Bankrupt Empire

We have a "key man" problem nationwide due to our steeply, and steepening, progressive taxation system. We have it at the national level but it is more acute in liberal paradises like my lovely state of residence, as the WSJ discusses today. 2008 and 2009 will be a shock to end all shocks for the Empire State. I predict NY state's tax receipts declining on the order of 40% from 2007 levels. New York is bankrupt, it just won't know it for 18 months.