"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: