A post Saturday on Credit Writedowns compares Ireland to California; to read it, click HERE.
The article argues that each had a real estate bust, each is not in control of its currency (Ireland's currency is the Euro), and each is in or going into a depression.
It's an interesting thesis and comparison.
It however fails to explain why Florida, with an equally large real estate bust as California, has not had as bad a time of it, and why it remains one of the few states with a AAA credit rating.
Perhaps California went a wee bit wild with spending?
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