Dubai might have its man-made islands and Shaghai residents might squint under the glare of all the new skyscrapers there, but California is still where the economic action is. That's according to the latest issue of Time magazine, which states that, despite the budget mess in Sacramento, struggling schools and a 12 percent unemployment rate, the Golden State's economy and innovation still make the world go around.

Time says haters of our great state are just practicing “California whinery” and points out that this is the home of Google, Craigslist, the iPhone, Facebook, YouTube, Twitter, MySpace and a sense of diversity and success that is “is still the cutting edge of the American future.” Whew.

True, we live in a time of historic economic malaise, but have you been out in L.A. lately? There's a lot of ballin' going on — who are these people? — even if there are more pink slips than yacht slips. Somebody's getting paid. We dropped by the Huntley hotel in Santa Monica recently and discovered it's where all the rich people have been hiding — out in the open. The valet area was lined with Bentleys, Ferraris and Porsches. One patron was wearing pajamas and Ferragamo loafers. The gall.

A few years back we analyzed Forbes' annual “The World's Billionaires” issue and concluded there were more of them in California than anywhere else on the globe except the rest of the United States. So, even if L.A.'s skyline can't match Taipei's, there's gold in them there Hollywood Hills.

“In 2008,” states Time, “California's wipeout economy attracted more venture capital than the rest of the nation combined.”

Gov. Arnold Schwarzenegger tells Time, “Whenever we have a problem, everyone makes a big drama — 'Oh, my God, it's the end. California is over. It's all bogus.”


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