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Santelli Explains Why A Broke California "Likes" A Hot Facebook IPO

Tyler Durden's picture




 

The unsurprising and yet depressingly real budget data from California today should shock no-one and CNBC's Rick Santelli provides the most succinct and even more saddening reality check on the situation this morning as he points out the $15.7 billion shortfall and how cuts and compromise will fill that gap. His sane response to the implicit rise in taxation that this compromise realistically requires will mean - happy feet as Californians leave the state. His rant is one of the best but a little later in the day, the problem appears to be on its way to being fixed by none other than the hoody-in-chief himself. According to Bloomberg, Facebook Inc.’s initial public offering likely will account for 20 percent of California’s personal income growth this calendar year, the state fiscal analyst said. The state expects personal income to grow 4.9 percent in 2012. If the Facebook IPO were excluded, that would total 4.0 percent, the agency said. Money paid to company executives, investors and insiders would equal 1 percent of all personal income in 2012, the agency said. So two things come to mind: 1) we sure hope there are more mega-IPOs due next year to fund CALI's shortfall or we may have to pull the 'transitory' or unsustainable card out of the drawer; and 2) how will all those Facebook employees (and the corporation itself) feel when they start facing higher taxes (as Saverin just pre-emptively did?). Will they follow Santelli's happy feet out of the state? In the meantime, it would appear that the Facebook IPO is just the snake-oil medication that everyone needs - how could the IPO go wrong?

 

 

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Tue, 05/15/2012 - 13:27 | 2427977 Seasmoke
Seasmoke's picture

unless all the Facebook original shareholders switch their citizenship to Israel

Tue, 05/15/2012 - 13:35 | 2428024 Hippocratic Oaf
Hippocratic Oaf's picture

Only thing I get outta this is that he accidentally draws a penis

Tue, 05/15/2012 - 13:38 | 2428036 battle axe
battle axe's picture

inmates running the asylum....

Tue, 05/15/2012 - 15:49 | 2428657 Yikes
Yikes's picture

Is just me or does anyone question the timing of GM, partly owned by the Obama administration, comes out annouces they're cancelling their advertising on Facebook just two days before IPO and just after it is revealed in the media that one of it's founders is ripping off California, a Obama stronghold of money and unions, of $100's of millions of tax revenue because he renounced his U.S. citizenship.

 

Tue, 05/15/2012 - 16:58 | 2428944 AldousHuxley
AldousHuxley's picture

that kid will pay taxes as he exits US. No question about that.

 

But being a Singaporean citizen will shield him from future taxes. Or maybe he is thinking 100 years out to hihs grandkids who will be banking from Singapore investing in China rather than American companies from New York.

 

No immigrant believes in American Exceptionalism when they come to US and kick everyone's ass.

Tue, 05/15/2012 - 22:49 | 2430092 swamp
swamp's picture

How is one of the co-founders ripping off california, and the usa, by not letting the illegal tax system steal his money to give to themselves and illegals? Good for him. He was smart, rich and he left. Excellent example.

Tue, 05/15/2012 - 20:59 | 2429727 Freddie
Freddie's picture

"If Your Going To San FranPsycho"

http://www.youtube.com/watch?v=g_HhwinPw-M&feature=related

Another CA delusional f**k.  Typical crap music from CA.  San Francisco was the only city I almost got mugged in.  I told the MF'er to bring it.

Tue, 05/15/2012 - 21:18 | 2429823 nmewn
nmewn's picture

Govenor Moonbeam "negotiates" with public employees to work 20% fewer days per year in exchange for a FIVE PERCENT reduction in income.

Quote/unquote: "This is the best that I could do."

Gawd I swear...ROTFLMAO!!!

Tue, 05/15/2012 - 13:36 | 2427982 pkea
pkea's picture

santelli don't get it with chicago mentality. ca is hard to replace. happy feet will pay up to stay. where will they go from palo alto? texas? hq maybe but personally, hmmmm, unlikely, they will come back in less than a few days

Tue, 05/15/2012 - 13:39 | 2428041 lemonobrien
lemonobrien's picture

your arrogance is kinda stupid sense i work in high-techs in san francisco. plenty of beautiful places around the world; and fuck yeah; this whole citizenship thing is bullshit; we should be able to roam the earth as free people and live where we like. People will say, but all the poor will invade the nice areas... well, look at illegal immigration in america. plenty of poor cutt'n rich people's lawn, nanny-ing their kids, and providing new and exciting culture like tacos and salsa.

Tue, 05/15/2012 - 13:48 | 2428085 lunaticfringe
lunaticfringe's picture

"sense i work in high techs in san francisco"...I am assuming you are not a technical writer there.

Tue, 05/15/2012 - 14:00 | 2428138 iDealMeat
iDealMeat's picture

energy efficient, web enabled weed whackers are all the rage.

 

Tue, 05/15/2012 - 16:40 | 2428853 AldousHuxley
AldousHuxley's picture

In chicago and New York, when people get rich quick, they leave the state ASAP for better place to live with lower taxes like Florida or Arizona.

 

In California, when people get rich off of IPOs, first thing they do is buy a house to settle down. Weather is nice, food is great, illegal immigrants keep maid and lawn services cheap.

Tue, 05/15/2012 - 14:08 | 2428191 lemonobrien
lemonobrien's picture

i speaks in tongues. radiation from fucka shima

Tue, 05/15/2012 - 14:59 | 2428376 A Nanny Moose
A Nanny Moose's picture

psh. You should just be glad it isn't in hex

Wed, 05/16/2012 - 00:59 | 2430420 lemonobrien
lemonobrien's picture

0xDEADBEEF

Tue, 05/15/2012 - 15:31 | 2428500 El Oregonian
El Oregonian's picture

"your arrogance is kinda stupid sense i work in high-techs in san francisco"

Uh, Mr. Open-Border Society you can live anywhere you like, it's just if they accept you there or not. Last time I checked they would, if you produced a threshold of income which satisfies resident requirements. They do not want deadbeats anymore than we do...

By the way, love your sentence structure. Great command of the language.

Tue, 05/15/2012 - 17:19 | 2429024 lemonobrien
lemonobrien's picture

yeah, we're slaves.

Tue, 05/15/2012 - 15:44 | 2428615 kalasend
kalasend's picture

I worked at Silicon Valley. Worked outside. And eventually settled back to SV.

Yes, I don't know where I will go later but let me tell you something: SV still has the best balance of hi-tech/$$/life/air/entrepreneural, upbeat, can-do, no-non-sense, etc..

You go anywhere in the world I'm sure you'll find some places that beat SF Bay Area in various sectors but as a whole, I'd say no match. And I'm speaking after having worked at Asia and Europe (okay yeah, minus Aussie land so perhaps that's where I would go next but I suspect I'd still opt to come back after another 3-4 yrs...)

Tue, 05/15/2012 - 16:47 | 2428897 AldousHuxley
AldousHuxley's picture

in SV, startup experience counts and failure is discounted.

everywhere else, nobody cares about your responsibilities in a startup and cares more about brand name company experience. And i you fail, you are ostracized with "I told you so".

 

pleasant weather also helps to install optimism into people working in risky ventures whereas in Chicago, New york, etc, when stress of startup gets high looking out the window into gloomy snowy weather makes you want to just quit and seek safety of fortune 500.

 

Only companies moving out are old techs. New cutting edge tech starts in Silicon Valley. Because the elites are entreprenuers and they reinvest the money back into another startup. New york wall streeters grind it out in finance and as soon as they hit their number, they move to Florida and live off of passive investments. Californians actually like working in a startup. they like change. they like solving problems. East Coasters only like parasitic relationships.

 

For example, look at Elon Musk. He put his profit from paypal back into even larger startups: spaceX, Tesla, SolarCity.

He is young and running these companies. He is not sitting back in Texas ranch somewhere living off of dividends.

Tue, 05/15/2012 - 20:34 | 2429703 Freddie
Freddie's picture

You moron. Elon Musk got Obama money and connections for Tesla and Space X.  Stop generalizing retard.

Tue, 05/15/2012 - 16:57 | 2428949 the 300000000th...
the 300000000th percent's picture

Its nice now but after the debt reaches critical mass it will be a shit zone of unprepared prius driving retards that dont know why their mastercards dont work anymore and the gangbangers will eat you just for fun.

Tue, 05/15/2012 - 17:34 | 2429079 AldousHuxley
AldousHuxley's picture

prius gave you access to HOV lanes.

There is a reason why Hummer was sold off to Chinese righ tas gas prices were going up.

Tesla is going to make Texas go broke who also has fare share illegals and population are retards living off oil wealth. That's why cities like Austin are trying to attract smart techies from California to diversify oil industry with tech industry. Maybe not next 10 years, but in 50 years (and this is important to super elite landowners), China or California will replace all automobiles with electric vehicles.

 

Gangbangers are people too and most are poor, so they are moving out to Texas, Nevada, Arizona due to cost of living.

 

California is naturally gifted with geographically diverse land, that's why politicians can afford to be stupid but so is Texas, Alaska, Florida, etc.

Tue, 05/15/2012 - 18:43 | 2429342 eatthebanksters
eatthebanksters's picture

If you're an employee on a fixed salary, that's fine, but if you're and entrepreneur who creates value, California  is anethema.

Tue, 05/15/2012 - 13:44 | 2428055 NotApplicable
NotApplicable's picture

What happens when all the happy feet have gone sad?

Eventually, they're gonna run out of poor people to exploit. When that day comes...

Tue, 05/15/2012 - 13:43 | 2428056 Leopold B. Scotch
Leopold B. Scotch's picture

And they'll all be eating from Trash Cans.

Tue, 05/15/2012 - 16:43 | 2428875 ParkAveFlasher
ParkAveFlasher's picture

They'll go to Long Island City.

/sarc off

Tue, 05/15/2012 - 13:29 | 2427988 Nothing To See Here
Nothing To See Here's picture

Markets don't care about California. They heard a new election was coming in Greece and that it might fix the whole shit.

Tue, 05/15/2012 - 16:54 | 2428927 AldousHuxley
AldousHuxley's picture

Because california is  doing fine and Feds will bailout CA when the time comes because of population (= votes for politicians) unlike ECB/IMF vs. Greece.

 

Russian billionare bought a $100,000,000 house in California.

 

When world thinks of American Dream they think of California, not New Jersey, or Chicago. Chicago is done.

Stanford is the choice for new money.

 

of course, new englanders, wallst. washington DC trust fundies all envy /hate California's new money.

 

But soon the dream will move across the pacific to China.

Tue, 05/15/2012 - 13:31 | 2427989 BLOTTO
BLOTTO's picture

 

 

Zuck: Yeah so if you ever need info about anyone at Harvard

Zuck: Just ask

Zuck: I have over 4,000 emails, pictures, addresses, SN

(Redacted Friend’s Name): What? How’d you manage that one?

Zuck: People just submitted it.

Zuck: I don’t know why

Zuck: They “trust me”

Zuck: Dumb fucks

Tue, 05/15/2012 - 17:46 | 2429126 AldousHuxley
AldousHuxley's picture

America: where anti-social dork becomes rich off of social networking.

Tue, 05/15/2012 - 13:29 | 2427991 Vincent Vega
Vincent Vega's picture

Send in Corzine; vaporize that debt!

Tue, 05/15/2012 - 13:33 | 2428000 dmger14
dmger14's picture

Always refreshing to hear some sanity and logic from Rick!  I hope California breaks off into the Pacific after a big earthquake.  It would save us non-socialist US citizens a lot of trouble.

Tue, 05/15/2012 - 13:36 | 2428014 Nothing To See Here
Nothing To See Here's picture

"us non-socialist US citizens"

you mean, like the 90% of the country who think they have a valid choice between either Obama or Romney?

Tue, 05/15/2012 - 13:46 | 2428068 smb12321
smb12321's picture

I love Rick!  He is so passionate about things, not a lot of nuance.   CA is the ultimate example of a liberal experiment that was allowed to do whatever it wanted by idiot politicians who increasingly demonized those who provided their income.  The end game is, of course, bankruptcy of both the financial and moral persuasion.

I feel sorry for those who are unable to leave the state. We have new neighbors from Sacramento who said they gained 12% simply by moving to TN. 

Tue, 05/15/2012 - 14:27 | 2428217 Floordawg
Floordawg's picture

I've lived in a few states in the US (currently stuck in NYC). From my experience, as great as the weather is there (SF bay area), it's worth the 12%... anywhere east of the Rockies is an armpit in the summer and an icebox in the winter.

You get what you pay for in this case.

Tue, 05/15/2012 - 14:55 | 2428355 Iwanttoknow
Iwanttoknow's picture

Oh yes,that beautiful state,TN.Full of faithful christain zionists.great culture.

Tue, 05/15/2012 - 15:57 | 2428694 smb12321
smb12321's picture

I have no idea what "Christain [sic] zionists" are but you don't either.  If you really "want to know" (extremely doubtful given your juvenile response) TN has all sorts of folks - Jews, Catholics, Mormons, Buddhists, Hindus, Muslims or even atheists like myself. 

You could visit the Fritz, take in the Predators or Titans, tour the Parthenon or even try Graceland.   The latter is too proletariat for your tastes but boy does it bring in the money which is nice in a state without an income tax (and doing fine).   I live in "god's country" on 1.5 acres, 4,100 sq ft for about 1/5 of what you could buy a shack for in the "great" state of CA.  

Tue, 05/15/2012 - 13:32 | 2428002 Ripped Chunk
Ripped Chunk's picture

I agree it will help but not fix a big chunk of the problem. The exodus of population is a double edged sword: many that are leaving do pay taxes and don't tax public services. Many that left paid no taxes and taxed the shit out of public services.

So it needs to be quantified.

Tue, 05/15/2012 - 13:46 | 2428065 NotApplicable
NotApplicable's picture

That's easy. One Uncle Sugar in DC.

Tue, 05/15/2012 - 13:35 | 2428007 Dr. Engali
Dr. Engali's picture

The problem with the nut cases in California leaving is they migrate to other places and vote in their same insane policies. They need to stay with governor moonbeam.

Tue, 05/15/2012 - 13:44 | 2428066 Roy T
Roy T's picture

After 20+ years in California, a HS friend of mine just told me he is moving to Texas.  He took a nearly similar paying job and is looking forward to paying much less in taxes.

Tue, 05/15/2012 - 13:54 | 2428108 carbonmutant
carbonmutant's picture

Did he check the real estate taxes?

Wed, 05/16/2012 - 08:05 | 2430883 jerry_theking_lawler
jerry_theking_lawler's picture

Tennessee is a better alternative......

Tue, 05/15/2012 - 17:02 | 2428975 AldousHuxley
AldousHuxley's picture

Texas is as broke as California.

Texas has lots of illegal immigrants as California.

No income tax but get ready for one of nation's highest  2.5-3% real estate tax versus California's 1% that you lock in forever due to prop 13.

 

When gas prices go down after US forces Iraq, Iran, Saudis to pump more out, Texas will be in trouble again.

 

Democrat presidents for the foreseeable future will benefit California more than red state like Texas.

 

Trick to California living is to have your wife work for California government to get your taxes back.

 

 

Tue, 05/15/2012 - 18:46 | 2429354 Vendetta
Vendetta's picture

Mitt Romney bought a place in CA.  I don't see much difference between R's and D's except the general tone of the nonsense and lies they utter.

Tue, 05/15/2012 - 18:49 | 2429358 eatthebanksters
eatthebanksters's picture

2.5% to 3% real estate taxes on a $500,000 house is $12,500 to $15,000/year...The same ouse in California would be $1.3 to $1.5m?  Taxes (state  and local assements) average 1.16% the first year in California..I'd say its all even, except that you have no sate income tax in Texas.

Tue, 05/15/2012 - 13:53 | 2428109 Arnold Ziffel
Arnold Ziffel's picture

Facebook's Saverin is not only leaving Califoirnia, he is leaving the whole country!

 

http://www.theverge.com/2012/5/14/3019318/facebook-co-founder-eduardo-sa...

Tue, 05/15/2012 - 14:26 | 2428260 GeezerGeek
GeezerGeek's picture

South Florida has lots of immigrants from socialist paradises like Venezuela. They say they are fleeing Chavez and then support the American socialists who promise paternalistic government. Nice people, but they just don't understand - it's the system, not just the individual at the top, that leads to failure.

Tue, 05/15/2012 - 15:54 | 2428671 Cruel Aid
Cruel Aid's picture

@ The Dr.

They are killing us, but the state and local politicians love the jacked up property tax and sales revenue. Carpetbaggers are a nightmare.

Tue, 05/15/2012 - 13:35 | 2428010 Stackers
Stackers's picture

Employees for the City of San Francisco and Berkley are eligible for $50,000 in benefits for sex change operations.

Tue, 05/15/2012 - 17:08 | 2428997 AldousHuxley
AldousHuxley's picture

better look like a girl than look like a drag. Might as well change that shit so other people don't have to look at flaming acts.

 

 

 

Tue, 05/15/2012 - 13:36 | 2428012 buckethead
buckethead's picture

Facebook Inc.’s initial public offering likely will account for 20 percent of California’s personal income growth this calendar year,

 

Fracking unbelievable.

Tue, 05/15/2012 - 13:40 | 2428040 FlyoverCountryS...
FlyoverCountrySchmuck's picture

FaceBook is THE ONE GOD, that will save us all! - Jerry Brown

Tue, 05/15/2012 - 17:11 | 2429007 AldousHuxley
AldousHuxley's picture

that's why it doesn't matter of their valuation. Elites already made up their mind.

It is backdoor rescue of California's housing collapse. First thing FaceBook employees will do is cash out IPO and buy the overpriced homes in the valley. It also tackles youth unemployment, and cheap database for CIA/FBI.

 

US elites are hoping that, Californians cash out, then sucker Arab, Indian, Chinese investors in, then crash web2.0 forcing them to take the loss while Americans have millions in cash. Then those investors will bring deflation in their own country and asset prices will fall. then wall street comes in and buys foreign assets cheap. And it all looks legit!

they have been playing this game for decades now....

Tue, 05/15/2012 - 14:21 | 2428233 GeezerGeek
GeezerGeek's picture

Of course the politicians will assume that that "income growth" will reappear each year. That's how they think.

Tue, 05/15/2012 - 13:36 | 2428019 Rich Bagg
Rich Bagg's picture

California is the best place to live in the United States.  That's why Google, Facebook, Oracle, Apple and so many other companies are located there.  Leave Calfornia and go where?  New Yack?  LMFAO

Tue, 05/15/2012 - 13:38 | 2428032 riphowardkatz
riphowardkatz's picture

Singapore?  

It was the best place and it used to be New York and it used to be Britain until is wasn't

 

Tue, 05/15/2012 - 17:17 | 2429020 AldousHuxley
AldousHuxley's picture

singapore has mandatory military service. and when SHTF, you don't want to be so close to China. There is a reason why Jim Rogers still holds on to his US passport.

 

And BMW 3 series cost $250,000+.

 

And they have affirmative action quotas even for businesses.

Tue, 05/15/2012 - 18:50 | 2429376 Vendetta
Vendetta's picture

How come the BMW 3 Series costs $250k plus?  Barrifs and Terriers in our global 'free market' society?

Tue, 05/15/2012 - 22:56 | 2430121 Stuck on Zero
Stuck on Zero's picture

No place to drive.  The place is tiny and the roads are narrow.  What good is it to have a 150 mph car when you;re behind a pedicab.

Wed, 05/16/2012 - 08:10 | 2430895 jerry_theking_lawler
jerry_theking_lawler's picture

yep, i have a friend is singapore who is the proud owner of a SG$70,000 kia.....

 

but singapore is not the total answers to all things.....energy is about 3-4 times as expensive in the US.

 

two identical plants...one in US and one in SING....the US plant has lower costs overall (including labor)....but SING has lower taxes and thus overall cost of sales is lower in SING so they get the business. it is very simple math (so simple a 5th grader would understand it).....

Tue, 05/15/2012 - 13:46 | 2428063 CaptainObvious
CaptainObvious's picture

They don't have to move that far..  Most of the techies are vacating themselves right across the nearest border...Nevada and their 0% income tax.

Tue, 05/15/2012 - 17:19 | 2429031 AldousHuxley
AldousHuxley's picture

Californian courts won't enforce non-compete clause.

 

I don't know about Nevada.

 

Tue, 05/15/2012 - 13:48 | 2428078 Judge Arrow
Judge Arrow's picture

They are expanding out of the state, not in it - the landscape is changing - and there are many willing employees in better states and better work ethics - CA is in a slow motion crash - and you if think the only choices are NY or CA you are high...maybe that is why you are LMFAO.

Tue, 05/15/2012 - 13:52 | 2428101 Rich Bagg
Rich Bagg's picture

Rich people like nice weather, great restaurants, scenic beauty.  Freezing cold or scorching hot doesn't work even if it does save a few bucks on taxes.

Why do you think all of the movie stars live in So Cal?  Bill Gross has houses all over California.  It's a great place to live and very expensive too.  Most Losers can't afford it.

Rich people are moving INTO California.  Losers who can't afford it are leaving.

 

 

 

 

Tue, 05/15/2012 - 14:07 | 2428179 CaptainObvious
CaptainObvious's picture

That's the thing about rich people...they can find nice weather, great restaurants, and scenic beauty in any place in the world of their choosing that won't try to tax them to death.  California doesn't have a monopoly on anything except the taxing to death.

The "losers" you write about (you know, the average Schmo who is underwater on his mortgage, shackled to his job by circumstances he didn't cause) can't afford to move, because they can't even pay all their bills and put food on the table.  So once all the rich people place their roots in new soil, the "losers" have yet more of their income taxed to meet the insatiable demands of the poor, until the "losers" themselves ARE the poor and there are no more "losers" to foot the bill.

I've heard the best weed is grown in California, and you, my friend, are living proof of that.

 

Tue, 05/15/2012 - 14:36 | 2428290 bahaar
bahaar's picture

Any place on earth?  Really?  In how many places on earth av. temp never rises above 75F and never falls below 45F?

Tue, 05/15/2012 - 14:47 | 2428325 CaptainObvious
CaptainObvious's picture

For starters, how about Auckland, New Zealand? 

Now that I think of it, didn't I just read about some rich Californian moving to New Zealand?

http://www.cbsnews.com/8301-505245_162-57370235/james-cameron-plans-move...

But I bet he found it difficult to leave the the unduplicated climate, unparalled restaurants, and irreplacable scenic areas.  I mean, somebody had to be holding a gun to his head to make him buy 1000 acres in such a god-forsaken place.

Tue, 05/15/2012 - 17:22 | 2429035 AldousHuxley
AldousHuxley's picture

New Zealand is like Hawaii.....island has to import everything....cost of living is high.

 

 

Tue, 05/15/2012 - 14:54 | 2428365 FrankDrakman
FrankDrakman's picture

What a pussy you are. Why not live in a completely air conditioned world, where it only varies between 70 and 72? Real men (and some women) enjoy a bracing winter day, or a baking summer sun. It's called the real world. You're welcome to your little - and I do mean little - idea of heaven. Hope you enjoy paying for it as much as you enjoy the weather.

Tue, 05/15/2012 - 16:36 | 2428843 Rich Bagg
Rich Bagg's picture

Why endure discomfort if you don't have to?  Only a poor schmuck tries to convince himself that 107 degrees isn't that bad because it's dry.

I'm going for a bike ride along the beach today.  Sunny, breezy 69 degrees.  LMFAO!!!

 

 

 

Tue, 05/15/2012 - 19:24 | 2429501 FrankDrakman
FrankDrakman's picture

Why endure discomfort if you don't have to?

Again, what a pussy you are. I live in Toronto. It never gets to be 107, and today was a sunny 72, thank you very much. But, regardless of it's 3 below in February, or 95 in July, I find things to do and enjoy. Skating on a frozen lake with your daughter, watching the trees change colour in the fall, seeing life burst out every spring - that's the whole panoply of life in all its richness and glory. I noted elsewhere that having children doesn't make sense from one point of view - they are costly physically, psychically, and financially. But when you have one, you don't even think about those things. I'm betting you're childless.

You may like your life climate controlled, but, as Whitey Herzog wrote, 'you're missing a good game'.

Tue, 05/15/2012 - 16:41 | 2428859 rodocostarica
rodocostarica's picture

Where I live in Costa Rica the high average is right on 75 and the low never goes below 58 at night and normally is high 60s. Shorts every day of the year.

 

Sorry have to get back to studying for my citizenship class New Passport coming soon. 

 

 

Tue, 05/15/2012 - 18:57 | 2429388 Vendetta
Vendetta's picture

The 'underwater' are the poor, granted a different flavor of poor than those living under a bridge but they are still poor and likely to not be 'above water' ever again.

Tue, 05/15/2012 - 17:27 | 2429050 AldousHuxley
AldousHuxley's picture

Bill Gross lives in California because that's where his customers are....rich people and California state pension funds.

 

California is expensive BECAUSE super rich are moving in.

 

Money makes money. California is where your rich investors live who can afford to gamble on your risky startup.

Also land itself is very valuable....you can grow food, pleasant weather makes people want to travel there, retire there, etc.

Tue, 05/15/2012 - 19:24 | 2429506 FrankDrakman
FrankDrakman's picture

Also land itself is very valuable....you can grow food

Been into the Central Valley lately?

Tue, 05/15/2012 - 14:07 | 2428175 CvlDobd
CvlDobd's picture

I agree to an extent.

Yes, housing, jobs, taxes, etc. suck but the other stuff is great.

Surfing, motocross, Yosemite, Mammoth skiing, Laguna Seca, nightlife, boobs, everything. Where else can you get the same diversity of fun shit? Most CA bashers I meet have never been there.

Yeah TX may have better jobs but everything else sucks. 110 degrees with your balls melted to your thigh for 8 months of the year? No thanks.

CA is a fiscal mess but outside I that there is some really cool shit there and the weather I great.

Junk this if you live in a bunker. Vote me up if you love having fun just wish it came without government strings attached.

Tue, 05/15/2012 - 20:41 | 2429722 Freddie
Freddie's picture

The ocean is shit to surf in.  Too cold, too many big f***king sharks, radation and sewage.  Laguna Seca is a sucky track.  Fake boobs plus f***king hags in nor Cal with gray hair like a witch at 30 years old.  The skiing is not that good either.  Besides that it sucks.   The graps in Napa already showing Fukashima radiation.  No thanks.

Tue, 05/15/2012 - 21:06 | 2429772 dolph9
dolph9's picture

I'm a lifelong Texan, and, I have to say, I've always loved California.

But take a good look at reality.  California is on the opposite end of the American Empire...far from the financial and political sphere of NYC and DC.

Hollywood and tech do not have real power...they feed off of it.

Unless California secedes from the Titanic called America, it's headed down the crapper, as all of it's wealth will be stolen to pay for the useless eaters across the country and the sins of the Wall Street banksters.

Mark my words...the elite wasps and jews will eventually discard California like an old rag.  And all that will be left is a few disgruntled asians who might head back to Taipei, and a bunch of poor beaners.

Tue, 05/15/2012 - 14:35 | 2428281 SoCalBusted
SoCalBusted's picture

I figure that the money that I could save by not living in California could be used to vacation in California while staying at the Ritz.  And I would still be well ahead of the game.

Tue, 05/15/2012 - 15:55 | 2428691 Dingleberry
Dingleberry's picture

Cali WAS once the best place to live (I lived in SOCAL in the 80s and last decade).  The question is....what is the sunshine tax worth?  How much pain can the average Joe (or Jose) in Cali stand? At what point do you cry "uncle" and leave?  I cried it a few years ago and left......with no regrets. Rich people don't live in Cali. They move to FL (like Tiger did) or somewhere else with no state tax.  But 8 adults to a house live there, if you call that living.

Tue, 05/15/2012 - 13:37 | 2428027 cowdiddly
cowdiddly's picture

Fuck Facebook

Tue, 05/15/2012 - 13:38 | 2428037 GeneMarchbanks
GeneMarchbanks's picture

Another excellent site, agreed. Try sitonmyfa-

nm

Wed, 05/16/2012 - 08:30 | 2430953 TruthDetector
TruthDetector's picture

Thanks! I thought I was the ONLY PERSON who felt that way.

Tue, 05/15/2012 - 13:36 | 2428029 carbonmutant
carbonmutant's picture

Jery Brown has plans for Facebook...

Tue, 05/15/2012 - 13:51 | 2428088 redpill
redpill's picture

They should really call it Brownbook because everything that gets posted there is a bunch of useless bullshit.

Tue, 05/15/2012 - 14:00 | 2428121 carbonmutant
carbonmutant's picture

Not if you work in your company's HR department

You'd be surprised at how often your Facebook account comes up in employment interviews...

 

Tue, 05/15/2012 - 14:26 | 2428253 redpill
redpill's picture

No I wouldn't, because I don't have one!

Tue, 05/15/2012 - 14:47 | 2428331 RaymondKHessel
RaymondKHessel's picture

Not if you don't have a FB or you've put all privacy controls on including turning google search off.

Tue, 05/15/2012 - 13:43 | 2428046 LawsofPhysics
LawsofPhysics's picture

"Rich people leaving" -  One of the many myths the sheeple are force fed.  Look, I am wealthy because I employ a skilled workforce and have the most advanced technology infrastructure in the world (at my disposal thanks to my bought and paid for representative).  I am not going anywhere.  What a load of horseshit.  Real people who bring real innovation to the market and quality products are not going to go to fucking Alabama and find that kind of support.  Rock meet hard place,  grow the fuck up Santelli and FYI, my Newport Beach house is always for rent, if your pockets are deep enough.  Shit like this from Santelli makes me think he is planned opposition for the sheeple.

Tue, 05/15/2012 - 13:49 | 2428087 Judge Arrow
Judge Arrow's picture

This is incoherent 

Tue, 05/15/2012 - 13:52 | 2428104 LawsofPhysics
LawsofPhysics's picture

For most who have never run a technology-based company, it would be.  Think about it, I have access to the largest pool of over-educated hard-working and best trained Engineers and Scientists in the world.  Wake up, this is what the backbone of any successful tech company looks like.  How hard is that to understand?  You really think I would up and move my operation?  

Tue, 05/15/2012 - 13:58 | 2428136 Likstane
Likstane's picture

Are you the Etch-a sketch boss?

Tue, 05/15/2012 - 14:01 | 2428145 Bay of Pigs
Bay of Pigs's picture

What about the bigger picture? CA is sinking fast. 9 to 16B in just a couple of months.

Who the fuck has this kind of money to make up those kinds of deficits? Oh, we'll just raise taxes? Again? LOL.

Tue, 05/15/2012 - 14:12 | 2428194 LawsofPhysics
LawsofPhysics's picture

Wake up my friend, NONE of the debt is sustainable.  Same as it ever was.  People in power will continue to pretend to make loans to those on the inside who will pretend to pay them back.  Humanity in it's present form is not sustainable.  Grow up already, 2000+ years of history tell you how this will turn out.

Tue, 05/15/2012 - 14:57 | 2428371 redpill
redpill's picture

Yes yes, on a long enough timeline the survival rate for everyone drops to zero.

But in the mean time, people do react to economic suffocation.  The wealthiest Californians may not care since their wealth is already in the bank and they are happy to pay their illegal household employees under the table so they don't have to comply with the laughably complicated CA employment regs, but many entrepreneurs, small business owners, or middle- to upper-middle class workers tired of the rat race, lack of income growth, and lack of upward mobility opportunities in a struggling economy have been high-tailing it out of state.  Austin has become unofficially known as the "Hollywood of Texas" as LA residents have decided that slightly less idyllic weather is worth a higher quality of life, a lower cost of living, and greater business opportunity.  This is not a myth or an imagined trend, it has been happening, and will continue to happen the longer this regulatory nightmare drags on.

Tue, 05/15/2012 - 16:54 | 2428936 blunderdog
blunderdog's picture

The fact that Austin is the best city in Texas may not be enough, if you take my meaning.  It sure helps if you like to sit in traffic.

Tue, 05/15/2012 - 20:58 | 2429759 dolph9
dolph9's picture

Austin peaked out in the mid to late 90s.  It was once a gem.

Now it's just like everywhere...crowded, superficial, ugly, paved over, overbuilt, and headed for slow death.

Tue, 05/15/2012 - 14:15 | 2428214 TMT
TMT's picture

It depends on how big/profitable you are and what tech sector.  Granted it's not as easy to move a high-tech operation because they are so labor dependent, but the reality is many tech companies are merely manufacturing companies.  I lived in SF in the 90's and did business with tech companies - many of which moved operations to Oregon, Texas, Utah, etc.  Apple is opening a large facility in Austin.

Beyond tech, the cost/benefit makes sense to get out of CA.  Many have moved to TX.  Shit, look at NJ - they increased their taxes so much people left in droves.

Maybe you're cemented in CA but many others are moving out of high regulation, high cost states.

Tue, 05/15/2012 - 14:26 | 2428259 Oldwood
Oldwood's picture

Its about economy. If it is more beneficial for you in your location, then great. This does not hold true for others. And so far as tech is concerned, it seems I've heard of some firms actually going out of country to vacation spots in asia.

Tue, 05/15/2012 - 19:14 | 2429462 Vendetta
Vendetta's picture

Bingo, it ain't climate, taxes or whatever that drives companies out ... its dirt cheap expendable labor and asia is where there is plenty of that.  Even bribing politicians is cheaper and just as plentiful.

Tue, 05/15/2012 - 13:49 | 2428089 NotApplicable
NotApplicable's picture

Moonbeam, or his successor, will have no choice but to further destory your infrastructure to meet his revenue needs. My only question to you is, how much will you let him take before you feel the squeeze?

Tue, 05/15/2012 - 13:58 | 2428126 LawsofPhysics
LawsofPhysics's picture

That is the question.  However, with these Universities churning out a never-ending hoard of indebted engineers and scientists, many of whom are quite competitive and all who are willing to work simple to stay in the bay area never mind sad wages that are subject to the whims of the dollar, it could be a while.  I'll be the first to admit that many are going to India and the asian-pacific region, but hardly the best talent.

Tue, 05/15/2012 - 13:51 | 2428099 smb12321
smb12321's picture

If rich folks (actually those with sense) are not fleeing how can the CA deficit be explained when states without income taxes post double digit revenue gains?  Alabama, by the way, has attracted tons of business and industry as has the entire South for several reasons  - low (or no) taxes, less regulation and little hostility to business.  I can thank CA since many of their "Green" companies have moved to Tennessee.  Guess all that "advanced technology" was not enough to hold them.  LOL

(And how can a powerful mogul have time to post on ZH?)

 

Tue, 05/15/2012 - 14:02 | 2428132 LawsofPhysics
LawsofPhysics's picture

"(And how can a powerful mogul have time to post on ZH?)"

Once planting is done, things get pretty slow around here.  Yes, the south is growing, in part because the resources are there.  We produce some things in the southern states.  FYI- Asians love pecans.

You sound like you are one of those "no regulation" guys.  Sounds great, it certainly would make it easier to dispose of some of our waste in such an environment (look at Indai and China).

Thu, 05/17/2012 - 16:32 | 2437171 smb12321
smb12321's picture

I am not one of those "no regulation" guys.  I support common sense regulation, the operative words being "common sense".  I really have no idea what you're talking about disposing waste.  I recycle and compost so I have little waste.  Most southern states also have very strict littering laws (SC has the most gorgeous interstates in the nation due to the most draconian littering laws).   I did see that CA led the nation in dumping trash in the ocean, a dubious distinction.

I'd love to live in a place where I could plant year round but alas, we have all four seasons here.

Tue, 05/15/2012 - 14:07 | 2428176 fredquimby
fredquimby's picture

My Dad left the UK in 1978 because he was paying 80% income tax. This was probably before you were born, so I don't expect you to know about things like this.

Yes, 80% - The labour government thought it would help the country pay it's bills. HA HA HA

He finally said "fuck this" (his words not mine), and he moved offshore to the Channel Islands before he sold his hitech business (which was the 1st to develop coal-face to surface electronic voice communications) somewhat simlar to the other FB dude bailing to Singapore berfore the taxman came knocking....

Good luck to you Sir in California - The new "We Need to Tax the rich to pay the Bills Land".

 

 

Tue, 05/15/2012 - 14:12 | 2428207 Rich Bagg
Rich Bagg's picture

It's fun to think about leaving California to tell The Man to shove it.  But where are you going?  Nevada?  LMFAO.  California has the hottest babes and best weather in the world.  You have to pay up to live there.  If you're a Loser who can't afford the housing and the taxes, then move to North Dakota and work in the oil fields.

 

 

Tue, 05/15/2012 - 15:02 | 2428395 FrankDrakman
FrankDrakman's picture

Jeezuz, you must be young. Go back and listen to the Beatle's "Taxman", which was written in 1962, and tell everyone what "Here's one for you, nineteen for me" means.

Tue, 05/15/2012 - 13:41 | 2428047 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

  FrackBook

Tue, 05/15/2012 - 14:17 | 2428225 Money 4 Nothing
Money 4 Nothing's picture

"Book of Faces" Are you in it?

Tue, 05/15/2012 - 13:41 | 2428050 narnia
narnia's picture

The only way we see Santelli's dream:

The states need to look a lot like the original colonial states in terms of size and population.  California should break up into 10 or 100 pieces.  The sensible people can vote with their feet and go to a decentralized piece of the now-California state that doesn't believe in all of the b.s. it currently does by majority tyranny with huge Federal windfalls on the backs of other states.  Then, those decentralized sensible states need to nullify the crap out of the federal government.  

This expecting the nation to move in the right direction movement is pure nonsense.

Tue, 05/15/2012 - 13:46 | 2428053 Bay of Pigs
Bay of Pigs's picture

Facebook>CA deficit>Decoupled>WE DID IT!

http://www.youtube.com/watch?v=-bXdUeyl41k

Tue, 05/15/2012 - 13:43 | 2428058 walküre
walküre's picture

FB is as fake as the entire system financed with ponzinomics and money out of thin air.

Could very well be the pinnacle of human evolution to this date and historians, anthropologists and archeologists in 1000 years will simply program their robots to shake their heads in disbelief for them.

Tue, 05/15/2012 - 13:46 | 2428060 TideFighter
TideFighter's picture

When I look down at my happy feet I see a penis too. But, then, I can only predict my foot mood

four hours after staring at the Snorg-T girl.

Tue, 05/15/2012 - 13:45 | 2428061 lolmao500
lolmao500's picture

Don't worry, Obama is gonna bail them out.

Tue, 05/15/2012 - 13:46 | 2428064 world_debt_slave
world_debt_slave's picture

yep, I've been here over 20 years and my broke feet are moving out of this commie state

Tue, 05/15/2012 - 13:47 | 2428072 i love cholas
i love cholas's picture

Best Coast

Tue, 05/15/2012 - 13:59 | 2428137 ebworthen
ebworthen's picture

Late Great Golden State

Tue, 05/15/2012 - 13:51 | 2428098 alien_scones
alien_scones's picture

U-Haul rates - Truck Rental:

 

Austin Tx to Los Angeles, CA: $537

Los Angeles, CA to Austin TX:  $1358

 

 

Tue, 05/15/2012 - 14:40 | 2428302 Rich Bagg
Rich Bagg's picture

You can a house for $200k in Austin or $700k in So Cal.  Why does it cost so much more to live in So Cal?  Answer:  Because it's a great place to live and there is more demand than supply.

Who wants to sweat their balls off in 110 degree weather for 8 months of the year in God Awful Texas?  If the heat doesn't kill you, the rattlesnakes will.

 

 

 

Tue, 05/15/2012 - 15:47 | 2428652 smb12321
smb12321's picture

Governor, didn't your staff warn you about phony posting on-line?   Now take your meds and get back to dreamland.

Tue, 05/15/2012 - 17:43 | 2429102 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

U-Haul rates - Truck Rental:

Austin Tx to Los Angeles, CA: $537

Los Angeles, CA to Austin TX: $1358 

 

"Ground Truth"

 

Thanks for posting.

Tue, 05/15/2012 - 13:54 | 2428116 kevinearick
kevinearick's picture

Fertility, Currency, & Providence

Whether from the right or the left of the bipolar axis, of bipolar axes, the call is for first responders and teachers, as replacements for parents. The kids get dumber and less responsible, and the calls get louder.

Emotional bullying is far worse than physical bullying, because the physical culprit is easily identified, the harm is easily identified, and the repair may be completed in fairly short order relative to emotional scarring. Take a look at any school. The girls are far more ruthless than the boys, but it’s the effeminated males that are capable of the most harm.

Each class undermines its own. Take a good look at where the Senators from California got the “money” in their bank accounts, what they had before and now. For all the b-ing, Time Magazine, which is a common classroom tool, is the world view of the US for good reason. The mother is the teacher, and that boy is going to grow up to be a cop.

Regardless of the critter, dignity is integral to life. False dignitaries are the derivatives of false assumptions. Sticks and stones…and dead-beat dads. It’s always the empire villain that pulls the empire from the fire of its own creation, by turning time on its head, at the appropriate time.

Avoid the path of the bully, through towns of bullies, if you can, but should you find yourself cornered, there is no choice but to fight. Better to mend a broken arm than to cower for life, and the intelligent critter will take advantage of the stage to topple Goliath, over the edge. The Brass is not against homosexuality; it’s against open homosexuality, which unwinds its position. The “big dogs” are not the big dogs they pretend to be. They never are.

Fertility counseling and drugs are a waste of time in the vast majority of cases. Those closest to nature are the most fertile. Empires are fueled by artificially induced anxiety, and critters have been having babies without medical intervention for quite some time. You want to get the womb hot, which is largely a function of real orgasm, which is largely in the woman’s head. Lifting weights in a gym is counter-productive. Operating a jackhammer is about perseverance, balance, and timing (judgment), not reps. If you want a mate that is unique to you, creating and participating in an artificial competition for mates is pretty damn stupid. Every human being is unique, and you will not find the answer in a book, a bar, or at the YMCA.

If you check your History again, you will find that the physicians learned to interfere with natural processes for money, unearned income, long ago, to breed stupidity in a self-serving positive feedback loop, as the currency of the realm. Bank leverages it with credited income from derivative credit default swaps, which are synthetic hedges in a multilevel marketing ponzi that does not hedge at the end of the relativity circuit, hence JP Morgan.

Net present value calculations assume that future generations will be more intelligent than their predecessors, that the empire standard of living will always improve, but it’s a quantum, two step forward, one step back, trial and error process. As a closed, top down system, empire cannot tolerate independent intelligence for obvious reasons, so the latter must be imported, from the relatively open system on the other side of the fulcrum, which the empire specifically rules out of robot existence, by defining the standards of certification. Who comes up with and implements a janitorial certification requiring a State drivers license identity, which is the property of the State? Liberty, we don’t need no stinking liberty.

As empire participants willingly separate themselves from nature, the empire requirement to pull revenue forward accelerates, to sustain its nonperforming asset base, as does the need to hide the true cost of new family formation in the future, until the tipping point is reached and increasing control results in loss of control, quantum deleveraging. Who “thinks” that Apple, Google, Facebook, and Priceline, advertizing slavery to robots in a collapsing demographic ponzi, is the path to the future?

The transaction costs in the sovereign circle jerk enabled by the hedge funds are chewing the Fed up, not that it needed ant help devaluing global currencies, which until recently were traded on the assumption of a closed system, governed by a global cop. Hedge funds are like the least intelligent seagulls greedily eating peanuts on the roadway, ignoring the oncoming semi, expecting it to stop. The front end has a spoiler for several reasons.

Why is it that hedge funds can buy the property you were taxed out of for pennies on the dollar and you cannot “re-buy” that property for different pennies? Frank-Dodd requiring collateral digitally printed and supplied by the Fed is a net 0 adjustment to profit on the relativity number line. That’s why it’s called float. Heads the casino wins, tails you lose, they all fall down.

-2 and -2 do not add up to 4, but they make 4 when multiplied, and the empire machine cannot tell the difference because it purposefully hides the root operator from itself. That’s the point of marriage, a civil and religious projector. We all do stupid at one time or another, assuming that all parents are stupid. Making the same error until it is not an error is part of the program.

A derivative representative democracy eliminates the if, leaving only the when, which means that intelligent parents, the minority relied upon, may terminate the constitutional contract at will, as the implicit balance to the corrupting power of the ignorant majority seeking to tax the unborn, to be replicated accordingly. You cannot run 50 laboratories in Democracy with best business practice, common law.

Selecting a jury is like going to the mall and asking teenagers if it should be legal to text and drive. Of course the attorneys and judge have determined the ruling before the trial. They all belong to the Fraternity of Morons, from the School of No Comprehension. If you can chew gum, you can be a lawyer. If you can chew gum and walk, you are weeded out.

Government is a criminal enterprise when children are born into poverty to feed it with slaves. Choosing to participate is not intelligent. You must be willing to risk your children to advance the children. That is the story of Abraham, wealth, and NPV. The corporations are always bankrupt, lying both about income and the basis of their ability to project it into the future. Profit and loss, empire defined income, is a function of accounting recognition, not reality, and the rules depend upon the social event horizon class, reinforced at school, robots stealing each other’s lunch in procession. Why can’t you deduct your cost of living?

The only hedge against the risk of stupidity is intelligence, which the quantitative analytical machine and its derivative emotional robots cannot fathom. You, I, and the other guy bet in favor of different parts of the TBTF closed system, and sell each other insurance against loss, per TBTF rules, guaranteeing taxpayer relief upon system failure. Where is the hedge?

Don’t stand with the herd in plain sight, waiting for a bullet to the head, unless you are stalking a predator, in a dimension of dimensions built for the occasion, to hit the shooter with his own bullet. Just play along until you have the necessary gravity, at the desired location, leaving the required energy.

Yes. Meet the new boss, same as the old boss, living the ponzi dream.

Tue, 05/15/2012 - 16:48 | 2428877 magpie
magpie's picture

Whoah, what's with this bullying shtick.

I know i am not really "evolved" either, but this turns everything into a high school popularity contest. Go around and punish all of those who slighted you in your catholic girls' school already.

I'm cool with it, know it's just in line with your general thinking.

Wed, 05/16/2012 - 15:26 | 2432736 kevinearick
kevinearick's picture

the system is operated by over-grown teenagers, that believe they can bully the rest of us into falling in line with their bull, which is why it is collapsing

Tue, 05/15/2012 - 17:43 | 2429119 Ident 7777 economy
Ident 7777 economy's picture

 

 

kevinearick :

Emotional bullying is far worse than physical bullying,

 

What a load!

Tue, 05/15/2012 - 13:57 | 2428123 banksterhater
banksterhater's picture

FARCEBOOK marks the top of the shitheap and will be cut by 50% or more, like Poopon, Help, Kinkedin, a generational top in speculation, Boomers going out like they cam in, the dumbest assholes in history.

Tue, 05/15/2012 - 13:56 | 2428125 ebworthen
ebworthen's picture

California is the tip of the U.S. is Greece iceberg.

Facebook?  Masturbation doesn't create children.

Tue, 05/15/2012 - 14:00 | 2428135 Arkadaba
Arkadaba's picture

Best article I've read so far regarding what I consider to be FB's Achille's heel:

Truth, Lies & Facebook Advertising

Tue, 05/15/2012 - 14:01 | 2428142 midgetrannyporn
midgetrannyporn's picture

Pictures of zuck make me queasy.

Tue, 05/15/2012 - 14:09 | 2428197 crouton
crouton's picture

me too. yuck. bedwetters face.

Tue, 05/15/2012 - 14:04 | 2428158 Likstane
Likstane's picture

Facebook=douchebags practicing douchebaggery.  /credit vast-dom

 

Tue, 05/15/2012 - 14:12 | 2428203 tekhneek
tekhneek's picture

Who here's buying this IPO? I'm generally curious...

I'm just going to watch. I might buy 1 share just for shits and giggles.

Tue, 05/15/2012 - 20:53 | 2429747 dolph9
dolph9's picture

That Mexican maid will.  It'll make her a millionaire.

Tue, 05/15/2012 - 14:11 | 2428204 Money 4 Nothing
Money 4 Nothing's picture

Rick santelli off the chain is when you get news out of CNBS. Tha's pretty much it.

 

Zero Hedge is the purveyor of the Zen IMHO.

Tue, 05/15/2012 - 14:35 | 2428240 goforgin
goforgin's picture

Rick Santelli is the problem, yet somehow he became the spokesperson for shills still watching CNBC. Doesn't that tell you something? Who would watch CNBC? Next, ZH is going to drag out the biggest bag-of-shit Art Cashin, who will tell us what's wrong! No its not Jamie Dimon, it all those 99% who don't take showers and live in a tent.

BTW,  Rick message for you is:  "Jamie Dimon" unlike the State of California doesn't tax you, he just steals

If you have more than 2-brain cells, take everything that ZH promotes with a grain of salt.

Tue, 05/15/2012 - 17:54 | 2429153 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

-1 and FAIL

Tue, 05/15/2012 - 14:22 | 2428242 Bobportlandor
Bobportlandor's picture

Buy WSGI Yeah Baby!!!!!!!!!!!

Tue, 05/15/2012 - 14:27 | 2428257 earleflorida
earleflorida's picture

HappyFeet! Now that's classic Santelli. Two thumbs up and a Five Star Rating for the Rickster. It would be something if Santelli did a guest post on ZH? 

Subject matter? Who the fucks cares! The guy is lightning rod for pure charismatic drama, regarding unbiased financial [something that is on the endangered species list] insight.    jmo 

Tue, 05/15/2012 - 14:32 | 2428277 DaveK
Tue, 05/15/2012 - 20:13 | 2429634 jackinrichmond
jackinrichmond's picture

for a second there, it looked like rick was drawing a big set of balls

Tue, 05/15/2012 - 14:49 | 2428333 goforgin
goforgin's picture

Rick Santellis of this world stole more money than the State of California could tax in 222 years.

Tue, 05/15/2012 - 17:52 | 2429141 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

Bound and determined to collect negatives today friend?

 

 

 

Tue, 05/15/2012 - 15:22 | 2428485 blunderdog
blunderdog's picture

He's basically just making that stuff up about the "rich people fleeing" CA. 

Revenues are going to continue falling NATIONWIDE as the real economy continues to contract and real-estate valuations continue to drop.  Raise taxes, lower taxes, raise spending, eliminate spending...none of that makes as much difference as decreased employment and ongoing deleveraging.

IF what he said were accurate, there'd be proof in the form of revenues INCREASING in the other states that the rich are leaving CA for.

(I guess Charlotte, NC is becoming paradise on Earth, thanks to Siemens and LIGHT RAIL.  Heh.)

Tue, 05/15/2012 - 17:53 | 2429150 Ident 7777 economy
Ident 7777 economy's picture

 

 

blunderdog  spouts:

He's basically just making that stuff up about the "rich people fleeing" CA.  

 

Wonderdog, check the U-Haul one-way stats (price is the proxy for moves) up thread ...

 

 

 

Tue, 05/15/2012 - 18:16 | 2429207 blunderdog
blunderdog's picture

"The rich" don't load all their stuff into a U-Haul and drive out of the state, dude.  What planet are you living on?

Tue, 05/15/2012 - 18:48 | 2429361 Ident 7777 economy
Ident 7777 economy's picture

 

 

The 'up and coming' young middle-classers do, dog-face.

 

A couple years ago we hired a young software eng who had done just that ...

 

Get out more.

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