Banko!

California is insolvent from an accounting perspective. Illinois is pretty much there and New York isn't far behind. How do we avoid a massive Federal bailout of these spendthrift states? According to law professor David Skeel, we have Congress pass a new chapter of the Bankruptcy Code that allows states to pull the plug. Since the 1930s there has been a chapter that lets cities do so and now it's time to let states do likewise. He may well be right. Strange times we live in.
 
www.weeklystandard.com/articles/give-states-way-go-bankrupt_518378.html