No shit.
In October 2008 we headlined a post:
that referenced both a July '08 post:
Folks, the Golden state ain't. The boom was a fantasy and the problems will not go away anytime soon. Building an economy on paper rather than activities that add value is not sustainable. I imagine the next step is going to be an attempt to pick the pockets of the rest of the country, those 53 members of the U.S. House, led by the Speaker, will try to nationalize the costs of Cali's profligacy and policies. It should be interesting....
And a December 2007 post:
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....
It is good that the Governor-elect catches up to where some dumb-ass blogger was three years ago.
