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posted 10/02/09 02:37 PM | updated 10/02/09 02:37 PM
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Layoffs Now Spilling Over into Your TV

By Michael van Baker
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You know it's bad when even a fictional Seattle is hit with job losses. Back in real life, economist Jon Talton does nothing to dispel that "dismal science" putdown, noting that almost 10 percent national unemployment is the "new normal." What else? Plan on, Talton says, "a 'reduced scale' financial sector; the end of easy credit; a consumer retrenchment that will "ripple through the economy"; "decelerating" house ownership, and a painful remaking of the commercial real-estate market." Oh, and China may either boom or bust.

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