As California Goes, So Goes the Nation?
California R.I.P? This exchange, picked up by former Chronicle tech writer Deborah Gage at a Churchill Club breakfast earlier this month in Silicon Valley, seems somewhat apt under the circumstances. Mike Moritz, the Sequoia Capital partner, famed for his "R.I.P. Good Times" memo on the parlous state of venture capital, asked state Controller John Chiang the following: "Today, California is known as the ghost of the future of the U.S. How acute do you think the dilemma is?"
"We're in very dire straits," responded Chiang, "There's no transparency and accountability in California. It's ... not healthy for America's or California's enterprise."
There has been a lot of discussion for years about California not being good for business. After this round of cuts, California could end up with the entrepreneurial spirit and workforce that matches that of Alabama. But never fear, it will still have low taxes for the wealthy.