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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (13)	2/15/2004 2:59:31 PM
From: mishedlo	Respond to of 116555

Joseph Hurd, senior economist at the UCLA Anderson Forecast, said California's economy is not rebounding quickly. "There is not much bounce anywhere in the state," Hurd said. "The economy has been growing, but not employment." Sluggish job growth means personal income tax receipts — the largest source of state tax revenues — are not growing as much as projected by Sacramento. UCLA senior economist Michael Bazdarich said lawmakers should be cautious. "It's not a time to be expecting the economy to bail out the budget," he said. "Our economy is sputtering. We just haven't seen any signs of a pickup." Schwarzenegger and state lawmakers are relying on slightly stronger growth in jobs and personal income than forecast by UCLA economists.

To: mishedlo who wrote (13)	2/15/2004 3:44:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 116555

Calif will be 1st state to face distress, default, BK / jw

To: mishedlo who wrote (13)	2/16/2004 9:16:08 AM
From: gregor_us	Read Replies (2) \| Respond to of 116555

The Unthinkable: CA Will Revisit Prop 13. I made this call 18 months ago on a different board and in my newsletter. The spread between dwindling revenues in Sacramento--and the fact that so much wealth is now stored in CA Real Estate--I think--makes for a looming conflict. The United States may be on the threshold of a major reversal in low taxation, low barriers to entry, and free markets. It's not a reversal I welcome, should the pendulum swing too far back, in the other direction.