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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 366.09

-0.1%

4:00 PM EST

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To: TobagoJack who wrote (30922)	3/14/2008 12:12:43 PM
From: energyplay	Read Replies (1) of 217551

California's economic mismanagement is not unique, but you can count on California to be better than most other states at mismanagement. The number of teachers were increased a few years ago to cut class size, that is being reversed. Local government hiring also went up a bit. In terms of hitting residential real estate, that is reasonable. The may be a slight decline in local government tax revenues due to local sales tax drops. As for income tax, teachers aren't the largest contributors - income tax being progressive. No viscious cycle here. Google's stock price has more effect than teachers in California. California is a large exporter, and export growth will provide much more tax revenue than is lost from teachers. In terms of psychology, many more people can understand teachers being laid off than will understand the tranches of mortgage back securities, but that does not make the teachers more important. California teacher layoffs are a toothpick compared to the Bear Stearns 2 x 4.

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