California facing severe budget short falls…

There was a lot of news this week spread among the many various countries. This was also one of the few times in recent months where potential conflict on the world stage and peace keeping issues have trumped economic news. North Korea seems to be going crazier than ever, and has a lot of people nervous, especially after the nuclear tests.  While that story dominated headlines, there were several major economic stories that flew under the radar, as a result.

One is that the state of California is facing some severe budget short falls, and a huge budget crisis. Considering that California would be one of the 10 largest economies in the world even if it was its own nation, that’s a huge deal. Beyond this, GM is all but assured to head into bankruptcy, and details of the specific plan to rebuild and become viable as quickly as possible are beginning to emerge. 

There are quite a slew of reports released this week, so while events continue to unfold on the international stage, here is what we have for this week in review.

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