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Ponick (Writing on investing, politics, music, and theater for the Washington Times Communities) 7/11/12



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Ponick (Writing on investing, politics, music, and theater for the Washington Times Communities) 7/11/12

(Terry, “Is California America’s Greece?” http://communities.washingtontimes.com/neighborhood/morning-market-maven/2012/jul/11/california-americas-greece/)

WASHINGTON, July 11, 2012 – We move from this column’s unexpected joust with global warmists to another metaphorical solar flare—this time, one that’s erupting in California. According to CNBC, the city of San Bernardino will file for bankruptcy protection: “Chapter 9 bankruptcy would give San Bernardino an opportunity to restructure its battered finances, city staff said during a webcast of the city council meeting.” If San Bernardino goes through with this intended action, it would become the third California municipality to file for bankruptcy. Additional municipalities are in the on-deck circle. This is very possibly the beginning of the municipal domino effect in the nation’s biggest state as the piper finally demands to be paid. Arguably, California’s epic profligacy has turned it into America’s version of Greece—and given its sheer size and population, maybe America’s Spain and Italy as well. Via clever gerrymandering and mid- 1990s chicanery by Al Gore and company to jam pile new immigrants as rapidly as possible onto the voting rolls, California turned permanently socialist-Democrat over the last twenty years or so, gerrymandered to the hilt to assure a permanent leftist majority in its government. The state, once the comfortable abode of conservative saint Ronald Reagan (and even Dick Nixon), now very strongly resembles modern Greece in its addiction to deficit spending on extravagant projects (like the bullet train to nowhere) and its inability to facew reality. Like much of our troubled country today, California government is strongly influenced by the perpetual adolescents who now, as aging Boomers, create mountains of unfunded governmental fantasies with the aim of making themselves feel morally superior. Unfortunately, the bill for their profligacy is staggering—not the least of which is their looming early retirement and pension tsunami.

Investment in Cali infrastructure helps the economy – job creation



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