Does it make economic sense for Texas to secede?

When you spend a few years inside the beltway working on Capitol Hill, you learn the ways of Washington and national politics. And one of things you learn very quickly is that, Democrats get in trouble when they're not talking, Republicans get in trouble when they are talking.

The investing and public policy worlds recently witnessed another example of this truism from Rick Perry, the Republican governor of Texas, who last week seemed to entertain the notion of his great state seceding from the U.S.

First, as background, let me state that I'm a Texan in spirit. I have colleagues and friends in public policy and journalism in the state, I've visited the state many times, and always enjoyed my stays. Moreover, one of the best journalists I ever worked with is a Texan, now living deep in the heart of Texas. As a rule, Texans are proud Americans – proud and loyal citizens of these United States and of the great state of Texas.