But even a booming California economy was not enough to insure that the monthly made money.
Profit growth was also hurt by weakness in the California economy and weak loan demand.
The stock price has fallen, he said, because investors have worried about the California economy.
But it will do little to help the California economy, at least initially.
In the last decade, demand for power surged along with the California economy.
After decades of boom, the California economy has gone bust.
And she worried about the future, because the California economy was still depressed, jobs scarce.
The California economy will not start adding jobs until this fall, if then, he predicts.
In addition, the California economy has traditionally grown at a faster pace than the country as a whole.
But a more powerful draw is surely the jobs and wages available even in a depressed California economy.