Thursday, July 09, 2009

Daily California Watch


SEC calls California IOUs securities.

Arnold cuts more pay

Pot will save us

Political theater in Sacramento

California cedes the lead
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From that last:
Plenty of American states have budget crises; but California’s illustrate two more structural worries about the state. Back in its golden age in the 1950s and 1960s, it offered middle-class people, not just techy high-fliers, a shot at the American dream—complete with superb schools and universities, and an enviable physical infrastructure. These days California’s unemployment rate is running at 11.5%, two points ahead of the national average. In such Californian cities as Fresno, Merced and El Centro, jobless rates are higher than in Detroit. Its roads and schools are crumbling. Every year, over 100,000 more Americans leave the state than enter it.

But not to worry, we still have beach babe eyecandy:

16 comments:

Son of Brock Landers said...

first... hey those IOUs will make nice wallpaper.

edgar said...

GS will package them and sell them to CALPERs, then they will short them via credit swaps. Cool!

sm_landlord said...

The last two links point to the same story at the CSM.

I grew up in California, and it's had messy politics as far back as I can remember. But starting with Governor Moonbeam, the mess got more and more expensive. Remember when he wanted to launch a state satellite?

Somehow we're got to find a way to chase the empire-builders out of government and get back to a level of government spending that that we can afford in the new normal.

sm_landlord said...

I found another picture for your California updates.

Rob Dawg said...

Thanks sm. Some weird html thing. It will be fixed in a minute. The Economist is a great article.

sm_landlord said...

Best line from the Economist piece:

"Ballot initiatives, the crack cocaine of democracy..."

tj and the bear said...

Boy, the whining of state workers in the blog comments for that SacBee story are too much. Talk about entitlement; they sound just like a cheaper version of Wall Street.

sm_landlord said...

TJ,
Yup. You can see from the comments that they still don't get it. One mad a remark that there is *more* need for state employees in bad times. The rationalization for the madness is self-perpetuating.

Rob Dawg said...

Agreed, those employee comments are so clueless if the situation weren't so serious I'd be laughing.

MaxedOutMama said...

If most the beach babes look like those two, no wonder the population is dropping. Those are some scary pics.

I'm just waiting to see what's going to happen in another week when the CUs stop taking to IOUs.

Andrew said...

Every year, over 100,000 more Americans leave the state than enter it.

Hmm... so with a total population of 36.5 million, the state should be completely devoid of people by the middle of the 25th century.

Good riddance! ;-)

tj and the bear said...

MoM,

Yeah, those women scare me, too.

Rob Dawg said...

Andrew,
The problem is those leaving are the most productive and desirable. They are being replaced by 2 lower earning less educated assetless unassimilates.

Tyrone said...

~~~~~~~~~~~~~~~~
Silver, anyone???
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Rob Dawg said...

I'm glad everyone "likes" the picture. It was specially chosen and sized for that effect. At first attractive, then a little strange and finally disturbing. Just like many find California.

JP said...

Rob,
Haven't posted in ages, but found a link to the obituary for California that is oh . . so . . appropo!

California Obituary 1849-2009