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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Haim R. Branisteanu who wrote (73286)4/22/2010 5:12:19 PM
From: KyrosL  Read Replies (2) of 74559
 
Haim, California is in much better shape than Greece, in spite all the hand wringing in SI.

First, California is not threatened by civil insurrection, if it cuts state workers' jobs or salaries. CA state workers don't have guaranteed lifetime employment, like Greek civil servants do.

Second, California is quite efficient at collecting taxes, unlike Greece. It can collect lots of extra taxes simply by repealing Proposition 13, which has frozen the taxes of numerous very expensive homes at ridiculously low levels.

Third, California has a thriving economy other than housing or tourism. Think Google, Apple, Microsoft, etc.

The big problem in California is dysfunctional government and very dysfunctional governing rules. And the unholy alliance between state workers' unions and state politicians. People slowly start figuring this out. Look at New Jersey, as an example.
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