David Friedberg

And by the way, he is such a good guy.

He's been such an effective mayor of San Jose.

You know, he cleared up homelessness.

I mean, his actual work running something stands out amongst the rest of these folks.

So I think he's got a real shot, Sax, at moving up real fast, even though he's coming in late.

Wait, so, Sax, would you move back if there was a great restoration in California?

You're so jaded, Saxon.

Eric Swall, come back anytime.

Who interviewed him with me?

Did you interview him with me?

Well, look, I'll restate this on the show very clearly.

California has a trillion dollar fiscal cliff coming up because of the pension obligations.

I don't know if you guys know this.

I'll make this one point, very important to know.

They once tried to change the benefits, the pension benefits, and they lost a court case.

And so there's precedent in California state court that you cannot change pension benefits on the date that someone was hired.

You can never change their future benefits.

Really important to know.

So all of the benefits that have been given to every California public employee up to this day or that they've been promised, they are promised for life and you're not allowed to take them out and they cannot be disposed of except for some form of bankruptcy.

And there is no mechanism by which the state can declare bankruptcy.