Even a moron knows that when you are buying large quantities of a commodity over a long period of time, you hedge your bets with long-term contracts. Unfortunately for the citizens of California, their legislators didnt ascend to that level when they attempted to deregulate the Golden States electricity market. The legislators decided that the states utilities could buy power only on the spot market. Then, when power supplies got tight, the price of electricity on that venue skyrocketed. Over the past few months, Gov. Gray Davis and raspberry-spattered state officials have been scrambling to — guess what? — sign long-term electricity contracts with power producers. All this madness would be good for a chuckle if it werent so costly. The state is selling $13.4 billion in bonds to reimburse its general fund for power purchases. In addition to the bond debt, residents recently got hit with the largest power rate hike in state history. Someone should have told these guys that Californias Silicon Valley economic engine runs on electricity.