The Breakdown

Explaining Southern California's economy

Reportings: Blackout in San Diego; Mitt's plan; Big Tobacco; defending Bernanke

What caused the massive San Diego-area blackout? Seems that a worker in Arizona may have, um…pulled the plug. (KPCC.org)

 

Mitt hands out the homework. Still working my way through Romney's 160-page "Plan for Jobs and Economic Growth." (mittromney.com)

 

Treasury Secretary Tim Geithner makes the case for a catch-up plan on monetary stimulus. "The repair and restructuring of financial systems has to be accelerated where it has lagged. Countries that forced more capital into their banking systems early in the crisis are better placed to support the recovery. Those that did not should move more forcefully now." (Dept. of Treasury)

 

Big Tobacco doesn't like Jerry Brown's new tax deal. "As word of the accord spread through the Capitol, tobacco lobbyists were camped outside the State Senate chambers, trying to persuade Republicans there to torpedo the deal." (LAT)

 

Customers being asked to pay for energy infrastructure upgrades. "Three of California's largest utilities are asking customers to help pay for nearly $4 billion in pipeline safety projects needed after last year's deadly San Bruno disaster." (LAT)

 

Samuelson defends Bernanke (he gave the other big but much more boring speech yesterday) from GOP slings and arrows. "As much as anyone, Bernanke contained the crisis by having the Fed provide short-term credit to besieged markets. If the Fed hadn’t acted, chances are that today’s horrendous unemployment rate of 9.1 percent would be much higher." (WaPo)

 

Photo: Mark Ralston/Getty Images

 

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