California Economy - When will it turn around? (Empire: 2010, apartments)

[malamute]

Originally Posted by majoun

Not as any sort of power.



Then America is done. (Tom McClintock thinks not only California is done but the USA is done as well. If one goes, the other will too. I'm not a McClintock fan and don't agree with him that CA is done but I do think he's on to something - if CA's done than America will fall with it, and all of us here will be singing that song by the late great Gram Parsons: "So I'm headed for the nearest foreign border, Vancouver you're lookin' very nice to me....")

Well -- what is America? It all began before the 13 colonies and the War of Independence. Does the USA have to be 50 states? For a long time it wasn't.

I think there could come a time when our national borders aren't exactly what they are now. Nations divide -- they divide when there is no unity to hold them together.

Maybe we've become like the Soviet Union which also collapsed and split apart into more logical entities. I don't think there's a real big desire in many parts of the USA to bail out California.

[majoun]

Originally Posted by malamute

.

Maybe we've become like the Soviet Union which also collapsed and split apart into more logical entities. I don't think there's a real big desire in many parts of the USA to bail out California.

The way the USA is headed one must ask how much of a big desire there will be when Obama's successor takes office on the part of the rest of the world to bail out the USA. And then the Canadians will be complaining about American illegals just as people here complain about Mexican illegals, and the USA will become the Mexico of the 21st century.

I hope this does not happen but given how BOTH parties have been overspending I think it possible. I hate to say this but I think Tom McClintock may be right (something I NEVER thought I'd ever say) although I hope he's wrong. Do you really think that other states would be immune from CA's problems? With the exception of Upper New England, I'd say no. Any state with a growing population is susceptible.

The CA power crisis created the 2001 recession. If CA defaults, the current recesssion will turn into full blown depression that would dwarf that of the '30s with all the consequences that would imply. The 8th largest economy in the world failing would drag down the US with it.

BTW, I looked up some of your other posts, and you're a Texan secessionist. Why don't you leave the talk about CA to people FROM CA? I don't go posting on Texas boards bashing Texas and wouldn't. If you hate CA so much why don't you just stay on Texas boards?

[jbunniii]

Originally Posted by majoun

The CA power crisis created the 2001 recession.

Surely it was the dot-com bust that caused the recession. Then the state (and country) stupidly created another bubble, real estate, the collapse of which is what we are all enjoying now.

I wonder whether California is capable of running a normal economy anymore, or if our fate is one boom-bust cycle after another for the rest of our lives.

P.S. to malamute - even some of us in California are against a federal bailout of California. I'd honestly rather see the state go bankrupt and maybe start over with a new state constitution than create that incredibly dangerous precedent.

[Ceece]

..even some of us in California are against a federal bailout of California. I'd honestly rather see the state go bankrupt and maybe start over with a new state constitution than create that incredibly dangerous precedent.

I'm with you on that. You can't "fix" something that is fundamentally broken. So many mandates that just tie the hands of anyone who really wants to change things. So many unions stong-arming the lawmakers, and way too many people who no only expect, but DEMAND ("it's my right!!!"), public monies to take care of their own personal problems. It's an impossible situation.

[cobmw]

You have described the situation perfectly. And now we are headed for the same situation on a federal level.

[grapico]

Hrmm... I'd say 3-4. I think nationally it will be 2-3. I think there is more to go in California before it even bottoms out and stabilizes.

[malamute]

Originally Posted by majoun

The way the USA is headed one must ask how much of a big desire there will be when Obama's successor takes office on the part of the rest of the world to bail out the USA. And then the Canadians will be complaining about American illegals just as people here complain about Mexican illegals, and the USA will become the Mexico of the 21st century.

I hope this does not happen but given how BOTH parties have been overspending I think it possible. I hate to say this but I think Tom McClintock may be right (something I NEVER thought I'd ever say) although I hope he's wrong. Do you really think that other states would be immune from CA's problems? With the exception of Upper New England, I'd say no. Any state with a growing population is susceptible.

The CA power crisis created the 2001 recession. If CA defaults, the current recesssion will turn into full blown depression that would dwarf that of the '30s with all the consequences that would imply. The 8th largest economy in the world failing would drag down the US with it.

BTW, I looked up some of your other posts, and you're a Texan secessionist. Why don't you leave the talk about CA to people FROM CA? I don't go posting on Texas boards bashing Texas and wouldn't. If you hate CA so much why don't you just stay on Texas boards?

Lately I've become concerned about California because the tremendous numbers of vehicles with California plates showing up here.

Right now it seems that it's people from California that are willing to work but I think it's going to be real bad when the day comes that any social program over there is cut.

[Charles]

" there's growing evidence that the mortgage meltdown is spreading to commercial real estate.

The staggering number of home mortgage defaults probably will lead to large numbers of foreclosures through at least this year, housing experts say.

"It's probably a given we'll see a high number of foreclosures in the next couple of quarters due to the level of defaults plus the recession and jobs lost. There's plenty more pain to come," said Andrew LePage, an analyst for real estate research firm MDA DataQuick of San Diego.

from

California's default rate soars to 9.5% - Los Angeles Times

[Chango]

The world isn't over until Taco Lita is shut down in Arcadia. Until then, California will endure.

[Den Mathias]

This just in! A report today placed the turn around in the economy at the first quarter of 2013.
So, hold onto your cash and keep your knickers in a bunch!!!!