They really are sugar coating this financial crisis. Looks like they dont want to call it what it is...a "default" But when you have to issue IOUs because you cant pay, thats exactly what it is...a Default. http://news.yahoo.com/s/nm/20090625/ts_nm/us_california_debt Imagine if homeowners tried to pull this with the banks or credit cards. "Oh yeah...i cant pay this month...im just going to give you an IOU." Reminds me of that movie Dumb & Dumber where the guy opens the briefcase that is supposed to have money in it and its all a bunch of IOUs and Jim Carey says "Hey, those are as good as cash" Then pulls out the IOU for 300k for the lamborghini and says "You might want to hold onto that one"