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Fed Ponzi Scheme Creates California Budget Disaster
By Gary Anderson of Squidoo Lensmaster
The problem is that the economy in California was based upon people taking equity out of their homes. Median income in Calfornian is not a lot higher than elsewhere, yet house prices at the peak were 3-4 times the national average. The problem is that the spending power of this housing ponzi scheme was caused by the federal government to fund the Iraq War for oil. So, the governator is put in a very bad position. California benefited from the ponzi scheme of the federal government more than any state, but the result is they are paying more than any state and the house prices ARE STILL TOO HIGH. They do not reflect the fundamentals of rent and wages at all. The problem in California is catastrophic. It is Bush's fault as the government allowed the alta and option arms to run wild, even though they were warned that it would have disastrous consequences.
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Contributor's Note
This blurb was posted as a response to an article on Hubpages
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This intel first appeared on: http://hubpages.com/hub/A-Repeat-of-the-California-Budget-Mess
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http://hubpages.com/hub/A-Repeat-of-the-California-Budget-Mess
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http://bgamall.qondio.com/
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This intel was contributed by bgamall
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May, 2012
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