“Only In California”

I like the headline of this blurb on the Science blog, so I’m borrowing it here. Although, I actually don’t think this is that out of the ordinary (although it is ridiculous) and, therefore, it’s not limited to California. It’s just more obvious than other schemes.

The University of California will borrow money to lend to the state of California, and the state will then give the UC’s promised money for infrastructure. Good idea! Invest in capital projects while simultaneously paying others with IOUs.

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3:03 pm on August 6, 2009