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Why California is broke, and Texas is not

By REpro   Follow   Wed, 10 Oct 2012, 10:30pm   4,507 views   63 comments
In San Jose CA 95123   Watch (1)   Share   Quote   Permalink   Like (1)   Dislike  

http://economy.money.cnn.com/2012/10/10/california-texas-richard-fisher/?iid=HP_River

This coyote may be safe in California but should watch its back in Texas, according to Dallas Fed President Richard Fisher. Dallas Federal Reserve President Richard Fisher is proud of the Texas economy and isn't afraid to let it show.

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1. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

   24   10:24pm Thu 11 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   BoomAndBustCycle says Not sure where Texas ranks. Per Wikipedia: As of 2010, Texas had a gross state product (GSP) of $1.207 trillion, the second highest in the U.S.[130] Its GSP is comparable to the GDP of India or Canada, which are the world's 12th- and 11th-largest economies, respectively.

2. Vicente Follow Befriend (8) 204 threads 4,416 comments Davis, CA

   25   10:30pm Thu 11 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Texas population has gone up even faster than it's vaunted job creation rate. Thus unemployment has been rising. And let's be frank, any oil-producing state makes more money when oil prices are jacked the way they are. What happens when the wells run dry? I don't care much for Cato nor Fisher. I'm sure he's well paid for his speaking engagements and he got a good chuckle for telling everyone what they want to hear, which is Texans do everything bigger and better than anyone else. The reality just doesn't make a headline: Texas and California are BOTH indebted See the Texas debt clock: http://www.usdebtclock.org/state-debt-clocks/state-of-texas-debt-clock.html California debt-to-GDP: 18.9% Texas debt-to-GDP: 18.3% A whole 0.6% advantage, man that's like.... diddly squat. But you know everyone got what they wanted. Texans patted themselves on the back and the CNN reporter got a funny joke he could print. And Californians are pretty much used to everyone spitting on them for generations, and being told they will fall off into the ocean after the shake & bake and of course the Mad Max period. It would make much more exciting film at least than handing Texas back to Mexico.

3. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   26   7:00am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Vicente says And let's be frank, any oil-producing state makes more money when oil prices are jacked the way they are. Who is jacking oil prices? OPEC?

4. BobMSN Follow Befriend 3 threads 98 comments

   27   7:17am Fri 12 Oct 2012   Share   Quote   Permalink   Like (4)   Dislike   BoomAndBustCycle says California is also the 8th largest economy in the world. (Larger than most countries and red states combined). Not sure where Texas ranks. China is the 2nd largest economy in the world. Would you move there?

5. Quigley Follow Befriend (6) 17 threads 525 comments Huntington Beach, CA

   28   7:41am Fri 12 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   Bob says, "China is the 2nd largest economy in the world. Would you move there?" Some people are doing that! I hear there's a demand for white guys to follow Chinese businessmen around so their competitors believe they are pursuing deals with Americans and their business is going well.

6. edvard2 Follow Befriend 34 threads 2,116 comments

   29   8:08am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   TechGromit says I don't know about Austin, but the traffic situation in Dallas Fort-Worth wasn't bad at all. There's no where near the level of traffic Philadelphia or New York has. Oh, I have no doubt. I actually drove up through the eastern seaboard about 5 years ago: Through DC, Philly, etc. That has to be the WORST traffic I have ever been in. It made traffic in the Bay Area seem outright tame. Oh- one more thing about TX: the weather. I myself grew up in the South with the heat and humidity. But in TX? Austin is at least in the 90's for months on end and pushes triple digits on a routine basis. Houston? Not only is it miserably hot, but humid as hell. That shouldn't be underestimated because basically you're looking at months and months of unbearable weather.

7. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   30   8:26am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   edvard2 says That shouldn't be underestimated because basically you're looking at months and months of unbearable weather. But at least it's sunny unbearable weather.

8. edvard2 Follow Befriend 34 threads 2,116 comments

   31   8:37am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   freak80 says But at least it's sunny unbearable weather. That's sort of like saying that at least its sunny, frigid weather. Pretty to look at indoors, but miserable to be outside in. I was reminded of how miserable super hot weather can be recently. I drove up to Sacramento a few months ago. As soon as you leave the coast here the interior of Cali turns into a furnace. It was over 100 degrees that day. So hot that it just about knocked you down when stepping out of the car. It was downright unpleasant to be outside. Luckily for me all I had to do was drive back home. But imagine having to live in that sort of heat for 6 months out of the year?

9. finehoe Follow Befriend 9 threads 243 comments Washington, DC

   32   8:52am Fri 12 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   edvard2 says But imagine having to live in that sort of heat for 6 months out of the year? Get used to it. That's the future.

10. edvard2 Follow Befriend 34 threads 2,116 comments

    33   9:05am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   finehoe says Get used to it. That's the future. Maybe.... maybe not.

11. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    34   9:10am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   I’m visiting Dallas area frequently. Summer indeed is hot. Too hot for me, but the same heat we have in Central Valley or desert area in CA. Just add occasional heavy rain in summer time.

12. edvard2 Follow Befriend 34 threads 2,116 comments

    35   9:14am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   REpro says I’m visiting Dallas area frequently. Summer indeed is hot. Too hot for me, but the same heat we have in Central Valley or desert area in CA. Just add occasional heavy rain in summer time. That's why I don't live in the Central Valley either...

13. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    36   9:23am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Young people can adjust to temp. and humidity fairly easy. Either in Alaska, North Dakota or TX, Louisiana, or AZ.

14. edvard2 Follow Befriend 34 threads 2,116 comments

    37   9:35am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   REpro says Young people can adjust to temp. and humidity fairly easy. Either in Alaska, North Dakota or TX, Louisiana, or AZ. So? What does this have to do with the debate? That its "worth it" to endure bad weather for cheep houses? I'll be honest: I lived on the east coast and grew up in the South. Even though I was raised in it, summers was a time we all knew meant putting up with god-awful humidity and heat. It wasn't like we were "used to it", it meant we had to deal with it. The cold up north was unbearable. I absolutely hated it. From October-May the weather was just outright crappy. As in if I didn't dry my hair it would sometimes freeze. Yes- that just sounds like more fun than a barrel full of monkeys. Weather is totally subjective. Obviously people can live in all sorts of it otherwise places like Michigan, Arizona, and other places that get extreme weather would be void of people. But whenever I go home to visit my family its a reminder that yeah, the Bay Area is expensive. But man the weather is fantastic.

15. AverageBear Follow Befriend (1) 13 threads 345 comments Boston, MA

    38   9:36am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   This thread reminded me of an article I read back in March: Texas vs California..It's all about BIG STATE GOV'T, and an unsustainable budget, pensions, entitlements, etc.... It ain't rocket-science, folks... http://www.nationalreview.com/articles/293412/texas-vs-california-chuck-devore ..."While California has more bureaucrats, Texas has 17 percent more teachers, with 295 education employees per 10,000 people, compared to California’s 252."

16. Vicente Follow Befriend (8) 204 threads 4,416 comments Davis, CA

    39   9:46am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   edvard2 says I drove up to Sacramento a few months ago. As soon as you leave the coast here the interior of Cali turns into a furnace. It was over 100 degrees that day. "But it's a dry heat man!" - Hudson It's only a furnace if you are a coast-dwelling wimp. For those of us who live here, it's just afternoon weather in the summer. As soon as the sun goes down the Delta breeze cools everything off. Most days I don't need to run the AC, just ventilate the house at night and button up in the daytime. Let me return to my point: Fisher Bluster headline translation: "Why California is Broke, and why Texas is VERY SLIGHTLY LESS BROKE (just like many other states)." That scan well? No, but it's the facts! Unlike the misleading garbage he's selling. Is a Fed governor supposed to blow sunshine up your ass, well apparently so! Keep worshipping him, next I'll see they've caught Ron Paul and Dick Fisher in a torrid embrace.

17. edvard2 Follow Befriend 34 threads 2,116 comments

    40   9:56am Fri 12 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Vicente says It's only a furnace if you are a coast-dwelling wimp. If not having to deal with hotter-than-hell weather makes me a "wimp", well then I reckon there are worse things... But anyway, its interesting that you have all these people from other states going on and on about ooooohh how BAD things are in Cali. Why should they care? Or is it because they secretly like it here and trash-talking Cali makes em' feel better?

18. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    41   9:57am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   edvard2 says From October-May the weather was just outright crappy. As in if I didn't dry my hair it would sometimes freeze. Yes- that just sounds like more fun than a barrel full of monkeys. And if you live northwest of the mountains like I do, you get the Great Lakes Permacloud too. Bleh.

19. edvard2 Follow Befriend 34 threads 2,116 comments

    42   10:07am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   I have a friend who lives in Chicago. Need I say more?

20. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    43   10:19am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   edvard2 says I have a friend who lives in Chicago. Need I say more? Chicago is just to the west of the Great Lakes Permacloud. Their winters are sunny compared to places downwind like Michigan, northeast Indiana, Ohio, and western PA/NY. The clouds are generated by the cold air passing over the warmer lake water.

21. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    44   10:26am Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   When I moved to BA from East Coast I praised the weather to my friend in NYC. He sarcastically question: “If is so great there, why not everybody live in BA” Well… people live everywhere, mostly due to job opportunities and some tradeoff is absolutely normal. Choosing place to live voluntarily is a little bit of luxury.

22. TechGromit Follow Befriend (6) 85 threads 969 comments 44 male Egg Harbor City, NJ

    45   10:53am Fri 12 Oct 2012   Share   Quote   Permalink   Like (3)   Dislike   BoomAndBustCycle says California is also the 8th largest economy in the world. Stop your complaining, I live in New Jersey and I get the shaft, I'm last on the list, at 65 cents for every dollar I pay.

23. bob2356 Follow Befriend 3 threads 2,498 comments

    46   2:55pm Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   edvard2 says freak80 says But at least it's sunny unbearable weather. That's sort of like saying that at least its sunny, frigid weather. Pretty to look at indoors, but miserable to be outside in. I was reminded of how miserable super hot weather can be recently. I drove up to Sacramento a few months ago. As soon as you leave the coast here the interior of Cali turns into a furnace. It was over 100 degrees that day. So hot that it just about knocked you down when stepping out of the car. It was downright unpleasant to be outside. Luckily for me all I had to do was drive back home. But imagine having to live in that sort of heat for 6 months out of the year? So don't do it, everyone gets your point. Most people like changing seasons and weather. I've lived in climates from upstate NY to the Rio Grande valley to the Oregon coast and enjoyed them all. I've even spent time freezing my ass off seeing clients in San Francisco fog in "summer" then driving out to Walnut Creek the same day and broiling. TechGromit says Stop your complaining, I live in New Jersey and I get the shaft, I'm last on the list, at 65 cents for every dollar I pay. Yea, but you've got some of the greatest windsurfing around down at lakes bay. Not to mention the scenic wonders of the pine barrens (just kidding, I like the pine barrens).

24. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    47   3:13pm Fri 12 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   TechGromit says Stop your complaining, I live in New Jersey and I get the shaft, I'm last on the list, at 65 cents for every dollar I pay.

25. Philistine Follow Befriend 489 comments Los Angeles, CA

    48   3:19pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (2)   Dislike   CA is broke partially because it's too damn expensive to live here. 70% of us have no more money left to give to the blood suckers. If it weren't for the Miraculous Weather and Tits Geography, a lot of us would have left long ago to live in a crap state that pays 40% less but costs 60% less.

26. soopercommuter Follow Befriend 17 comments

    49   4:08pm Tue 23 Oct 2012   Share   Quote   Permalink   Like   Dislike (1)   Funny how many of the people here bitch about all the crappy weather or jobs or whatever everywhere but the Coast of Cali. However they still expect the prices of real estate in this area to be the same price as in all those crappy areas than non of them want to live in.

27. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    50   7:01pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   I remember times when Connecticut had #1 spot in US economy and was the most desirable state in US. High salary, good benefits, plenty of jobs in manufacturing sector, low cost of housing. Suddenly everything changed when manufacturing sector moved out.

28. JodyChunder Follow Befriend (3) 16 threads 1,379 comments Victorville, CA Premium

    51   7:18pm Tue 23 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Heh... I like how chuffed with themselves some folks get when maybe two or three months before they committed to a mortgage in California, they were whining about how expensive it was, and how overrated the climate is, and how beautiful flyover country really is. I've lived (and loved) all over, and I like all climates, even the ones people think of as being unpleasant. Comfort breads weakness.

29. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    52   10:01am Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike   The petitions for secession from the U.S. filed by Texas, Louisiana, and five other states have collected more than 25,000 signatures each, which the White House website says is enough for review and response. http://news.msn.com/politics/seven-states-qualify-for-secession-response-from-white-house-3

30. bob2356 Follow Befriend 3 threads 2,498 comments

    53   11:47am Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike (1)   REpro says The petitions for secession from the U.S. filed by Texas, Louisiana, and five other states have collected more than 25,000 signatures each, which the White House website says is enough for review and response. http://news.msn.com/politics/seven-states-qualify-for-secession-response-from-white-house-3 Wow, over 100k Texans out of 25 million want to succeed. Oh wait, anyone can sign, not just Texans. So 100k people out of 7 billion people on earth have signed. Msn had a really, really slow news day it looks like. Check out some of the other petitions, funny stuff. I like the motorcycle riding judges petition.

31. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    54   12:03pm Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike   REpro says I remember times when Connecticut had #1 spot in US economy and was the most desirable state in US. High salary, good benefits, plenty of jobs in manufacturing sector, low cost of housing. Suddenly everything changed when manufacturing sector moved out. Silicon Valley Used to be, we exported real stuff to the rest of the USA and the ROW. Now, all we export is IP, and Cool-Aid.

32. marcus Follow Befriend (5) 168 threads 5,100 comments

    55   12:13pm Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   REpro says Why California is broke, and Texas is not Prop 13, 1978

33. thomaswong.1986 Follow Befriend 15 threads 2,851 comments

    56   1:39pm Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike   Dan8267 says I thought this too, but Texas is one of the few red states that actually pays more in federal taxes than it receives in federal funding. did you factor in how many moved to Texas and rest of the south over the past 10-20 years. Only 33% in CA are natives.. the rest moved out to the south... you have a greater than 50% chance that you will also move south for either a job or retirement. So get used to good old fashion smoked BBQ and lots of Beer... Domestic Net Migration in the United States: 2000 ... - Census Bureau www.census.gov/prod/2006pubs/p25-1135.pdf by MJ Perry - Cited by 25 - Related articles

34. thomaswong.1986 Follow Befriend 15 threads 2,851 comments

    57   1:40pm Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike   bob2356 says Wow, over 100k Texans out of 25 million want to succeed. Oh wait, anyone can sign, not just Texans. So 100k people out of 7 billion people on earth have signed. Msn had a really, really slow news day it looks like. Wanna count the number of names on the Declaration of Independence...

35. Automan Empire Follow Befriend 3 threads 91 comments Los Angeles, CA

    58   1:57pm Sat 17 Nov 2012   Share   Quote   Permalink   Like (1)   Dislike   Miraculous Weather and Tits Geography ^^^^^^^^^^^^^^ LOL, yeah that keeps me going too...

36. bob2356 Follow Befriend 3 threads 2,498 comments

    59   6:08pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says Wanna count the number of names on the Declaration of Independence... Only you would be silly enough to compare the Declaration of Independence signed by all the major leaders of the time to the white house website petition page.

37. mell Follow Befriend (5) 57 threads 1,329 comments Premium

    60   7:12pm Sat 17 Nov 2012   Share   Quote   Permalink   Like   Dislike   Protected   Automan Empire says Miraculous Weather and Tits Geography ^^^^^^^^^^^^^^ LOL, yeah that keeps me going too... Me three! Chicks and weather are unbeatable.

38. REpro Follow Befriend (1) 22 threads 471 comments San Jose, CA

    61   1:27pm Sun 18 Nov 2012   Share   Quote   Permalink   Like   Dislike   marcus says REpro says Why California is broke, and Texas is not Prop 13, 1978 How many places in CA have 1% straight tax today? Maybe bare land.

39. Bellingham Bill Follow Befriend 30 threads 1,489 comments Bellingham, WA Premium

    62   7:19pm Sun 18 Nov 2012   Share   Quote   Permalink   Like   Dislike   Protected   marcus says Prop 13, 1978 This is actually a good point. Texas actually has a pretty aggressive property tax regime. Plus they didn't allow their economy to go flim-flam in the 2000s, by limiting people to 80% LTV ratios on refis etc (they learned from the S&L/oil patch crisis of the 1980s).

40. Bellingham Bill Follow Befriend 30 threads 1,489 comments Bellingham, WA Premium

    63   7:29pm Sun 18 Nov 2012   Share   Quote   Permalink   Like   Dislike   Protected   REpro says How many places in CA have 1% straight tax today? ? It's not the rate it's the assessor valuation, which is limited to 2% per-year increase. Thanks to Prop 13, the apartment I lived in in 1990 is now paying pretty much the same property tax it was then, even though rents have more than doubled (nearly tripled). Land $1,302,912 Improvements $2,434,406 80 units so the assessor is valuing each unit at $46,000. Actual market value is around $300,000. The assessed property tax per unit is $30/mo. Rents are $1700-2700.

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