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The governor spoke for less than 15 minutes, telling lawmakers that "California faces a crisis that is real and unprecedented."
LA Biz Observed archive
Mark Lacter covered business, the economy and more here from 2006 until his death on Nov. 13, 2013.
The entire LA Biz Observed archive — more than 10,000 blog posts by Mark —
remains online and available.
January 2011
Steve Hayden had been creative director of Chiat/Day, the L.A.-based ad agency that came up with the legendary Super Bowl spot introducing the Apple Mac. Hayden, now chief creative officer of Ogilvy & Mather, provides some nice nuggets about what it was like producing what some consider the best TV commercial ever. From his Adweek piece: The spot had a brush with death after [Apple marketing executive] Mike Murray and [co-founder Steve] Jobs played...
John Barry, the great film composer who has died at the age of 77, clearly hit upon the right mix of sex, adventure, and elegance in composing many of the early Bond films.
Wall Street seemed to disconnect from Egypt today, with the Dow gaining 68 points.
Scott McGregor will be talking about privacy issues, the digital living room, and fostering innovation, among other topics
Somebody recorded an edition of the "Today" show that has Katie Couric and Bryant Gumbel trying to understand this @ stuff.
Egypt doesn't have much of it, certainly when compared with Saudi Arabia and Iraq.
Egypt rattles oil markets, Brown presents his case tonight, no housing crisis in San Marino, and Disney's Bob Iger gets 30 percent pay bump.
The former CEO of Countrywide Financial was warning company executives about a possible housing market collapse.
Traffic falls off a cliff.
Egypt clearly was a big factor in the Dow's decline, though given the market's extended rally it might also have been an excuse to pull back.
A lot depends on the number of people entering and leaving the job market.
RT @andylevy: I remain concerned that without Internet access, the people of Egypt may not know that Charlie Sheen is okay....
Unrest in Egypt is no doubt a factor in the market's big tumble, with the Dow down about135 points at last check
Decent growth in fourth quarter, trader makes $5 billion in 2010, L.A. developer back in action, and Doheny descendant putting estate up for sale.
Aetna, Anthem Blue Cross and PacifiCare will hold off for 60 days after State Insurance Commissioner Dave Jones asked for more time.
The social network that's focused on business and career wants to raise as much as $175 million in the initial public offering.
And the Lakers coach tells ESPN's Hannah Storm that he's not interested in another basketball job either.
Asking folks at a Slauson and Vermont shopping center about how they're coping with 13 percent unemployment.
Midweek is a lot better, preferably Tuesday. Weekends are the worst.
Not only are they treated shabbily, but there are mistresses in waiting who prowl the streets in hopes of snaring their guys.
That's up from $607 million last year, according to the latest estimates by Forbes.
Poll finds support for Brown plan, mayors moaning in Sacramento, iPhone subject of class-action lawsuit, and flights canceled out of LAX.
So far much of the action have been centered in small, environmentally sensitive areas. But support is building in larger communities.
With just a few minutes to the close of trading, the Dow slipped a few points to finish at
11,985.
The parent company of the LAT says that operating cash flow was $635 million in 2010, an increase of more than $140 million from the previous year.
An instant poll by CBS found 91 percent approval; CNN 84 percent. Among a focus group of swing voters, the president's approval rating shot up 26 points. But last night's speech generated lots of criticism among the punditocracy. Here's a sample, from NY magazine: Joshua Green, Atlantic: I thought too much of the speech came across as hucksterish and hokey, as though Obama were fresh from some all-day motivational conference by Tom Peters or some...
Wall Street insanity seems to be creeping back - as in valuing the Santa Monica-based content company at over $1 billion
The online trading service Intrade gives the film a 53.6 percent chance of winning Best Picture.
Buyer of the Spanish-language station is L.A. investor Alex Meruelo, who usually focuses on real estate, construction and financial services.
Dow tops 12,000 (for a bit), animal feed mogul donates 100K to UCLA, CA mayors defend redevelopment, and Zsa Zsa's mansion up for sale.
With home prices still comparatively high, rentals are often a better option. Not so in Vegas.
Nothing like propping yourself on top of the whole country.
This morning's chat with KPCC's Steve Julian looks at the ways in which Hollywood has been changing and what it means for the local economy.
AEG is already lobbying state legislators for an exemption to the lengthy CEQA process of environmental impact reports and public debate.
Fourth-quarter notices of default fell 16.2 percent from the previous three months and 17.5 percent from the fourth quarter of 2009.
Much of what the Academy of Motion Picture Arts and Sciences reports as revenue is tied to the Academy Awards.
I count more than 250 full-time employees of L.A.'s Community Redevelopment Agency, and only one person - a clerical assistant - making less than $50,000.
Another dip in L.A. home prices, jump in consumer confidence, city considers more budget cuts, and "King's Speech" leads nominations.
Auditors are reviewing 18 of them, including L.A.'s Community Redevelopment Agency, to see how they're spending money.
Lots of encouraging news about the economy, but the rally has been showing signs of fatigue.
The L.A. billionaire is preparing a bid in the event that the McCourts' divorce forces a sale.
Downtown landlord Meruelo Maddux, still in bankruptcy protection, has reached a settlement with one of its creditors.
Nearly three out of four people admit to going to work when they're sick, according to a CareerBuilder survey.
Bill Gates and Warren Buffett might come to mind, but adjusting for inflation makes a big difference.
This morning's piece about the supposed irrelevancy of the LAT sure could have used another pair of eyes.
Upbeat hiring plans, Lockyer warns of more IOUs, office market struggles to stabilize, and maybe there's an Oscar race after all.
This is really just an ad for Intel's i5 Core processor, but it says a lot about what we've become.
The median asking price among the 62 transactions monitored by BizBuySell was $107,000, and the median sale price was $79,500.
They include Haim Saban, David Geffen, Steven Spielberg, and Eli Broad.
Ouch - December's jobless rate is up from 12.8 percent in the previous month and 12.3 percent in December 2010.
The Kings are owned by a consortium that includes Philip Anschutz, so if the report is true it's bound to raise questions about efforts to build a downtown football stadium.
Good year for Calpers, doing deals at Sundance, Disney cruise ship arrives at Port of L.A., and NYT setting price for Web access.
If the Northern California city has its way, general unsecured creditors would collect as little as 5 cents on the dollar.
Wasn't the whole point of redevelopment funding to focus on areas that otherwise might not get looked at by developers?
Roundup of merger and acquisition activity in California last year.
Remember when the key to improving the city's convention business was getting a convention center hotel?
It's tomorrow morning, part of the Drucker Business Forum series.
The dirty little secret is that the crisis in underfunded obligations cannot be resolved without changes in the current benefit structures.
Big drop in jobless claims, Boeing layoffs in Long Beach, takeoff error at LAX, and Socal ranks worst in congestion.
At last check, AEG head Time Leiweke was about to make his presentation.
The economy is growing at a better clip than in Britain, Germany, and Japan, but the jobless rate is higher than any of those countries.
Manufacturing makes rebound, more cities look for redevelopment money, Mozilo speaks of high standards, and talk of Freedom-MediaNews merger.
A big year - the 24 percent gain was the largest since record-keeping began in 1971.
They're rattled by Steve Jobs' unexpected medical leave, but they're not panicking. Of course, what do they know?
This morning's chat looks at the proposal by Gov. Brown to eliminate enterprise zones and redevelopment agencies.
It looks like war between L.A.'s Community Redevelopment Agency and Jerry Brown.
Sales might perk up by spring, provided that interest rates remain low and the economy continues to improve.
Apple stock falls in early trading, Blockbuster asks for more cash, Citi misses earnings estimates, and Anschutz signs off on stadium plan - sort of.
A two-story, 3,00-square-foot house in Huntington Beach was gutted so badly that the repairs alone will cost $250,000.
Federal regulators were making last-minute revisions over the weekend, and the FCC could sign off on the acquisition as early as Tuesday.
Developer J.H. Snyder believes it could be an alternative to earlier retail proposals for the Laurel Plaza/Valley Plaza area.
He was still doing sports on KCBS, but the rat-ta-tat delivery might sound familiar.
This time it was a 747 carrying 344 passengers that was preparing to take off for a Sydney-to-L.A. run.
A year and a half after coming back from a livery transplant, the CEO of Apple says he's stepping aside.
Laying off 500 people can't be a pleasant experience, but CEO Mike Jones is getting trashed by some of the now former employees.
Insurance Commissioner Dave Jones had asked for a 60-day delay on the latest increase, which takes effect March 1 and averages 15 percent.
Nothing captures the insanity of Hollywood quite like the annual Golden Globes show, and this lawsuit alleges a lot of what many folks had suspected.
A Sacramento radio station reported that Ducks owner Henry Samueli met recently with the Maloof brothers about relocating the NBA Kings.
Consumer sentiment takes unexpected dip, Baca helps pal away from his jurisdiction, Brown getting hit on budget, and corruption claims involving Golden Globes.
Many of them get paid absurd amounts and yet celebrity endorsers often do little to enhance a product.
They expect growth of better than 3.2 percent in each quarter this year, according to a WSJ survey.
The three big van lines - United, Atlas and Allied - say that California had more inbound moves in 2010 than departures.
December finished off 2010 with an 8.8 percent increase in container traffic from a year earlier.
Rise in CA foreclosures, council signs off on garage leasing plan, state tax credits not being used, and Jack Kyser tribute.
Pretty lively council session today on whether to proceed with the scheme to raise $53 million by privatizing the garages.
For all the bluster about too much cutting and too many taxes, Brown's budget is getting generally favorable reviews among the clear-thinkers.
Despite growth in nine of the last 10 months, the state's unemployment rate, now at 12.4 percent, won't fall below 10 percent until the end of 2012.
Federal judge says, "This will be a remarkable trial." But why does Mattel keep it going?
Big opposition to debt-ceiling hike, Brown orders 48,000 cell phones turned in, Demand Media prices IPO, and Colony Capital bets on Nazarian.
They'll be reviewing the decision by officials at the Port of L.A. to nix a proposal to reopen the old Southwest Marine shipyard.
A few thousand flights have already been canceled due to the snow, and the storm hasn't even hit the Northeast yet.
Telemarketers had a 34.8 percent jobless rate in 2010, while the rate for locomotive engineers was a mere 0.4 percent.
Fourth-quarter feature production was up 28.1 percent from a year earlier and TV was up 49.9 percent.
Owners Kirk Pasich and Pamela Woods say they can no longer compete with Amazon - and a sour economy hasn't helped.
Biz chat looks at whether higher gas prices will put the brakes on the recovery, and the struggles L.A. is having with the electric car business
With little fanfare, Canyon Partners has become the 9th-most profitable hedge fund in the world.
They do not create jobs that wouldn't otherwise be created. Oh, and they cost quite a bit.
Verizon connects with iPhone, borrowing woes continue, council committee deadlocked on budget, and more reaction to Brown's budget.
If the city can't proceed with a plan to lease city-owned parking garages, it means scrounging around for an extra $53.2 million in a budget that's already tight.
For the fifth week in a row, L.A. gas prices have risen, though this week's increase was only a couple of pennies or so.
Capitol Alert has a nice roundup.
Brown's budget plan pretty much falls apart without voter approval of tax extensions. But first he has to get the measure on the ballot.
Forget about an early deal - Gov. Brown told reporters this morning that a budget would be predicated on voters approving a 5-year tax extension.
Intrade has her chances at about 11 percent, down from 20 percent a couple of days ago.
That, plus $12 billion in tax extensions due to expire this year, should plug up most of the state's $25.4 billion deficit.
Brown announces budget, Zine pooh-poohs conflicts, Hefner to take Playboy private, and MySpace layoffs are set.
The Rose Bowl audience was off 14 percent, the Fiesta Bowl down 22 percent, the Capital One Bowl 50 percent.
December receipts were almost 6 percent below the estimates found in the state budget, but they were 14.6 percent higher than a year earlier.
Owning the facility would allow the transit authority to better deal with increased bus and rail traffic.
This won't come as much of a surprise to readers of LA Biz Observed - we've been chronicling the pickup in entertainment employment all year.
He says he doesn't owe anyone an apology for the actions he took as Fed chairman.
Most of them are the victims of technology marching on.
Bernanke hopeful, feds investigate bribery allegations in Maywood, SEC looking into Calpers, and Fox to air Pac-12 championship.
Smaller-than-expected gain on payroll jobs does little to chip away at unemployment levels.
Dave Jones wants to take a closer look at the stunning hikes for individual policyholders - in some cases as much as much as 59 percent.
Okay, it was down a bit today, but consider that today's closing price of $39.65 compares with $15.83 in March, 2009.
From the Census Bureau: Fewer than half of the parents owed child support received the full amount.
Guess it's time to see just how committed the Republicans are in cutting the budget.
Both states spend more money than they take in, but for different reasons.
Geithner warns about debt ceiling, Blue Shield proposes big rate jump, new budget woes for city of L.A., and Chinese firm buys Sheraton Universal.
Metro has been given formal approval from the feds to begin engineering work.
Does it surprise you that 15-19-year-olds are spending a lot less time reading and a lot more time playing games?
Close to 100 models will be on display at the Consumer Electronics Show. But only a small number are likely to make the grade.
It's up to 230 and like to keep growing - not the sort of stuff that normally happens in sleepy Sierra Madre.
When a widely watched economist says things are really bad and they turn out to be reasonably good, it's time to take out those tap shoes.
Jump in December hiring, Brown takes aim at Prop 13, Borders asking for time, and Aussies love L.A.
It's the December employment report, and judging by the hopeful indicators of the past few weeks, you would expect a large number of new jobs.
A lobbyist representing one of the losing bidders made a stink about airport officials choosing another firm - a lobbyist who dates Councilman Dennis Zine.
This morning's chat looks at the troubled bookstore business, and whether developer Rick Caruso should be allowed to expand his Glendale shopping center.
Industrywide, it's looking like around 11.5 million vehicles were sold in 2010, an 11 percent increase from the previous year.
Conversations are underway with a bunch of potential buyers, CNBC is reporting, and a deal could be done by around mid-year.
Just a few shades higher than the national average of... er, $38,780 a year.
Foreclosure deal may be in the works, big jump in personal bankruptcies, Warners is tops at the box office, and ad spending is up.
An average gallon in the L.A. area rose only a couple of pennies from last week, to $3.326.
Another reminder that almost as many folks are coming as are going.
The Dow fell a bit from its high earlier in the day, but still finished up 93 points, to 11,670.
The Thousand Oaks location will be gone by the end of the week.
The new governor says the budget he'll present next week will be painful but honest.
They're expecting well more than 120,000 at this week's Consumer Electronics Show.
Stocks taking off, big companies appear ready to spend, Brown looking at big cuts, and Vizio moving into smartphones, tablets.
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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