Obama: not all bad

His administration appears to be demonstrating it grasps at least a modicum of the concept of cause-and-effect:

The Obama administration has turned back pleas for emergency aid from one of the biggest remaining threats to the economy — the state of California. Top state officials have gone hat in hand to the administration, armed with dire warnings of a fast-approaching “fiscal meltdown” caused by a budget shortfall. Concern has grown inside the White House in recent weeks as California’s fiscal condition has worsened, leading to high-level administration meetings. But federal officials are worried that a bailout of California would set off a cascade of demands from other states.

I’m a little shocked, I have to confess. I just assumed they’d bail out California and then profess surprise and horror when 40 other states showed up with similar demands. On the other hand, they’re pushing for nationalized health care and handing over broader powers to the Federal Reserve, so perhaps it’s just broken-clock syndrome at work. It’s probably wort nothing that there does appear to be plenty of wiggle room in the language towards the end of the piece, just in case of a real financial emergency….