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Thursday, February 12, 2009


I have long thought of Florida as one giant Ponzi scheme.  It is a state with no real economy beyond real estate, and as such has no income tax.  The government largely relies on taxes on real estate transactions and tourism.  Florida has more in common economically with Saudi Arabia than the rest of America.  It is a place that does not rely on the work and ingenuity of it's people.  Saudi Arabia depends on oil; Florida depends on speculation and rent seeking.  The New Yorker just had a great article detailing what a hell-hole Florida is.  (note to self, hyperlink article) 

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