Big Fizzle In California?

You remember California--the Golden State, with 15% of the nation's population and a history unrivaled for its trend-setting peculiarities. Hot tubs, Governor Moonbeam, and pierced navels. The land of milk, honey, and nuts--and, for the last half-decade, of sheer economic misery. Gone are the state's hordes of conspicuous consumers, smitten with convertibles, electronic gadgets, and fancy threads. The new economic mantra: layoffs, bankruptcies, and foreclosures.

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