The Political/Economic Disaster That is California

4 posts

Niccolo and Donkey
This is interesting. I was expecting conservative boilerplate about unions and illegals draining Cali's coffers -- which is true, but not the whole picture. It seems like academia and mainstream journalism is slowly coming to the conclusion that I've reached a while ago, namely that technology and biology are truly the shaping factors of public behavior and not vice versa. Political changes, economic changes, are superficial indications of something deeper, the froth that comes to the surface when you stir a stagnant pond.
Why didn't this happen in the 90's? Why not in the 80's? Why not in the 70's? Or the 60's?

It wasn't a "societal shift" that caused this building up of debt. It's plain and simple. Monetary policy and fiscal policy. And those things today are built for political interest. They aren't built to reflect reality, but to change it.
They expected to be able to repay debts back. Then housing prices collapsed and the economy tanked. This wasn't some Ayn Rand-induced mania. It was the printing of money, mortgage-backed securities and the CRA that did this.