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[http://www.myprops.org/content/Worst-Is-Yet-to-Come-Americans-Standard-of-Living-Permanently-Changed-video/] - - public:time
crisis, economy, eta - 3 | id:3787 -

But "the worst is yet to come," according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American's standard of living is undergoing a "permanent change" - and not for the better as a result of: * An $8 trillion negative wealth effect from declining home values. * A $10 trillion negative wealth effect from weakened capital markets. * A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies." "The average American used to be able to borrow to buy a home, send their kids to a good school [and] buy a car," Davidowitz says. "A lot of that is gone."

[http://money.cnn.com/2009/02/13/news/economy/easton_economicteam.fortune/?postversion=2009021312] - - public:time
blog, economy, eta - 3 | id:3806 -

"We have limited resources," he says. "Everything we spend has to be financed and the interest paid. A dollar spent inefficiently is a dollar too much. Changes to entitlements tend to stick. A bridge can be built in the wrong place. These are long-term decisions that affect the budget baseline for years to come."

[http://www.mybudget360.com/monthly-foreclosures-and-the-dreaded-road-ahead-on-path-to-another-3000000-foreclosures-for-2009-1-out-of-every-173-homes-received-a-foreclosure-filing-in-california-8800-foreclosure-filings/] - - public:time
california, economy, eta, foreclosures, mortgages - 5 | id:3810 -

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