A New York Solution for Bailing Out California.

The author reflects on the lessons from the bankruptcy of New York City in 1975 for addressing the financial problem of California. He presents an overview of the city government's financial problem during the early 1970s. He discusses the factors which require California to reform is tax system. He also calls on the administration of U.S. President Barack Obama not to bail California out of financial problems so as not to repeat New York City's plight.