Wall Street's 'California Problem'

California occupies a weird place in the American economy, and American politics, right now. It is the center of the housing crisis that helped cause the financial crisis that will probably tip the presidential election. More than any other state, it gave America subprime lending, no-money-down buying and the booming foreclosure market. Yet the state's economy and specific problems go undiscussed in presidential politics because its votes are already counted for the Democratic Party.



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