California Accounts for 2/3 of US Housing Losses

"66 percent of potential housing value losses in 2008 and subsequent years may be in California, with another 21 percent in Florida, Nevada and Arizona, for a total of 87 percent of national declines."

"California had only 10 percent of the nation's housing units, but it had 34 percent of foreclosures in 2008," Lucy and Herlitz reported. _Reason

California is the great basket case of the US. And it is a preview of coming economic attractions for the rest of the US under Obama. Obama is not cleaning up the economic mess. He is inflating it -- growing it incalculably larger. There is nothing so bad that foolish men (and women) cannot make it far worse.

For more on how the "sand states" of California, Nevada, Arizona, and Florida took housing value down to the cellar, check out Steve Sailer's blog.

Special Bonus: How the 2008 surge in oil prices helped take the wind out of the sails of the world economy.

How congress influenced credit rating agencies.

This is not a thinking person's congress, and Obama is not a thinking person's president. Whatever voters thought they would get by voting for Obama, they are in for an unpleasant surprise. At this point, anyone who voted for Obama and continues to support his policies has earned the label "Obama zombie." Just as in most third world countries, the US is dividing between the politically connected (and favoured) and all the rest.

Final Bonus -- Jim Rogers rains on the parade of any economic optimists out there: