Recent Blog Posts
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The Times' Rorshach Geithner Story
Apr 27 20099:04am EDT -
Sinking Animal Spirits
Apr 27 20098:04am EDT -
Counter-cyclical Urban Policy
Apr 26 200910:04am EDT -
Be Your Own Counterfeiter
Apr 26 20099:04am EDT -
Being Tim Geithner
Apr 25 200912:04pm EDT -
Notes From a Press Conference Naif
Apr 25 20099:04am EDT -
What Good is the News?
Apr 25 20098:04am EDT -
Stressful Enough
Apr 24 20092:04pm EDT -
Not Regretting the Pound
Apr 24 20091:04pm EDT -
Introducing the New Ford Squeeze
Apr 24 20099:04am EDT -
Non-Economic Questions of the Day
Apr 24 20099:04am EDT -
The Stress Test Blind Alley
Apr 24 20098:04am EDT -
Happy Hour
Apr 23 20099:04pm EDT -
Recovery Without Rebalancing
Apr 23 20096:04pm EDT -
The Shape of Your Recession
Apr 23 20095:04pm EDT
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Great Moments in Politics, California Edition
A fiscal emergency has been declared, but hey, Mr Villines, don't let that stop you from sounding like a drunken ideologue:
Republican lawmakers, who last week blocked a Democratic proposal to cut billions of dollars from schools, healthcare and welfare programs while tripling the vehicle license fee, quickly reiterated their opposition to any new taxes, which both Schwarzenegger and Democrats say are indispensable...
Assembly Republican leader Michael Villines (R-Clovis) rebutted Schwarzenegger's criticism that lawmakers are too rigid, saying in a statement that his party's anti-tax stance "is not blind ideology . . . but our sincere belief that higher taxes will hurt the economy and lead to more uncontrolled spending."
Right. A massive spending cut even as there's a real need for fiscal stimulus -- that'll be uncontrolled spending, that will.
Last night I was discussing with Mrs Movers, who's a Californian, whether New York or California had the more dysfunctional state politics. I still think it's New York, by a hair, but California's coming very close.
It does strike me that California's fiscal emergency comes despite the extremely low property taxes in the state. Clearly the housing boom did a reasonably good job of bleeding into the broader economy and boosting California's tax revenues, even without much in the way of direct property taxes.
