As Badlands Journal anticipated several months ago, a hot topic of the fiscal year is credit default swaps bought to insure holders of California bonds against possible default by the Golden State, which appears to be rapidly going the way of Argentina, It's the same-old, same-old derivative gambling, played by those familiar high rollers, JP Morgan Chase, Barclays, Goldman Sachs and Citigroup, who, incidently, also handle the bond sales here in our lovely unregulated, post-Glass Steagall Act economy.