Explaining Southern California's economy

Bullet Points: I read Michael Lewis' big Vanity Fair article on California so you don't have to

Author Michael Lewis

Justin Hoch

"Moneyball" author Michael Lewis looks at California's finances and runs screaming.

Michael Lewis, author of "Moneyball" and "Liar's Poker," has a big article in the November Vanity Fair about how dire California's public finances are. His thesis is blunt: escalating pension costs are pushing California cities into bankruptcy — if they aren't already there.

It's a lengthy article, running many thousands of words. It covers a lot of territory. In it, we meet municipal-bond naysayer Meredith Whitney, bicycle hellion and former California governor Arnold Schwarzenegger, and a beleaguered local California government official from the ruined town of Vallejo who's trying to invent a whole new way to fight fires. Boilerplate Michael Lewis, right?

It's a good read, but if you want just the summary — the extremely worrisome summary about where California's cities could be headed — then here you go:

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