Here is another reason California’s budget is a mess: The Los Angeles rich lost a fortune last year. According to a Los Angeles Business Journal list of 50 Wealthiest Angelenos, that list lost a combined $32 billion last year. It was the worst year on record.The bad news is that wealth destruction in LA and elsewhere is likely to continue this year.The good news is that no matter how bad things get, there will always be new wealth creators who find a way to build fortunes.
By Robert Frank, May 22, 2009, WSJ

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