The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops—the local level, where the likes of San Jose mayor Chuck Reed and Vallejo ﬁre chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.
By Michael Lewis Photograph by Art Streiber
ECONOMIC CYCLE Former California governor Arnold Schwarzenegger in Santa Monica. To earn money when he first came to America, in 1968, he built brick walls nearby with fellow bodybuilder Franco Columbu.
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