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Why Was California Perceived by Some as a "Failed State

question 10

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Why was California perceived by some as a "failed state"? What are some factors that suggest a "California comeback?" Which perception-"failed state" or "comeback"-do you think applies best to California today? Why?


Definitions:

Discounted Note

A promissory note that is sold or issued for less than its face value and upon maturity pays out its full face value, effectively generating interest for the holder.

Nonsufficient Funds Checks

Nonsufficient funds checks are checks that cannot be processed because the check writer's account does not have enough money to cover the amount.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

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