Sunday, July 19, 2009

California, Ireland . . . and Florida

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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