It appears that Obamanation and its minions have come to the realization that the word bailout has become a political liability. But California is in trouble. The taxpayers of California have shown up at the polling places and said, "No mas!" In a sane world that would settle it and budgets would be cut to fit.
But we're talking about La-La Land the leftward land of silliness. So budget cuts are out of the question. So what can be done?
In California there is an entity called CalPERS (California Public Employees' Retirement System). This system provides retirement, health, and related financial programs and benefits to more than 1.6 million public employees, retirees, and their families and more than 2,500 public employers.
In October 2007 CalPERS valued its investment funds at $260 Billion, as of 5/21/2009 the valuation was $180 Billion. Without getting into valuation methods (which I suspect), it would seem that Obamanation can step in and say that all these current and future government retirees need "to be made whole". By restoring CalPERS losses, maybe making the required contributions for this year, and maybe funding retirement and health payments this year, Obamanation can say that California isn't being "bailed out", the gummint is just helping out other gummint employees that are like your neighbors. And I really want to hear the excuse that those nasty hedge fund managers (OK, Madoff was one that CalPers had invested money with) lost their money by imprudent investments in Chrysler and GM bonds.
That will save (not bailout) a loyally DemocRat voting bloc.