Here's Alan making me feel good about the state of the local economy 😉
From today's Voice of San Diego article "Local Economic Slowdown Continues": "What these things show is that the economy is slowing down," he said. "It may not necessarily collapse."– Alan Gin
Yes, they mentioned this over at the “Housingbubble” blog too. How it appears that the economists know the bubble will burst severely, but they have to sugar coat their predictions.
At least he’s now admitting it is slowing. But he and Thornbug think there’ll be no recession. We have low unemployment, so we can’t have a recession. By Q1 07, unemployment will be rising. Besides, if we keep replacing higher paying manufacturing and construction jobs with lower paying restaurant and retail jobs, we will have rising foreclosures and a recession anyway.
Within 6 months, nobody will care what Gin or Thornburg have to say. After all, if they are wrong in missing the biggest recession in 70 years, why should anyone bother to listen to anything they have to say?
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