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San Diegans’ stocks and home values are down 40 percent or more
We've enjoyed 15-20 years of faux prosperity and high living. Unfortunately, we didn't earn it. To get cash for our party, we borrowed from the Chinese and Japanese and stole from most of the world in the form of taking their investment money in return for worthless "securities", all the while taking pride in our new "service economy". Now we find ourselves with huge debts and debt service, dramatically reduced wealth creation capability because so many jobs have been shipped overseas, and increasingly difficult borrowing circumstances. Our credit-card party is ending but the politicians don't want to face it and lead us into more sensible economic practices. Instead, those morons are forecasting highly unrealistic 3.5% GDP growth in the next year and 4.0% for the decade after that and using these "forecasts" to dupe us into further increases in government spending and borrowing. Where does it lead? Into the third world existence that Bauder keeps talking about.— July 5, 2009 3:08 p.m.