you have the funds to deal with the problems there. >> ashlyn? >> i totally agree with that last recommendation. i think the use of rainy day funds would be a fabulous way to sort of manage financial crises from fluctuations in the tax base. i think there's a lot of variability governing the policies in rainy day funds. governments are often required to spend down rainy day balances to a certain level, and those types of things can really inhibit local government's abilities to use those funds as a source of insurance basically. so i think in california we had this protective power of levy limits, and that was enhanced by not pegging assessed values to the market value. and that sort of insulated home buyers from liquidity constraints that would have been induced by property tax assessments had they been pegged to the market. california actually weathered the storm fairly well in comparison to other places like california because of that, but that said we still have this issue of very low spending overall persisting in california and a really low

please join me in thanking ashlyn. [applause] of the value of discourse and compromise so the way i interact with people i don't agree with has completely changed. >> a special program to students attending the senate youth program where they shed their

please join me in thanking ashlyn. [applause]