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Why California is broke, and Texas is not

By REpro following x   2012 Oct 10, 3:30pm 18,157 views   63 comments   watch   nsfw   quote     share    


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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41   freak80   ignore (4)   2012 Oct 12, 2:57am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

42   edvard2   ignore (1)   2012 Oct 12, 3:07am   ↑ like (1)   ↓ dislike (1)   quote   flag        

I have a friend who lives in Chicago. Need I say more?

43   freak80   ignore (4)   2012 Oct 12, 3:19am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

44   REpro   ignore (0)   2012 Oct 12, 3:26am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

45   TechGromit   ignore (0)   2012 Oct 12, 3:53am   ↑ like (3)   ↓ dislike (0)   quote   flag        

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.

46   bob2356   ignore (4)   2012 Oct 12, 7:55am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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).

47   freak80   ignore (4)   2012 Oct 12, 8:13am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

48   Philistine   ignore (0)   2012 Oct 23, 8:19am   ↑ like (2)   ↓ dislike (0)   quote   flag        

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.

49   soopercommuter   ignore (0)   2012 Oct 23, 9:08am   ↑ like (0)   ↓ dislike (1)   quote   flag        

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.

50   REpro   ignore (0)   2012 Oct 23, 12:01pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

51   JodyChunder   ignore (3)   2012 Oct 23, 12:18pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

52   REpro   ignore (0)   2012 Nov 17, 2:01am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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

53   bob2356   ignore (4)   2012 Nov 17, 3:47am   ↑ like (0)   ↓ dislike (1)   quote   flag        

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.

54   B.A.C.A.H.   ignore (0)   2012 Nov 17, 4:03am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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.

55   marcus   ignore (8)   2012 Nov 17, 4:13am   ↑ like (1)   ↓ dislike (1)   quote   flag        

REpro says

Why California is broke, and Texas is not

Prop 13, 1978

56   thomaswong.1986   ignore (5)   2012 Nov 17, 5:39am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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

57   thomaswong.1986   ignore (5)   2012 Nov 17, 5:40am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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...

58   Automan Empire   ignore (2)   2012 Nov 17, 5:57am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Miraculous Weather and Tits Geography
^^^^^^^^^^^^^^

LOL, yeah that keeps me going too...

59   bob2356   ignore (4)   2012 Nov 17, 10:08am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.

60   mell   ignore (2)   2012 Nov 17, 11:12am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Automan Empire says

Miraculous Weather and Tits Geography

^^^^^^^^^^^^^^

LOL, yeah that keeps me going too...

Me three! Chicks and weather are unbeatable.

61   REpro   ignore (0)   2012 Nov 18, 5:27am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.

62   Bellingham Bill   ignore (5)   2012 Nov 18, 11:19am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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).

63   Bellingham Bill   ignore (5)   2012 Nov 18, 11:29am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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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