It is not so bad...at least this is what the article says; http://finance.yahoo.com/banking-budgeting/article/111398/the-truth-about-california That California "bailout." There's no such thing. California bails us out. It has been bailing out the rest of America since, oh, about 1849 â before it even joined the union. Californians are so productive that every year they send billions of dollars in surplus dollars to the rest of America. Year after year they have sent vastly more in federal taxes than they ever get back in federal spending. California isn't our Greece, it's our Germany. It isn't Little Orphan Annie. It's Daddy Warbucks.
...but what about the long term contracts that is tieing up the great economy of California...? or is that wrong too? But how big are these costs in California? The non-partisan Legislative Analysts' Office in Sacramento estimates there's a $136 billion gap in the state pension and benefits system. It may work out to more or less. But that's the actuarial figure at the moment. Size of the state economy? Oh, $2 trillion a year. That's 14 times the size of this gigantic pension-fund gap. What do the Venture Capitalists know? I would like to know what they know, so that I can be bullish on CA. Maybe they are "buying-in" on the dip... Back in the Silicon Valley glory days, in the late 1990s, California attracted an incredible 42 cents of every venture capital dollar invested in America. Ah, those were the days â when the private sector was still willing to back California with its own money. As any conservative will tell you, that's the real voting in the economy. How far has California fallen from those giddy days? According to the latest data from PricewaterhouseCoopers and the National Venture Capital Association, in 2010 California just got a miserable, er, 50 cents of every venture capital dollar invested in America. Housing will never come back....well maybe I should say not even in 10 years... During the past decade, one of the biggest reasons its residents left California was simply because of the astronomical cost of housing. ElectricSavant P.S. hey they got Hollywood... and ummm..New York has Wall Street☺
California + New York = USA sell the midwest to Canada and all the southern redneck states to Mexico or better still, Guatemala. When secession hits, the dead and broke one is first in line for citizenship with the new country called CALIFORNIA. And California is even better now that there are sooooooo many Latinos = I have a huge good opportunity to practise my spanish - and the service they give me because of this? = byooooteeeful. One of my brother's major accounts pissed backwards;he asked me to salvage it - I took him with me and the whole deal went down in Spanish, my rusty grammar notwithstanding. 3 referrals to boot, 2 already nailed down by yours truly. Big bucks go to my baby brother - Pops put me in charge & say-d you ain't worth a shit if you don't look out for your siblings. Everybody welcome to CA, blacks, blues greens yellows, all welcome.
That was the old capitalistic California. The new progressive California might as well fall off into the ocean.
What a stupid thing to say. New York is more of an international city than USA. California is almost its own nation, although almost a failed one right now. True wealth lies in the middle of USA with its oil, gas, rare metals, minerals & agricultural assets. You can say what you want about the bumblefuck states but the reality is that those fields upon fields feed nations.
well we are here to stay....we live near Davis, my wife works for UCD, and she moonlights as a CPA, and I well, I am ready to retire but I am too active to do so....the prices in the BA are out of sight and lifestyle is no longer my cup of tea but other areas, less populous and crowded are truly a gem. I think reality is between this rosy article and the doom and gloom, fall into the ocean idiot talk. (they are just envious). We are 1.5 hour away from snow/mountains AND the pacific ocean) I have lived in TExas (place for unreal humidity and giant cockroaches), lived in Chicago almost froze my anus solid and lived in NYC, the only place where I was assaulted unprovoked in the USA, and I am 6'4''. If I had to leave CA I would most likely go offshore to retire, OTHER PLACES SUCK, NYC' also has terrible weather (I love/fear the city otherwise)...
I remember reading that at one point in the 1960's, the part of the United States now called the "Rust Belt" used to product greater than 60% (I think I'm being conservative here. I think the number might have been higher than this.) of the manufactured goods in the world. This region continued to be a manufacturing powerhouse for a very long time after its peak, but it was like ~20 years later that the area became the "rust belt". Maybe California is on a similar trajectory? Maybe we peaked say in 2000 or later in 2006? What California has been good at producing in recent decades is intellectual property resulting in innovative new companies such as Qualcomm, and Google, etc. Does it seem like the rate of innovative new companies that are being formed in California is higher or lower than the past? It seems like the rate of small software company start-ups getting formed that might make their founders a few million dollars may be higher than it was in the past...but where are the IPO's that will make billionaires out of their founders and many of their employees like we used to see in the past? Maybe Twitter or Facebook someday? Perhaps, but Twitter and facebook just don't seem to me to be actually creating as much "real" value for the economy as the type of companies we used to see coming out of California a decade or more ago. (Granted there were also a lot more complete bullshit IPO's a decade ago as well....)
So what would SoCal's Capitol be? San Diego or Los Angeles? Would Sacramento be Northern Cali's Capitol? ES