BEVERLY HILLS, Calif. — While the “California Dream” was evoked frequently, panelists at this week’s Milken Institute State of the State Conference were more apt to talk about saving the dream than celebrating it.

The annual event brings together high-profile panelists to discuss the issues facing California. This Tuesday, it was hard to escape talk of the recession, from its impact on the real estate market to the dire condition of the state’s finances.

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