Jul

31

Up and down the California central valley, you can watch the cities filing bankruptcy. They don't have the money to do anything else. Some might say that "it's California. That's what happens when you eat lotuses." Perhaps. But here's the thing. There is no way to get the US functioning again without having California operating smoothly. It's not like Wyoming, where no one might notice for a spell. With 12 percent of the nation's population and a higher percentage of its economy, California still sets the trend. Even in foreclosures!

Seriously, though, the fiscal cliff at the end of the year isn't necessarily the biggest challenge facing this country economically. I think California is.


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