on hold until there is a deal to close the budget gap, which will top $40 billion over the current and next fiscal year. (Max Whittaker/Reuters)Reuters – With California facing a $42 billion deficit in the current economic downturn, a glum Gov. Arnold Schwarzenegger has warned that the Golden State is on the brink of insolvency.

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