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unemployment is 10.3 percent in Silly Valley and the question is "Is this a recovery or a bubble?" ? How about "not even much of a recovery, yet". Bubble is when houses get 10 offers over asking price in their first day, and new college grads are getting $50K signing bonii, and people are using a portion of their cashed-in stock options to buy a ferrari. Recovery might just mean more people are employed, there isn't a huge glut of houses on the market, and the BMW dealerships are seeing some traffic.

Still waiting.

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