Just two months ago, LA Supervisors were deadlocked on next year's budget, which could have devastated the county health system. Yesterday, they passed a new version unanimously, the first time that's happened in years. The explanation is LA's sizzling housing market, which has provided a massive windfall in property tax revenues. With economic forecasters predicting a burst in the housing bubble, how long will the good times last? We get some assessments from Supervisor Zev Yaroslavsky and social economist Christopher Thornberg of the UCLA Anderson Forecast.
- Making News: New Poll Shows Governor's Approval Rating in Freefall
Since February Arnold Schwarzenegger has dropped from one of California's most popular governors to one of its least admired. That's according to the latest California Field Poll, which has statistical data all the way back to World War II. John Wildermuth, who reports for the San Francisco Chronicle, says Californians would rather see compromise than confrontation.
- Reporter's Notebook: Cosmos 1 Solar Sail Aircraft Launches Today
The Cosmos 1 has been launched on a ballistic missile from a Russian submarine in the Barents Sea. When it reaches orbit, it'll be the first spacecraft powered by solar energy. Meantime, at the Planetary Society of Pasadena, they've been biting their nails says Associate Director Charlene Anderson.
Field Poll on Governor Schwarzenegger's approval rating
Schwarzenegger's call for special election
Schwarzenegger press conference on the budget
Wildermuth's article on Governor's support, special election, budget
Anderson Forecast on economic growth through 2006
LA Times article on housing market, budget