But does it have any subprime exposure?

Subprime, the buzzword of the year, is getting used way too much. Here’s a classic example of buffoonery courtesy the Bay Area’s NBC affiliate:

“California is struggling with shrinking state tax revenue from the meltdown of the subprime housing market and the credit crunch on Wall Street.”

Really, I wish I could stop laughing. The credit crunch on Wall Street has nothing to do with the state of California’s tax revenue, and, in addition, is there such a thing as a ’subprime housing market’? Don’t we just call those trailers?

This news outlet really needed to ask Arnold Schwarzenegger, the story’s focus, what is actually causing the revenue shortfall. Perhaps he’d shine a light on more accurate causes than would a worthless intern copy-editor.
Keep trying, NBC11.

Schwarzenegger Will Declare Fiscal Emergency In Weeks -KNTV San Francisco

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