The California Miracle: Ain't

This is just a peek behind the curtain. As the truth that California's economy was based on ever-escalating real estate prices becomes clear, the myths of supremacy will be shown to be just that.
Just one example: it's easy to be energy efficient if you make your living swapping paper.
But that activity should not be confused with wealth creation, it's more of a greater fool or musical chairs type of game.

From NBC11:
Schwarzenegger Will 'Declare Fiscal Emergency' In Weeks

Gov. Arnold Schwarzenegger said Friday he will declare a "fiscal emergency" in January to give him and the Legislature more power to deal with the state's growing deficit.Schwarzenegger made the announcement Friday after meeting with lawmakers and interest groups this week to tell them California's budget deficit is worse -- far worse -- than economists predicted just a few weeks ago.

The shortfall is not $10 billion, but more than $14 billion -- a 40 percent jump that would put it in orbit with some of the state's worst fiscal crisis, those who have met with him said.

Stay tuned.