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Gold/Mining/Energy : Gold Price Monitor

GDXJ 115.14

+1.2%

Dec 30 4:00 PM EST

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To: John Soileau who wrote (89849)	9/20/2002 11:06:44 PM
From: long-gone	Read Replies (1) of 116836

SF Gate French have snatched Davis' bragging rights State has slipped from 5th largest economy to 6th John Wildermuth, Chronicle Political Writer Friday, September 20, 2002 -------------------------------------------------------------------------------- Gov. Gray Davis' proud boast that California has become the world's fifth-largest economy during his three years in office has run afoul of the changing financial picture. A report released this week by the Los Angeles Economic Development Corporation found that France has squeaked by the state in inflation adjusted gross product, dropping California to the sixth spot worldwide in 2001. "When we looked at the latest revised numbers, California's not number five, " said economist Jack Kyser, one of the authors of the report. "The state's now more like number 5 1/4." The difference in gross product isn't much -- $1.310 trillion for France to $1.309 trillion for California -- but it's enough to create potential headaches for the governor's re-election campaign. California's international ranking is a regular part of Davis' campaign ads and speeches. A television spot now running across the state opens with pictures of freighters moving out of port as an announcer assures viewers that "Over the last three years, California has grown from the seventh- to the fifth-largest economy in the world." Davis also uses the figure in almost every speech he makes as an example of the economic progress California has made while he has been governor. He often includes an anecdote about a meeting in which he told British Prime Minister Tony Blair, head of world's fourth-largest economy: "You're next." Republican Bill Simon, who's challenging Davis in the governor's race, already is having some fun with the new numbers. Davis has been happy to talk about California's economy surging past France and Italy (cont) sfgate.com

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