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THE BOTTOM LINE
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The Summer of Love, Part II?

Signals indicate the long-forecasted economic bounce back is unfolding in O.C., where investing and spending are heating up.

by steve churm
EXECUTIVE EDITOR/PUBLISHER,
OC METRO
Published: July 01, 2012

It has been 45 years since the tumultuous summer of 1967. The winds of cultural and political change were whipping across the U.S., as the hippie movement was the vanguard of a tectonic shift in thinking about our place in the world and how we were conducting our affairs at home and abroad. In San Francisco, Chicago and other U.S. cities, conventional wisdom and attitudes were being questioned and challenged by an upwelling of disenfranchised youth in tie-dyed shirts and long hair. The mix of music, flowers and drugs that fueled events at the time earned the season the memorable moniker, the Summer of Love.
Now, four and a half decades later, there is another shift in thinking and action underway, only this time it is far less about our dress, lifestyle and attitudes. It’s about the American economy and a warming romance with the future.
   
Since the markets crashed in 2008, our love affair with the economy has been on ice, and for good reason. New reports from the Federal Reserve show that the typical American family’s net worth fell by 39 percent between 2007 and 2010 and is the lowest since the 1990s, nearly wiping out all gains over the past 21 years. The report is a chilling reminder of just how steep the recent recession truly was and how far we have to go to regain our financial footing as individuals and as a country.
   


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