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"November's disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward," Mr. Chiang said in a statement. "This serves as a sobering reminder that, while the economy is expanding, it is doing so at a slow and uneven pace that will require the state to exercise care and discipline in how its fiscal affairs are managed in the coming year."

Mr. Chiang and other officials blamed part of the shortfall on Facebook, the California-based social media giant that has failed to live up to some market expectations since the company went public in October.More at Mr. Chiang and other officials blamed part of the shortfall on Facebook, the California-based social media giant that has failed to live up to some market expectations since the company went public in October.Read more: http://www.washingtontimes.com/blog/inside-politics/2012/dec/8/califor
nia-state-revenue-misses-projection-almost-/#ixzz2Ef6IkLrO Follow us: @washtimes on Twitter

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California missed its November revenue target by $806.8 million, or 10.8 percent, after a bad projection about tax proceeds from Facebook insiders and an unexpectedly high amount of corporate refunds, the state controller's office said Friday.

State budget writers assumed that Facebook insiders would sell a large batch of stock in November at $35 per share, providing a tax windfall for the state. But those insiders executed their transactions a month early, officials say, resulting in more money than expected in October but less in November.

Not only that, but until late November, Facebook shares were trading below $25.

Those factors contributed to California missing its November personal income tax target by $842.5 million, or 19 percent. The state also paid out an unexpectedly large number of business tax refunds, contributing to a $187.8 million loss in corporate tax revenue for the month.amore at http://www.sacbee.com/2012/12/08/5039851/the-buzz-california-misses-it
s.html]
If you recall, Prop 30 was ABSOLUTELY not going to pass, according to all the polls before November 6...it was a shock that it DID pass. So all that "business" had to move out of state FAST, like November 6 itself, for the November figures to drop that much. Riiiiight...

On the other hand, if you go to Google, you'll find hit after hit--all by conservatives--screaming the same thing Rap put up. I guess reality has no meaning to them, or to him. Our revenue has been missing projections for several months now, and it has nothing to do with richie-riches or corporations moving out of state. Don't worry about us, guys, we'll work it out in time.

The Facebook thing has been big here...ever since its IPO, it's been amazing to see how it HASN'T performed and how the stock didn't take off. It's been rallying recently, and looks to do better, but from its original price of $38 a share, it dipped the day its IPO came out, and STILL has only returned to $27. The IPO was screwed up, so much so that Morgan Stanley is REIMBURSING some of its investors. ( http://www.dailymail.co.uk/news/article-2148839/Facebook-IPO-Morgan-St
anley-reimburse-investors-ripped-trades.html) Dunno if that's been very big in national news, but it's been all over the statewide news.

Tit for tat got us where we are today. If we want to be grownups, we need to resist the ugliness. If we each did, this would be a better reflection on Firefly and a more welcome place. I will try.

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Politics and passions aside, one thing seems clear from the math: California as a life destination is slowing climbing back in favor.

The latest evidence comes from major van lines. Each January, three industry leaders are simultaneously generous enough to share relatively detailed stats of what states drew what inbound and outbound moves of households in a year.

Moving van activity is seen by some experts as a good indication of migration for executive-level employees. These pricier relocations are often paid for by the moving workers' employer.

My trusty spreadsheet tells me that these three van lines combined – Allied, United and Atlas -- moved more folks to California than out of the state for the second consecutive year. It's also the third increase out of the last four.

Plus, the 30,669 households that moved to California last year by these three companies was a 5.9 percent jump over the previous year -- and resulted in the highest number of new neighbors via major van line since 2008.

The most stunning California turn was seen by Allied Van Lines. Its 44th annual "Magnet States Report" says that its own business patterns placed California is back as on the "inbound list" — states with more folks moving in than out.More at http://www.ocregister.com/articles/california-335361-percent-year.html

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