For decades, the fortunes of the Texan economy were tied to oil. In the mid-1980s, after an oil-price crash, the state suffered the savings and loan debacle, big house-price declines and a deep recession. Unemployment 65 from 6% to 9%, even though it was falling across the country as a whole. Since then, say many Texans, the state has shed its reliance on black gold. Government finances are in better shape: 66 in the early 1980s 10% of tax revenues came from oil production, today it 67 less than 5%. The banking sector has grasped the importance of diversification: there are more interstate firms, which means that credit losses in Texas are spread more broadly across the country. Low taxers and stable regulations have encouraged many corporate giants, such as Toyota, a carmaker, to move their American headquarters to the state. The Dallas area thrives 68 telecoms, aerospace and banking. Houston has lots of oil, but also NASA.