[who_would_fardels_bear]

In Los Angeles there was a huge housing bubble that was started in large part because of the massive hiring into the defense and aerospace business. The economy in general was soaring.

The bubble turned into a bust when massive hiring was replaced with massive firing when Clinton decided to cut military spending.

As Keynes might have said: In the long run we all suck off the Government teat.

[central_va]

You can’t project a local situation onto the entire economy, Keynesian economics does not work, ever.