Friedberg

That is the party's message.

That is the country's message.

That is the government's message.

Whether they're holding hands or yelling across the aisle saying, we're going to fix it.

No, we're going to fix it.

It's an opportunity.

And the reality is, if the fraud, waste and abuse is of the scale that it seems it might be based on what we're just seeing with the tip of the iceberg here,

then there is a very significant opportunity for us to significantly reduce government spending and get out of the debt spiral at a federal, state, and local level.

If it is this easy to just stop this sort of bullshit and you can actually save trillions of dollars of wasteful spending, we could be in a very good position with a growing economy.

California has half a trillion dollars of bonds outstanding.

And the state of California is looking at an $18 billion deficit, they're going to continue to issue bonds over the next year, that number is going to climb to 30 billion.

So the bond market is crucial for California to continue to operate.

This is the world's fourth largest economy, the state of California.

And it is already in a bit of a fiscal bind, not to mention what we've talked about in the past, which is the looming pension obligations, the state of California is going to have to borrow somewhere on the order of another

this is going to sound crazy, half a trillion dollars plus in order to pay out their current pension obligations.

How the hell is that going to happen?

The US government will give it to them.

My point is the pressure is on and I think Chamath is right that this market is going to start to basically put pen to paper

on the reality of how things are operating.

So California has a direct Democratic government.