News. California voters rejected a package of budget-balancing measures that Governor Arnold Schwarzenegger said were needed to keep a $15 billion deficit from widening to $21 billion. A proposal to limit lawmaker pay passed.
Bottom line. The people ask. The government gives. Services/benefits increase beyond the means to provide them. It has happened in California as in private enterprises. See, for instance, the relationship between the unions and GM or Chrysler, or Alitalia in Italy. People rather sink with the ship than save it. A desperate fatalism seems to drive them.
To find out more about my in depth view of the markets and my strategy just visit our website https://www.peterdag.com/ where you can review The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific money management needs. I will be happy to speak to your investment group on how the business cycle impacts investment strategies and the choice of asset classes. George Dagnino, PhD
Editor, since 1977
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