Part of the Bay Area News Group

For Alameda: Economic news from around the state

By epearlman
Monday, November 24th, 2008 at 7:24 am in California, Prop. 13, Prop. 98.

Los Angeles Times: Foreclosures, delinquencies skyrocketing among ‘prime’ borrowers

Los Angeles Times: Shopping malls are running on empty

The Sacramento Bee: Demand for social services rises as funding falls

The Sacramento Bee: 3 California budget practices fall short. More Dan Walters.

The Mercury News: State legislators call off Sunday session as budget impasse deepens

And even more state budget crisis news.

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  • bob

    Again, I hate to beat the same drum, but all of this once more comes back to one specific problem that California and especially the Bay Area has: middle class purchasing power and the lack thereof as a result of paying astronomical amounts of money for something as simple as a 2 bedroom small house. Bottom line: The American economy worked wonderfully, having found new ways to extract capital out of the pockets of the avg American, whom still believed the lie that buying a home was ” The American Dream”, even if it meant making terrific sacrifices to do so, and in doing so, stripping away their ability to buy much of anything else once the money machine of home appreciation ended.Now that this new form of capital growth has been exhausted, the result is a decimated middle class- the heartbeat of the American economy.

    As I’ve pointed out so many times to people who talk with me about this, California MUST do more to ensure that home prices are more affordable to families. Otherwise, we will repeat this cycle again at some point in the future. I am sure these calls for action will- just like all the other times- be ignored.

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