“Through their state government, though, the people of California have almost as much debt as General Motors. The state government isn’t the only irresponsible party there. Cities large and small are starting to declare bankruptcy, unable to meet obligations for overly generous public employee pensions. California residents are not much better money managers than their elected officials, with one of every 218 households in foreclosure, 30% higher than Michigan’s foreclosure rate. With four times the number of Michigan homeowners in foreclosure it’s quite possible that California’s total debt, public and private, exceeds that of Michigan, including the automakers.”
http://pajamasmedia.com/blog/california-will-be-bankrupt-before-general-motors/2/
Two studies, in a hurry please: why is California in a state of crisis? And, why is Texas not? The Left Coast has some ‘splaining’ to do. Nope, nope don’t blame it only on the housing crisis. Please…factor n illegal immigration, gang violence, outreach BS, social service and education overload, unintended consequences of social engineering and a RINO Governor and, of course, the Hollywood Elite brain trust that sets the tone, and lest we forget Berkeley. Go ahead, ‘splain’ it away.
