Governor Schwarzenegger´s Special Advisor for Jobs and Economic Growth David Crane was KVML radio´s Tuesday morning Newsmaker:
Here are his words:
“Hi, this is David Crane, Governor Arnold Schwarzenegger´s Special Advisor for Jobs and Economic Growth, filling in for the Governor with another California Report.
This week California got some terrific news when we sold $5 billion in short-term notes to smooth out our cash flow and allow us to fulfill our financial obligations.
The Governor is thrilled that so many individuals are eager to invest in California and it is a great sign of confidence in our state and in our future.
Like other states, California obtains these loans every year to pay our bills until tax receipts arrive in the spring.
This year, because of the credit crunch and the crisis in the financial markets, nobody was quite sure how investors would react. But we saw unprecedented demand for our bonds and sold $5 billion in fewer than 72 hours, much of it from inside California itself.
That proves again, that despite serious problems in the national economy, investors have enormous confidence in California. And they are right to do so.
Going back to the Great Depression, California has never missed a scheduled payment to our note holders and we never will.
We are like the Rock of Gibraltar, able to weather and withstand any kind of economic storm.
This is because of the tremendous diversity in our economy.
As the Governor says, we have the high-tech industries of Silicon Valley, the biotech industries of San Diego, the agricultural industry of the Central Valley, the entertainment industry of Los Angeles and much, much more.
When one sector is struggling, other sectors help cushion the blow.
For example, right now housing is down but tech, tourism, trade, services and agriculture are still strong.
And now, California is poised to get a new shot in the arm from the exploding green-tech revolution.
A recent study by the U.S. Conference of Mayors estimates there will be 4.2 million green jobs nationwide just in the next 20 years.
With California on the cutting-edge when it comes to solar panels, alternative-fuel vehicles, energy-efficient products, green buildings and more, we are ensuring those jobs will be grown right here in our state.
Our economic future is strong and despite tough times right now, Californians have confidence in the future of our state.
And Americans have confidence in the future of California.
That´s why people were so eager to invest in our future.
On behalf of Governor Schwarzenegger, this is David Crane.
Thank you for listening.”
The Newsmaker of the Day can be heard each weekday morning at 6:47, 7:47 and 8:47 on AM-1450 KVML.
Written by Mark Truppner