California Weighs Contingency Loan as Debt-Limit Turmoil Looms

So this is a "contingency loan" on top of last year's bridge loan.  Sure sounds like California's bankruptcy is imminent to me.  It looks like Meredith Whitney's prediction on munis is right, as was her call on the subprime mortgage crisis.

http://www.businessweek.com/news/2011-07-14/california-weighs-contingency-loan-as-debt-limit-turmoil-looms.html