Meredith Whitney: Lack of Local Investing Creating ‘Ghost Towns’

“Businesses in big-spending, tax-heavy states like California are investing elsewhere and are creating ghost towns back home in the process, says Meredith Whitney, founder of Meredith Whitney Advisory Group.

Business friendly states like Texas are seeing investments show up from other states, while in California, firms and even wealthier households can easily move.

The result, Whitney says, is that cities in California are quickly becoming ghost towns marked by falling housing prices and a fleeing tax base.

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