I agree that there simply isn’t enough money to bail out California at this point.

The *best* thing that can happen is a quick, fast crash that gets prices somewhere near reasonable in SoCal and folks start buying and moving in. This will take the edge of any major local recession.

Unfortunately, I have feeling we are going to see stagnation and slow deflation over at least the next five to ten years, which is going to hang heavy on the San Diego economy.