The Washington Times - December 1, 2008, 09:54PM

California Gov. Arnold Schwarzenegger called a special session of state lawmakers to deal with the state’s “fiscal emergency,” Agence France Presse is reporting.

You know, if California were an independent country, it would be the world’s sixth largest economy. And it would still be broke.

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But as a state, it might have a shot at some of that federal bailout money. If anybody’s too big to fail, it’s California (read: 55 electoral votes).