"There has never been a comparable crisis in California's history, not even during the Civil War when people imagined California might become an independent country. In 1879, we had a crisis in the context of a small frontier society. Now we are talking about the fifth- or sixth-largest economy in the world in the context of globalisation. The crisis necessitates nothing less than the refoundation of our state." -- Kevin Starr, California State Librarian
Complete story in the Economist
Personally, I think we've gone downhill since Prop 13 (a dynamite solution to a firecracker problem) dismantled the state's financial infrastructure.
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