In the future, historians may likely mark the 2010 midterm elections as the end of the California era and the beginning of the Texas one.

Joel Kotkin at Forbes.com

EXCERPTS:

In one stunning stroke, amid a national conservative tide, California voters essentially ratified a political and regulatory regime that has left much of the state unemployed and many others looking for the exits.

This state of crisis is likely to become the norm for the Golden State.

Perhaps more troubling, Brown’s own extremism on climate change policy–backed by rent-seeking Silicon Valley investors with big bets on renewable fuels–virtually assures a further tightening of a regulatory regime that will slow an economic recovery in every industry from manufacturing and agriculture to home-building.

Texas’ trajectory, however, looks quite the opposite. California was recently ranked by Chief Executive magazine as having the worst business climate in the nation, while Texas’ was considered the best.

FULL STORY

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