David Friedberg

You've set precedent.

And it's over.

Now what you've done is you've made all private property public property because the government is simply giving you permission every year to keep your stuff.

Tax appraisers.

And then you don't know whether the person paid.

And it doesn't solve the geometric debt problem, right?

We have a problem where every year, if we keep funding things with a deficit, in California, we're looking at a 30 billion a year deficit, we've got 500 billion of debt, and we have a nearly $1 trillion pension obligation that is not funded.

Yes.

That money is going to come from somewhere or it is not going to get paid.

It is more likely that they're going to do everything they possibly can to get that money from somewhere rather than not pay it.

And the same is true for all pension obligations across the country.

Illinois has a big problem like this as well.

Please.

Yeah, go for it.

I don't know, it's a real ladder.

I mean, yeah, I do.

So I'll tell you why.

So I've obviously been a believer.

I've been a believer in the long cycle.

And I've said this for a long time.