When the California assembly drew up its budget $91.3 billion budget for this year, it made a fantastic assumption on the revenue side of the ledger.

It assumed $1.9 billion of income tax revenue from Mark Zuckerberg and other company insiders exercising options or selling shares at an average price of $35.

This morning, FB teeters on the edge of $20.

If "the lower share prices persist through November and December, hundreds of millions of dollars of income-tax revenue assumed in the state budget plan are at risk," says a report from the state's Legislative Analyst's Office.

We're still wrapping our heads around the idea that California was counting on one company to cover $2 out of every $100 it would spend…

Oh, I'm thinking more of the housing price bubble, where even as the crumble started and you could see in between the component molecules of the balloon's skin, the profets were shouting that the rise had only just begun. How could so many loud voices be, you know, wrong?

I throw a little at speculative stocks for various reasons. Done well so far. I have one just about to ripen; I didn't invest because I believe in the company or product, but I believe hysteria will spike the share value, at which point I will dump it and move on.

FB never had a chance. Not a chance. I think it's going to go down as a Dolly Parton.

You know, a bust of legendary scale.