May 26, 2020

THE PANDEMIC SEEMS TO BE HITTING TRUMP’S ENEMIES — HOLLYWOOD, COSMOPOLITAN BLUE STATES AND CITIES, MULTINATIONALS, HIGHER EDUCATION — HARDEST: The Price of a Virus Lockdown: Economic ‘Free Fall’ in California. California’s strengths — as a hub for commerce, tourism and education in the Pacific Rim — have become liabilities in the pandemic. “California has a hugely diversified economy, and many of the industries that have made it so strong are also the ones getting hit the hardest. By many measures California, which has the nation’s largest tourism industry, public university system, entertainment industry and port system and produces far more food than any other state, stands to lose more in the coronavirus-induced recession than anywhere else.”

If a single event hits so many of your industries at once, maybe you’re not as diversified as you think. Or maybe you’re measuring diversity along the wrong axis.

Plus: “With the state mandated by law to balance its budget, experts and officials are urging the federal government to step in and shore up the state’s finances with an immense bailout, a matter subject to partisan bickering across the nation, including in Washington, where many Republican lawmakers are opposed to it.”

Nope. Gavin Newsom has been talking about California as an independent “nation state.” Let him live the downside for a while.

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