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"California is deeply in debt. You could say that it's bankrupt," California is bankrupt! No bailout! State Pensions under water. Teachers fired! Attorney General - and presumptive Democratic gubernatorial candidate - Jerry Brown told a group of young Democrats. Republican U.S. Senate hopeful and former Hewlett Packard CEO Carly Fiorina raised the specter of bankruptcy in a discussion with Southern California business owners. And Republican Assemblywoman and retired banker Diane Harkey of Dana Point (Orange County) said the state is "literally bankrupt." YAH GIMME ME SOME OF THAT!!!!!!!!!!!!!!