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The unemployment rate in San Diego County jumped to 9.4% in May, up from a revised 9.2% in April and well above the 5.4% of a year ago, according to the California Employment Development Department. The May rate was below California's 11.2%, but above the U.S.'s 9.1%. Between April and May, non-farm jobs dropped, 2,800. Between May of this year and a year earlier, the county lost 52,500 jobs, or 4% -- up from the 3.5% year-over-year job loss that was originally reported for April. The numbers suggest that the local economy is not bottoming. Construction lost 11,100 jobs from a year ago. Government, which has provided a cushion in many previous months, rose 300 from a year ago, although it was off 1,000 from April.

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Comments

Anon92107 June 19, 2009 @ 1:38 p.m.

Don, I used to think this recession, unemployment, economic disaster was entirely the creation of the Bush Autocracy, but after watching Reid and Pelosi fail the tests of leadership ever since the new Obama Autocracy took over the characterization “With Friends Like Reid and Pelosi, Obama Doesn’t Need Enemies” keeps coming to mind daily.

If the younger Twitter generation voters don’t declare a new American Twitter Generation Voter Revolution that forces the immediate replacement of all current democratic congressional leaders with real leaders dedicated to fast track implementation of actions to guarantee an acceptable quality of life for their future then it is hopeless.

But the real trick is to find democratic leaders in congress who haven’t already betrayed the future for younger Twitter generation voters.

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SurfPuppy619 June 19, 2009 @ 2:45 p.m.

Don, I used to think this recession, unemployment, economic disaster was entirely the creation of the Bush Autocracy, but after watching Reid and Pelosi fail the tests of leadership ever since the new Obama Autocracy took over the characterization “With Friends Like Reid and Pelosi, Obama Doesn’t Need Enemies” keeps coming to mind daily.

Both parties have been/are a train wreck fo the average Americam worker.

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Don Bauder June 19, 2009 @ 4:57 p.m.

Response to post #1: The factors that have almost driven the global economy under -- derivatives, finance industry non-regulation and concentration, etc -- are the fault of the Bush administration, along with the easy moneys that caused the real estate bubble. And Bush threw trillions of dollars at getting us out of it. Now Obama is throwing more trillions at the problem caused by his predecessor. The major blame still belongs with Bush, but will voters see this? As time wears on, Obama will be hung with it. Best, Don Bauder

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Don Bauder June 19, 2009 @ 5:01 p.m.

Response to post #3: Both Democrats and Republicans are to blame. Both are on the take from lobbyists. Best, Don Bauder

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Visduh June 19, 2009 @ 7:23 p.m.

In post #1, Anon92107 has come around 180 degrees. Not so very long ago, he/she blamed EVERYTHING on the Republicans. And that was especially true of local malaise. (Heads up Anon92107--the SD city council is now and has been mostly Democrat for a long while.)

I'm not going to quibble about the responsibility for this mess. There's enough blame to go around, and everyone can have a big helping, and there will still be some left over. But maybe Anon can 'splain just what he/she expected from Obama. As in, what exactly are "actions to guarantee an acceptable quality of life for their future . . .?" Sounds as if Anon was thinking that Obama was the messiah. Assisted by his apostles, Reid and Pelosi, just what was he supposed to do in these few weeks? And what is expected?

Please tell us, Anon.

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Don Bauder June 19, 2009 @ 11:07 p.m.

Response to post #5: Obama has launched some bold initiatives, but, for all his preaching about change, he picked some old hacks with a lot of baggage -- that is, they were dead wrong in the past. Example: Larry Summers. Best, Don Bauder

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Anon92107 June 20, 2009 @ 4:55 a.m.

Response to post #6: Thanks for answering #5 Don, Visduh is obviously a member of the U-T Ed Bd.

As I said in another of your blogs yesterday: "With Friends Like Reid and Pelosi, Obama Doesn't Need Enemies."

Today the failures of the democratic congressional leadership are causing almost as much destruction of the future for young Reader generations as the traitor republican politicians have been doing for the last eight years and counting.

It's time for a Twitter Revolution To Restore American Democracy for We the People, replacing republican and democratic congressmen, forcing congress to protect and guarantee economic, social and environmental future the younger generations as their highest priority.

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Don Bauder June 20, 2009 @ 7:23 a.m.

Response to post #7: If you look at Visduh's previous posts, you can be certain he/she is not a member of the U-T editorial board. Best, Don Bauder

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Don Bauder June 20, 2009 @ 2:53 p.m.

Response to post #9: If Visduh were a member of the U-T editorial board, it would never be the same.

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Anon92107 June 21, 2009 @ 5:03 a.m.

Response to post #10:

For the sake of restoring the economy and Democracy in San Diego the younger Reader generations need for the U-T editorial board to "never be the same" ASAP, replaced by journalists who are really dedicated to the concept of We The People once again.

However, Reader journalists are already serving that purpose and hopefully The Reader will replace the U-T ASAP.

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Don Bauder June 21, 2009 @ 8:24 a.m.

Response to post #11: Since it appears that Platinum Equity essentially got the U-T itself for nothing, or less than nothing, and only paid for real estate that was deeply discounted as an enticement to take the paper, the future of daily print journalism in San Diego is certainly in flux. It will be interesting to see what Platinum does with the paper. Best, Don Bauder

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Visduh June 21, 2009 @ 9:04 a.m.

I have a hunch, only a hunch, that this outfit will attempt to make the U-T into one of those "news lite" operations, with all sorts of People magazine tidbits. (None of that requires having reporters, it can all be had from syndicated sources.) Some sensationalist headlines with a few stories of national importance, again available from syndicated sources, will mask the lack of depth. It will probably keep the local columnists, at least those with a following. That means that the sports guys, such as "Never Saw a Chargers Proposal He Didn't Love" Nick Canepa, will be safe in their jobs. Local news, especially that outside the city of San Diego, will get short shrift (it already does, but will almost disappear.) Think of local TV news in print.

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Don Bauder June 21, 2009 @ 12:19 p.m.

Response to post #13: If the U-T went for an editorial lite approach, it would be trying to appeal to the people who read the paper for the advertising -- not for the editorial content. And there are a lot of those with any newspaper (although fewer and fewer as the advertising declines). The U-T has always had an inordinately high percentage of people who read it for the advertising, in my opinion. Best, Don Bauder

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a2zresource June 23, 2009 @ 7:32 p.m.

"SAN DIEGO, June 9, 2009 – The board of directors of Sempra Energy (NYSE:SRE) today declared a quarterly dividend of 39 cents per share of common stock. The current dividend is payable July 15, 2009, to shareholders of record on June 19, 2009.

Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2008 revenues of nearly $11 billion."

(see http://public.sempra.com/newsreleases/viewPR.cfm?PR_ID=2376&Co_Short_Nm=SE)

You know, if Sempra Energy actually spent money in the community instead of handing it over to institutional investors, I'd bet not only would there be a lot more employment here in San Diego, but the overhead lines would go underground pronto. It's not like we need TV commercials to remind us that Sempra Energy is here with us everyday... all we have to do is avoid the pigeon droppings from the overhead lines.

After all, what else is SDG&E's parent holding company to do since the County Board of Supervisors unanimously voted against the power cut-off plan? If the lines were underground already... Duh!

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Don Bauder June 23, 2009 @ 9:57 p.m.

Response to post #15: Corporations advertising how active they are in the community is like sports leagues advertising how their players help little children. Don't believe a word of it. If the companies would take the money they spend on good deeds and actually do some good deeds, we would be better off. Best, Don Bauder

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valueinvestingisdead June 25, 2009 @ 1:30 p.m.

Many projections showing another 25% decline in 3 years for San Diego and 35% for L.A.

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Don Bauder June 25, 2009 @ 7:20 p.m.

Response to post #17: Decline of what? Gross metropolitan product? Housing prices or permits? Tourism business? Best, Don Bauder

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valueinvestingisdead June 26, 2009 @ 3:03 p.m.

Sorry...in RE prices. The ALT-A resets are going to KILL NORTH COUNTY COASTAL! Most of those houses were bought with these loans. You had people living in $800,000 homes in Carlsbad with a $900/month payment. I wish I could short Carlsbad/Encinitas Real Estate. It is going to get hammered.

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Don Bauder June 26, 2009 @ 10:04 p.m.

Response to post #19: This economy is unlikely to recover until residential real estate prices recover. Alt-A loans are in trouble. If your prediction is true, things are going to remain quite depressed. Best, Don Bauder

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valueinvestingisdead June 27, 2009 @ 11:07 p.m.

I know a RE investor and he cannot find a bank that will loan money for houses in the Carlsbad area. Basically, the banks know that that area is headed for a collapse due to these insane loans and are scared to death to lend. The only real sales there have been cash buyers.

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Don Bauder June 28, 2009 @ 6:41 a.m.

Response to post #21: I know that banks are making mortgages in other areas of California. If what you say about Carlsbad is true, it is indeed a bad omen. Best, Don Bauder

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