socal wage gap ever-widening, LA times says

sponger
sponger Posts: 3,159
edited August 2007 in A Moving Train
http://www.latimes.com/business/la-fi-wagegap23aug23,1,3202060.story?coll=la-headlines-business&ctrack=1&cset=true


But, not to worry, says economist Sung Won Sohn, because as long as you own a million dollar home, everything is hunkey dorey.
But Sung Won Sohn, an economist and chief executive of Hanmi Bank in Los Angeles, cautioned against drawing "alarming conclusions." Although there may be an expanding wage gulf, he said, "net worth has gone up significantly even for people at the low end of the income spectrum," because homeowners have seen the value of their houses increase.

How can people become quoted economists in spite of being complete dumbasses? The world may never know.
reigning champion

http://forums.pearljam.com/showthread.php?t=272825
Post edited by Unknown User on

Comments

  • Ahnimus
    Ahnimus Posts: 10,560
    It's bound to crash eventually.
    I necessarily have the passion for writing this, and you have the passion for condemning me; both of us are equally fools, equally the toys of destiny. Your nature is to do harm, mine is to love truth, and to make it public in spite of you. - Voltaire
  • sponger
    sponger Posts: 3,159
    Ahnimus wrote:
    It's bound to crash eventually.

    I have to disagree with you there. Dual-economy societies exist all over the world. I don't see why one that exists in california would crash without certain extenuating circumstances.
    reigning champion

    http://forums.pearljam.com/showthread.php?t=272825

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