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Not much doubt about this one - a 49-8 vote in the Assembly and 38-1 in the Senate. This is not the package that Gov. Brown was proposing last year, but it was the best he was going to get.
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Mark Lacter covered business, the economy and more here from 2006 until his death on Nov. 13, 2013.
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August 2012
Not much doubt about this one - a 49-8 vote in the Assembly and 38-1 in the Senate. This is not the package that Gov. Brown was proposing last year, but it was the best he was going to get.
The boorish New Jersey governor called California's governor a "retread" the other day, and as you might guess the 74-year-old Brown wasn't going to take that lying down
Three weeks ahead of schedule and just in time for the back-to-work crush next week.
You'll be paying more than usual at the pump this holiday weekend, but there appears to be little, if any, pushback from motorists.
"Daily Show" correspondent John Oliver doesn't see what this accuracy fuss is all about - just "change facts, reality, and the meaning of words in order to make a much larger point." Don't know whether to laugh or cry.
Bernanke strongly suggests Federal Reserve action, consumer sentiment picks up in August, Trutanich receives contributions from Live Nation executives, and marijuana dispensaries get reprieve.
The new majority owner of the Dodgers is close to acquiring the Santa Monica-based production company for nearly $400 million, says the LAT.
Add it to paradigm, organic, dynamic, metric, off-line, and all the other perfectly fine words that have been recycled in ways that their definitions never intended.
They were in violation of licensing requirements in a way that was "likely to cause, serious injury or death to patients."
Retailers report solid sales in August, L.A. hotels set occupancy record, no plans for another council vote on pot shops, and lawsuit to be filed over downtown stadium plan.
If most of the savings aren't realized for 20 or 30 years down the road, how does this plan address the current shortfall faced by state and local governments?
A Rancho Cucamonga man is being charged by federal authorities with fraudulently soliciting and accepting at least $670,000 from at least 17 people. He reached Investors through a video phone system that enables communication through sign language.
You don't have to be the next Mark Zuckerberg to find success (judging by Facebook's stock price, you probably don't even want to be the next Mark Zuckerberg).
Sales and prices have been coming back, but if history is any indication it could be many years before the recovery truly takes hold.
Economic growth is revised upward, L.A.'s pot ordinance could be put off, ESPN extends deal with Major League Baseball, and report of a snag in the Variety sale.
Tonight's convention speeches will focus on how President Obama has added huge amounts of red ink to the nation's debt. The reality is quite different.
In the first day of head-to-head competition, it's "The Amazing Spider-Man." But the numbers are underwhelming.
Another shamless plug - my wife Laura Levine is out with her 12th book in the Austen series, "Death of a Neighborhood Witch" (Amazon, Levine website). It's the tale of one-time TV character Cryptessa Muldoon (she's become a bitter old dame), her beloved parrot Van Helsing, Jane's feisty cat Prozac, and a bunch of really wacky neighbors. Or as one reviewer put it: "If good fences made good neighbors, ad writer Jaine Austen would need...
The governor calls it "radical change," though it appears as if current workers won't see much difference. New hires, however, will have the salaries used to calculate their pensions capped and the minimum retirement age extended.
"All politicians flip-flop from time to time," the Economist editorializes, "but Mr Romney could win an Olympic medal in it. And that is a pity..."
I'm betting that this is the start of a frustrating month. I'm also betting that the addition of so many high-profile players so quickly might be counterproductive.
L.A. home prices nudging higher, airlines cancel flights to New Orleans in preparation for storm, shareholder pressure to oust CEO of major health insurer, and state's vehicle fleet is reduced.
The proposed changes do nothing to address pension obligations for current and retired state workers - what's really at the core of the crisis.
Park Jaesang's huge K-Pop hit "Gangnam Style" contains cultural references that are a lot more intriguing than this idiotic music video would suggest.
It's the combination of low vacancy rates, rising rents, and a flood of institutional investors.
Over the years, Americans generally have predicted the winner of a presidential race, though Gallup says the implications of this "expectation" measure on voter behavior are not clear.
Hertz buys Dollar Thrifty, state lawmakers have a large agenda in last week of legislative session, Dodgers in preliminary talks with Fox on extending TV deal, and Barry Diller's IAC acquiring About.com.
Complicated case ends with a complicated jury verdict. Samsung was found to have infringed on six of seven patents for smartphones and tablets.
After years of offers being turned down, the Olympic and Figueroa location has three interested parties - and apparently an interested seller. Asking price is $25 million.
I know you're fed up with all the back-and-forth about income and taxes, but Business Insider has prepared a very useful (and evenhanded) presentation on who makes what and who gets taxed what.
Another cautionary tale on how incentives make for terrible fiscal policy, whether it's Allen Park, Michigan or the entire state of California.
Current and former staffers were asked for examples on Reddit - just in time for the upcoming Labor Day weekend. It's not a pretty picture.
Good, basic information from OnlineMBA.com, a website that provides all sorts of resources for folks considering an MBA degree.
Gas prices stuck on the high side, stocks turning around to close the week, sluggish orders for durable goods in July, and construction stops at Burbank Walmart.
So much for an effort by business and labor interests to do an end around on the California Environmental Quality Act.
Parking lots, billboards, marijuana dispensaries, parking scofflaws - it's getting to be a long list.
No telling what all this means (volume has been low all month), but several cross currents are at play.
Household income within this age bracket is nearly 10 percent less than it was three years ago, Younger Americans have taken a big hit as well.
The plan would be for the Maloof family to move to Virginia Beach, Virginia and for Comcast to help build a new sports arena.
Possible contamination at Disney, LAX gets Dreamliner in January, changes in state environmental statute gain supporters, and city not able to enforce statute on blighted homes.
Well, don't look at us! Pew asked a group of middle class Americans who was to blame for their decline over the past 10 years and only 8 percent fessed up.
The idea is to document what needs to be fixed - a project that would take three years and cost $10 million - and then ask voters to pass a bond measure to pay for the repairs.
The basics are easy enough to figure out, but WSJ tech writer Katherine Boehret finds that many of us aren't aware of various shortcuts.
Nearly half of Californians surveyed say politicians should focus on wasteful spending before raising taxes.
New companies tend to grow quite fast, of course, but five-figure growth is something else again. Nasty Gal's 28-year-old founder got her start selling one-of-a-kind vintage pieces on eBay.
The company that owns Wells Fargo Tower, U.S. Bank Tower, and other prominent downtown high-rises is considering an outright sale or a big cash infusion.
Recession predicted unless Washington acts, City Council considers tax hikes for parking and property sales, retail development near USC on hold, and more talk about pension reform.
Let's face it, the real reason costs have gotten out of control is that there are lots more people over 65 and because the health care system is so much more effective than it used to be
The current round of litigation involving local medical marijuana laws resembles a giant jigsaw puzzle that's shy a few pieces.
Judging by the wise ass tweets I've come across these past few days, not even someone suffering from Parkinson's disease gets a free pass anymore.
A couple of quick Comcast-directed hits to begin the monologue last night, even though the new owner of NBC Universal isn't really responsible for the cuts.
Aetna's $5.7-billion purchase of Coventry Health Care, a huge provider of Medicare and Medicaid programs, is just the latest example of health care dealmaking in advance of the election.
Billionaire unloads Facebook stock, "Fifty Shades of Grey" helps Barnes & Noble earnings, DreamWorks Animation cuts distribution deal with Fox, and West Hollywood bans plastic bags.
The administration didn't do very much, perhaps at the cost of a delayed recovery. But the possible options were political non-starters.
Being the largest, richest state, it's no surprise that California ranks first in total amount of donations. But the state ranks only 26th in percent of income given (4.4 percent).
She was a pioneer - at one time Diller operated seven separate companies. "I'm good at making up my mind," she said.
The stock reached a record high of $664.74 a share, which translates into a market value of $623.13 billion.
Some early backers of Groupon are getting out, Facebook shares are trading below $19 a share (IPO price was $38), L.A. area gas prices were little changed over the weekend, and layoffs at the "The Tonight Show."
There's no telling how all this will play out - the Stockton and San Bernardino bankruptcies are probably years from being resolved - but it's easy to see why the ratings agency would want to have a look.
You can blame a strong high pressure system over the southwest that was supposed to move east but never did.
They're seeking an injunction against the citywide ban, which is supposed to take effect Sept. 6.
When the stock of a very successful company loses more than half its value in the space of three months you figure it can't get much worse. Actually it can.
All told, not horrible but far from wonderful. What the numbers really show is a continued uneven recovery, with the Bay Area doing noticeably better than L.A., especially inland L.A.
California adds 25,200 jobs in July, Facebook stock still dropping, Apple shares hit high after four-month slide, and audit show miscues at Caltrans.
We're talking 56 percent over the next four years, according to projections by budget officials. Simply put, the city can't afford to pay what it owes current workers and retirees
Researchers found that applicants who ordered a glass of wine over dinner were viewed as less intelligent than those who ordered a soft drink.
Democrats accuse Paul Ryan of ending Medicare "as we know it," while Republicans accuse President Obama of robbing the program to the tune of $716 billion. What's the story?
Isaac Perlmutter has turned out to be a real problem, especially on the merchandising and licensing side, resulting in numerous departures.
Probably not (it's still early), but economists are wondering how much consumers will be willing to buy, what with heavy debt loads and meager wage gains.
Facebook shares taking another hit, L.A. gas prices are settling down, L.A. County has a new plan for the chronically homeless, and Socal port traffic only so-so.
They are proposing a ballot measure that would allow voters to determine pension policy for civilian employees.
The idea of going from L.A. to NY in an hour or so has been a tantalizing idea going back 50 or more years, but engineers have yet make much headway.
Keeping track of who does what is a lot tougher than it might seem - the L.A. metro area has more than 300,000 business establishments, and some of those aren't exactly trumpeting their existence.
What's nice to see is a TV person actually challenging a talking point instead of just sitting there blankly.
Gas prices settling down, L.A. inflation was tame in July, pot shop owners say they'll stay open despite the citywide ban, and reality TV having a sluggish summer.
Maybe Helen Gurley Brown was wrong: Maybe you can't have it all - at least when it comes to circulation.
Demand is comfortably below available supply this afternoon. But the heat wave is expected to continue through the week.
Gallup poll shows that 83 percent disapprove of the way Congress is handling its job - a stunning number considering that most incumbents will be reelected this November.
Time to check in on gas prices, stocks, and the unemployment rate - not the most important economic indicators, but the ones people are watching.
Not only did July homes sales in Southern California increase for the seventh straight month, but the median price neared a four-year high.
Gas prices rising sharply, solid July for retail sales, final tally on NBC's coverage of the Olympics, and Disney worker alleges that she was harassed for her religious beliefs.
Forget about billionaire Ron Burkle - at least for now. The likely buyer is NY billionaire Marc Lasry, whose holdings include the parent company of the National Enquirer.
That means keeping en eye on thermostats and not using heavy-duty appliances between 11 a.m. and 6 p.m. Some relief could arrive by Wednesday.
How do you hold onto the core constituency by proposing to phase out Medicare, at least in its current form, and restructure the tax system to favor the very wealthy?
Investigators found extensive damage in the cooling towers, pipe racks and heating tower from last week's fire.
Gas price increase slows down in L.A., more hot weather to puts strain on state power grid, BP sells its Carson refinery, and L.A.'s inability to draw major conventions.
Romney is not much for bold moves, so this morning's choice would suggest that he's looking to reset his campaign. We have several views on the selection.
You remember those center aisles - canned veggies, ketchup, laundry detergent, soup, coffee. All the boring stuff. These days, most of the action is on the perimeters.
He has zero chance of taking California in November and much of the Republican base considers the state one step from Satan, so why not? Problem is, he doesn't know what he's talking about.
They had issued a flex alert through the weekend, but now it's only in effect today, which should be the peak of the heat wave.
State and federal investigators are looking for Southern California garment factories that don't pay minimum wage or overtime and that don't register their businesses.
Average L.A. gas prices hit $4, economists worry about Washington logjam, health care not being covered by California cities, and putting the squeeze on scalpers.
Another signal that the housing market is turning around: The increase in quarterly sales was the highest since the July-September period in 2007.
Which means there's no way of knowing whether L.A. is receiving all the revenues it's owed from the Parking Occupancy Tax. It probably isn't.
Demand won't break any records, but they're advising everyone to reduce energy use, especially between 11 a.m. and 6 p.m.
TCW, which is short for Trust Company of the West, manages about $130 billion in investments. For non-money people, TCW is best known for alleging that its former super-star bond trader Jeffrey Gundlach had stolen trade secrets to set up his own firm.
Local gas prices start climbing, Obama losing Wall Street support, rents in the L.A. area increased in June, and Eli Broad suspends payments to MOCA.
When raising taxes is out of the question, government officials can resort to unusual ways of raising money. These bonds are structured so that the district can avoid any debt service until 2033, with the biggest amounts due in 2046 and 2051.
NASA has been one of the most successful R&D labs over the years, a point that Washington lawmakers would do well to notice when they prepare the space agency budget.
On average, we're talking about an extra $32.76 for all of next year, according to a back-of-the-envelope calculation. That's $2.73 a month.
In the weeks following the team's $2.15 billion sale, the former owner was offering advice to the new owners, something that never would have happened during the Frank McCourt administration.
Changing of the guard: Digital movie rentals increased 5 percent during the first half of 2012, while DVDs and Blue-ray discs fell 17 percent.
Gas prices about to shoot up, higher home prices signal market turnaround, L.A. supervisors approve sales tax vote, and celebrity magazines get hammered.
"We still need the development of some events that are going to scare the hell out of people," says the CEO of L.A.-based Oaktree Capital.
It might not be what you'd expect. Everybody spends about the same proportional amount on housing, clothing, and eating out. Where the rich spend more - actually a lot more - is on education and retirement.
Could be a big boost, in fact, the result of a fire at Chevron's 110-year-old Richmond refinery. No estimate on how long it will be before the facility resumes normal operations, but oil markets are already factoring in a substantial price increase.
It's what economists call "default bias," which basically means that when people are given an option that is easier to select, for whatever reason, they'll choose that option.
Steady job growth forecast for California, DreamWorks plans theme park in China, L.A. residents bummed about helicopter noise, and Padres sold to group that includes the O'Malley family.
L.A. could save money and attract more business, says City Administrative Officer Miguel Santana. But labor officials oppose the idea.
The Poway Unified School District has cut a sweet or a lousy deal, depending on your point of view. Sweet if you're on the school board - lousy if you're a local resident.
The six-screen complex will replace the Avco on Wilshire Boulevard and should provide a little boost to an area that has seen numerous theater closures.
Especially a NY cop - not a great move. Also not too bright: Acting like a jackass while a 17-year-old is filming the entire moment.
Still more than four months before its release, Kathryn Bigelow's "Zero Dark Thirty" already has gotten more attention than most films - even though no one really knows what it's about.
Nashville is number one, followed by NY and then L.A. Ranking is based on concentration of musicians and number of music and recording businesses.
State legislature returns to work with a big agenda, U.S. markets are popping a year after S&P downgrade, OC Register to focus on print subscribers, and "Dark Knight" still on top after three weeks.
It's essentially a new kind of space race, though the ultimate economic benefit to the area has yet to be determined.
Apparently there were smaller amounts in cans of Bumble Bee, Chicken of the Sea and Starkist, and a Superior Court judge ordered the three companies to pay $3.3 million in penalties.
The numbers for July were just all right, but they gave investors a reason to buy into a market that continues to trend higher.
A decade ago there were only a half-dozen or so companies. Today, the number is closer to 40, although no one knows exactly. That's part of the problem.
The fast food chain may have had record crowds the other day in support of Dan Cathay's views on same-sex marriage, but these Pew results show that the nation is moving in the other direction.
Economy still has a long way to go, big boost for Toyota in latest quarter, Space X and Boeing win NASA award, and L.A. County assessor probe expands.
Early reaction is that July was good but not great. Yes, 163,000 jobs were added to the rolls, stronger than the 100,000 consensus estimate and a world away from the revised 64,000 figure for June. But the unemployment rate inched up to 8.3 percent.
This is always an important moment on the economic calendar, but the data will be getting a lot more attention because of the November election. And seasonal adjustments could foul things up.
Business professors and marketing experts would grit their teeth at the exclusionary corporate culture. But this may be a case of a business that is successful in spite of itself.
Apparently there are concerns about a tropical depression that's brewing in the Atlantic and could impact the Florida crop. Just like "Trading Places."
Not only have the carriers cut back on routes, they're often using cramped planes (one lavatory, limited space overhead and under the seat). Have fun.
The superrmarket chain has opened four stations in Southern California, including one in the L.A. area. As with Costco and other big chains, prices are lower than average.
Europe still a question mark, retailers report decent July, San Bernardino files for Chapter 9 bankruptcy, and mortgage rates inch higher for the first time in months.
No holidays, lousy sports, everything turns brown, grilled foods get tiresome - no doubt about it, this month is a basket case.
In coach no less. But should the third or fourth most powerful person in the world, the guy who determines the nation's economic policies, be crammed into a Washington-to-L.A. flight? I don't think so.
Tom Morris is the third of four police chiefs in that city, now in bankruptcy protection, who served less than three years and retires with an average of 92 percent of their final salaries. And it's not just Stockton.
Back in May, the Legislative Analyst's Office had projected that the state would pick up between $1.6 billion and $2.1 billion in tax revenue as company shareholders began cashing out. Never mind.
Officials from the central bank know that the economy is slowing down, and they know that some sort of intervention is in the cards. One of these days.
The state's $1.9 trillion economy would be ranked ninth largest in the world, ahead of Russia and behind Italy.
Moderate hiring by private businesses in July, NBC might break even on Olympics, campaign coffers of mayoral candidates keep filling up, and movie academy has a new president.
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.The multi-talented Mark Lacter
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