California, once the land of endless promise, is now the land of endless crisis. Year after year, the once-Golden State lurches from one budget mess to the next. Sacramento Bee Columnist Dan Walters calls Sacramento's latest budget deal "another mélange of gimmicks aimed at once again postponing the day of reckoning," which means that whomever succeeds Arnold Schwarzenegger as governor must confront the massive task of pulling California back into the black.

Enter Tom Campbell, the former Stanford Professor, Berkeley Dean, State Senator, State Finance Director, and US Congressman. Campbell currently teaches law at Chapman University and has thrown his hat into the race for governor, where he will face ex-Silicon Valley entrepreneur Steve Poizner and former eBay chief Meg Whitman in the June 2010 Republican primary.'s Ted Balaker sat down with Campbell to discuss what would free California from its cycle of fiscal crisis (hint: limiting spending to the increase in inflation plus population), and why Washington DC's spending spree will almost certainly bring on inflation.

Campbell says he's friendly to libertarianism, and talks about studying under Milton Friedman at the University of Chicago. Campbell thinks the Nobel laureate would suggest a "don't just do something, stand there" approach to our nation's recession, and that he would worry about politicians doing something just for the sake of doing something. Campbell clearly shares that concern, especially when "doing something" involves printing huge amounts of money. "We have built up a tailwind for inflation," says Campbell of the yearlong flurry of stimulus packages and bailouts.

During this nine-minute interview, Campbell also explains his views on marijuana legalization, why he defends California's property tax-limiting Prop 13, and why he calls the anti-gay marriage Prop 8 "a mistake."

"After Arnold" is produced and hosted by Ted Balaker. Director of Photography is Alex Manning, and Associate Producers are Nate Chaffetz, Paul Detrick, and Hawk Jensen.