I saw that there are petitions circulating to recall our Governor due to his fiscally misguided policies.

As for the default premium, I would put forth the position that the State is more likely to default than the Federal government because the federal government can print its own money. We don’t have free banking here nor currency boards. We have a Treasury and a Central Bank that can print money with the best of them! 🙂 California, fortunately or unfortunately, can’t print the money it owes and therefore has default risk.