Silicon Valley

Whisper it, but the $45 billion surplus Gavin Newsom has projected for California next year isn’t quite what it seems. In fact, the bulk of that surplus is largely due to the earnings of a few giants such as Google, Apple and Meta (formerly Facebook), as well as a handful of IPOs.  read more »

For a generation, California has seen more of its residents and companies head elsewhere, but has found a way to respond, at least in terms of wealth creation, by constant innovation. But today, the Golden State’s hold on the elite reaches of the economy is slipping in ways that could threaten the state’s long-term prosperity.  read more »

Preliminary county population estimates just released by the state Department of Finance show that California’s population decline is persisting and accelerating. The state lost 173,000 residents over the year ending July 1, 2021. The Department of Finance reports that there were 56,500 Covid related deaths over the same period, which would account for about one-third of the population loss. Net domestic migration dropped to the lowest rate in a decade, down 277,000 --- more than the population of Marin County.  read more »

America has only a limited feudal past, the plantation aristocracy of the antebellum South and the enormous class chasms of the Gilded Age being pretty much our only examples. Yet today—after decades of social mobility, a digital revolution that was supposed to empower individuals everywhere, and the construction of a vigorous anti-discrimination apparatus that putatively ensures equal rights and status—a rigid new social order with feudal elements has come into view.  read more »

From the ancient world to modern times, the class of small property owners have constituted the sine qua non of democratic self-government. But today this class is under attack by what Aristotle described as an oligarchia, an unelected power elite that controls the political economy for its own purposes.  read more »

I spend entirely too much time listening to experts in business, government, and academia explain the economy in general and the property market in particular. Looking back, very few people who are purported to know how the economy works, based on empirical evidence, have successfully predicted the wild spikes and crashes over the years.  read more »

A former Facebook employee hailed by the media as a whistleblower testified this week on Capitol Hill about the social media giant's algorithm, and how it harms children and democracy.  read more »

For the first six months of 2021, the number of companies relocating their headquarters out of California is running at twice the rate of recent years and is showing no signs of slowing, according to a study issued today by Spectrum Location Solutions and the Hoover Institution.

The research provides the most detailed and comprehensive data on relocations of California business headquarters from 2018 to the first half of 2021, documenting that departures during the first half of this year are double the rate for each of the three previous years.  read more »

What happens in California matters well beyond its borders. The Golden State’s cultural and technological influence on America, and the world, now could provide the nation’s next political template.  read more »

Many have understandably applauded Facebook’s decision to ban former President Donald Trump from the site for the next two years, but the ability of a company to decide who should be in the public square, which the social network has effectively become, raises troubling questions about  read more »