Is The State Of California Too Big To Fail?

http://online.barrons.com/article/SB126353657002329483.html
Government Bonds -- the New Junk?

In spite of the efforts of the State of California's politicians to destroy the economy, the State of California is still the 7th or 8th largest economy in the world (depending on who's reports you read).

The federal government bailed out automobile companies. The federal government bailed out wall street financial institutions. The federal government bailed out anyone who ever contributed to the campaign of Barack Hussein Obama. If you combined all the bailed out institutions together, they were still smaller than the State of California. One of the excuses for bailing out the automobile and wall street financial institutions is that they were too big to fail. Doesn't the State of California qualify as too big to fail?

Because of the corruption and incompetence of the State of California politicians, the State of California is now considered the 10th largest debtor in the world most likely to default on their debt. All the bond rating agencies are busy lowering the ratings of the State of California bonds. If this keeps up, the only place the State of California will be able to borrow money from is a loan shark. And even the loan sharks might not be willing.

Doesn't the mass corruption and incompetence of the State of California deserve at least the same consideration as the wall street crooks?