Gov. Arnold Schwarzenegger of California recently went on the radio and television and sold $5 billion in emergency bonds to finance state operations, and he gained lower than expected interest rates on the instruments from regular investors, reports CNBC and its stellar anchor Mark Haines.
California -- with its closer-to-socialism political identification -- sure was not anyone's first choice to follow the old style of free market capitalism that existed before all the federal bailouts of Wall Street, automakers and banks.
Arnold defied the frozen capital markets and pitched his state successfully while others have stood petrified. That includes cities, too, like Nashville, which needs to sell $200 million in bonds for new schools and basic capital improvements.
Tennessee has no luck of following in California's success. We don't have a governor with personality ... or integrity.
The state of California shows that old capitalism still works. America's decisionmakers from the White House to Congress just have to some faith in it.
Let's change the Constitution so Arnold can run for president.
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