<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/b120c842-235d-4a24-b056-af6b9a6e56c0/3130FE2B-98F8-4449-A47D-E882E89A86BD/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL" href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL" style="font-size: 11px;">www.sfgate.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">California will trail the nation in emerging from the Great Recession, as consumers save more and spend less in a behavior shift that will slow growth and job creation in the short term but eventually lead to a stronger economy.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">That message emerged from two separate reports released Tuesday</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL"><P>Both forecasts characterized California as the epicenter of back-to-back consumption binges fueled by the dot-com boom and the housing bubble, and argued that now the state faces big adjustments as it recovers from ills that have long plagued the U.S. economy.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">"Consumers have been on a spending binge ever since 1995</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">as soaring 401(k)s and, later, inflated home prices made Americans feel so wealthy they stopped saving money.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">"California is different from the rest of the United States in the magnitude</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">people here exemplified the bad American habit of borrowing to spend.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">"Now the easy-money days are over</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/16/MN2K19NHPQ.DTL">and people are going to have to save more, which means less consumption and slower growth,"</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/3130FE2B-98F8-4449-A47D-E882E89A86BD/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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