Bubble III
The Commonwealth Club’s opinions as reported in the article “Mid-Year Economic Forecast” (Business & Finance, September 2013, page 13) presented a rosy outlook on the city’s current and future economic affairs, and they cited the tech industry as the main driver of the phenomenal growth.
However, you can’t tell me that San Francisco miraculously bounced back from the Great Recession by private investment alone and the Club’s panelists didn’t take into account the main factor: The huge amount of government money involved in the Bay Area economy. The Federal Reserve is pumping $85 billion per month into the national economy, and California is getting a huge slice of the pie. However, the money interests are contributing big bucks to our congressional rep — Nancy Pelosi — and also the legislature in Sacramento, and they’re returning the favor by steering billions to the city and the Bay Area.
The result of this huge bump in government money has been hyper-inflated rents and home prices, and even more of the noxious environmental problems associated with explosive population growth.
This is a prime example of what happens when the government starts monkeying in socio-economic affairs, and the result has been the creation of a third bubble, and another boom/bust cycle is on the horizon.
Galen L. Dutch
San Francisco
From the Right
Why must you ruin your article by starting it off with liberal bulls–t? (“America’s Cup half full?” October 2013, page 1.)
Romney did not travel to London to tell our closest allies that they were going to screw up the Olympics or anything else, for that matter. Can’t you leftists ever tell the truth? Or do you just have to lie like that a-hole Obama?
John P. Hurabiell, Sr.
San Francisco
