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Being California Gets More Expensive

247Wallst | Fri, 12/26/2008 - 1:00pm | credit crisis, state borrowing |  Add a comment

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Institutions that are not likely to pay their bills have to offer higher interest rates for capital. Old rule. Usually works. Credit agencies issue ratings which allow investors to decide how much risk they can stomach. That part of the system turned to dust during the credit crisis. Now th
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