The Relationship Between The People And Their Money In California

The relationship between the people and their money in California is such that you can pluck almost any city at random and enter a crisis.

San Jose has the highest per capita income of any city in the United States, after New York. It has the highest credit rating of any city in California with a population over 250,000. It is one of the few cities in America with a triple-A rating from Moody’s and Standard & Poor’s, but only because its bondholders have the power to compel the city to levy a tax on property owners to pay off the bonds. The city itself is not all that far from being bankrupt.

― Michael Lewis, Boomerang: Travels in the New Third World