The L.A. Phone Tax Fight : People vs. the Establishment

Joel Kotkin reports on the Los Angeles move for even higher taxes in a slowing economy:

The mayor's Los Angeles Economy & Jobs Committee recently reported that the city's economy is increasingly shaky. About 30,000 jobs have been lost since 1995, and more than 106,000 manufacturing jobs over the last 17 years, many of them in aerospace. The group of business and civic leaders called for a virtual "Marshall Plan" to revive Los Angeles' economy.

But to bring about significant change, Chick said the city will need a new political movement. "If the neighborhood councils get together effectively," she said, "we could have a revolution."

Given the dismal record of L.A.'s recent economic development efforts, and the financial hole the municipality is now in, such a revolution may be what this city needs.

You might say the L.A. real estate market has no where to go but down.