David Friedberg

And we're going to enter hard times.

Is that a fair kind of estimation of the cycle?

Is that a fair kind of estimation of the cycle?

Or do you think it's like geographic that Florida and Texas are different than California and New York and Seattle and Oregon?

Or do you think it's like geographic that Florida and Texas are different than California and New York and Seattle and Oregon?

Where are we?

Where are we?

Anywhere but here.

Anywhere but here.

So you think that there's one side of America that's going to continue to go the way it's going, and then there's the other side, and is the U.S.

So you think that there's one side of America that's going to continue to go the way it's going, and then there's the other side, and is the U.S.

going to find itself with two Americas?

going to find itself with two Americas?

And what does that look like?

And what does that look like?

Well, so let me ask you this then to challenge the notion that two Americans can coexist.

Well, so let me ask you this then to challenge the notion that two Americans can coexist.

California is projected to have an $18 billion budget deficit in the 26 to 27 cycle.

California is projected to have an $18 billion budget deficit in the 26 to 27 cycle.

There are some estimates that say that the pension shortfall in California for public employees that have retired