Look at the 10 year treasury yields from 79 to 84. Pretty staggering. No way we ever have wage growth that matches that. I think that in the past the two have moved in tandem because we were nowhere near as globalized as a society. Jobs were plentiful. Wage growth is important but so is quantity of quality jobs. I think that our country is in the middle of a fundamental shift. You know, the new normal, a lower quantity of quality jobs, etc. Things do not happen all at once as well. We have not witnessed a tight money supply policy like the early 80’s. When that tightening happened we were in no way shape or form in the economic quagmire we are in now with respect to employment, quantity of jobs, and of course debt. Insofar as San Diego is concerned, even with a high rate environment I don’t see it getting as clobbered as the national numbers will be. To many sincs and dincs as well as lots of money and jobs.