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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> Max More <max@maxmore.com> <br><b>Subject:</b> Re: [ExI] lotta splainin to do<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><span style='font-size:12.0pt;color:black'>California may not be headed for bankruptcy soon but the budget is looking bad going forward: <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:12.0pt;color:black'><o:p> </o:p></span></p></div><div><div><h1 style='margin:0in;background:white'><span style='font-family:"Helvetica",sans-serif;color:black'>California Heads for a Budget Crunch<o:p></o:p></span></h1></div><h2 style='margin:0in;background:white;box-sizing:border-box;color:var(--secondary-text-color);font-size:var(--typography-subheading-standard-m-font-size);line-height:var(--typography-subheading-standard-m-line-height);font-weight:var(--typography-subheading-standard-m-font-weight)'><span style='font-family:"Helvetica",sans-serif;color:black'>The state that relies on the rich for revenue now faces a $25 billion shortfall.<o:p></o:p></span></h2><p class=MsoNormal><span style='font-size:12.0pt;color:black'><a href="https://www.wsj.com/articles/california-heads-for-a-budget-crash-sacramento-lao-shortfall-inflation-capital-gains-taxes-high-earners-11668958109?mod=Searchresults_pos1&page=1">California Heads for a Budget Crunch - WSJ</a><o:p></o:p></span></p><div><div style='margin-top:12.0pt;margin-bottom:12.0pt;min-width: 424px' id="LPBorder_GTaHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9jYWxpZm9ybmlhLWhlYWRzLWZvci1hLWJ1ZGdldC1jcmFzaC1zYWNyYW1lbnRvLWxhby1zaG9ydGZhbGwtaW5mbGF0aW9uLWNhcGl0YWwtZ2FpbnMtdGF4ZXMtaGlnaC1lYXJuZXJzLTExNjY4OTU4MTA5P21vZD1TZWFyY2hyZXN1bHRzX3BvczEmcGFnZT0x"><table class=MsoNormalTable border=1 cellpadding=0 width="100%" style='width:100.0%;border:solid #C8C8C8 1.0pt'><tr><td valign=top style='border:none;padding:9.0pt 27.0pt 9.0pt 9.0pt'><div style='margin-right:9.0pt;overflow:hidden' id=LPImageContainer999087><p class=MsoNormal><a href="https://www.wsj.com/articles/california-heads-for-a-budget-crash-sacramento-lao-shortfall-inflation-capital-gains-taxes-high-earners-11668958109?mod=Searchresults_pos1&page=1" target="_blank"><span style='border:solid windowtext 1.0pt;padding:0in;text-decoration:none'><img border=0 width=240 height=120 style='width:2.5in;height:1.25in' id=LPThumbnailImageId999087 src="cid:image001.jpg@01D8FE95.11BEAA80" alt="Image removed by sender."></span></a><o:p></o:p></p></div></td><td width="100%" valign=top style='width:100.0%;border:none;padding:9.0pt 27.0pt 9.0pt 9.0pt'><div style='margin-right:6.0pt;margin-bottom:9.0pt' id=LPTitle999087><p class=MsoNormal><span style='font-size:16.0pt;font-family:"Segoe UI Light",sans-serif'><a href="https://www.wsj.com/articles/california-heads-for-a-budget-crash-sacramento-lao-shortfall-inflation-capital-gains-taxes-high-earners-11668958109?mod=Searchresults_pos1&page=1" target="_blank"><span style='text-decoration:none'>Opinion | California Heads for a Budget Crunch</span></a><o:p></o:p></span></p></div><div style='margin-right:6.0pt;margin-bottom:9.0pt;max-height: 100px;overflow:hidden' id=LPDescription999087><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif;color:#666666'>The state that relies on the rich for revenue now faces a $25 billion shortfall.<o:p></o:p></span></p></div><div id=LPMetadata999087><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif;color:#A6A6A6'>www.wsj.com<o:p></o:p></span></p></div></td></tr></table></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This is good news for Californians. The size of the state government will need to be cut to meet budget constraints. We will have a demonstration that life goes on with less government.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>spike<o:p></o:p></p></div></div></body></html>