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Coffee Talk
Business Observer Monday, Oct. 12, 2009 12 years ago

We're not as bad as California

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If you feel cheated by the economic downturn, be thankful you don't live and work in California.

If you feel cheated by the economic downturn, be thankful you don't live and work in California.

So says John Jung Jr., chief operating officer of BB&T Capital Markets, who was visiting customers in Fort Myers recently.

“People out there really feel like they were cheated,” Jung says. Californians bought million-dollar homes believing prices would continue to rise and now these same homes are worth 30% of what they paid.

And California's fiscal problems dwarf Florida's because the state created a huge social-safety net that is going to be costly for taxpayers.

So if you think Florida is facing tough times, just remember your fellow Americans out west.

Now, don't you feel better?

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