NEW YORK (Map, News) - Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

The price of crude oil swept past $124 a barrel in late New York Mercantile Exchange trading, while gasoline rose to a new record of its own at the pump, climbing to a national average of nearly $3.65 a gallon.

Although the rising price of oil ignited concerns about inflation on Wednesday, knocking the Dow Jones industrial average down more than 200 points, stocks managed to hold on to their gains even as oil rose Thursday. Some of the big gainers were the companies that would benefit the most from higher commodities prices - the oil companies and metals producers like Alcoa Inc. (AA, News) - and they helped lift the major indexes.

Stocks also rose after retailers issued April sales results that, while not strong overall, were less gloomy than expected. The data suggested that high energy costs are leading consumers to alter their spending, and Wal-Mart Stores Inc. (WMT, News) was one of the beneficiaries of that trend. But some apparel stores - whose merchandise falls into the category of discretionary items - again saw depressed sales as consumers budgeted more for gasoline and food.

Financial stocks were the worst performers of the day. Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, said investors likely are still jittery over the sector, with continued concern about whether the companies have problems on their books beyond subprime mortgages. "Our guess is that the worst is not over for the financials on a fundamentals basis," he said.

The Dow rose 52.43, or 0.41 percent, to 12,866.78.

Broader stock indicators turned higher after fluctuating at times during the session. The Standard & Poor's 500 index rose 5.11, or 0.37 percent, to 1,397.68, and the Nasdaq composite index rose 12.75, or 0.52 percent, to 2,451.24.

Bond prices rose as some investors sought the safety of government debt despite the gains in stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.78 percent in late trading from 3.85 percent late Wednesday.

Gold prices rose, while the dollar declined against most other major global currencies.

Mixed economic readings and lofty energy prices could keep the market in a holding pattern through the summer, said Janna Sampson, director of portfolio management at Oakbrook Investments. "With oil high and continuing to go up, it's going to be tough to get the market to have a sustainable rally."

Alfred E. Goldman, chief market strategist at Wachovia Securities, was a bit more optimistic, saying he estimates the economy is four months away from the end of an average-length recession, so the stock market should resume its climb again soon.

"Basically, the market is taking a time-out after the prior six weeks," Goldman said. "The bigger picture is a market that's in the process of transitioning from a bear to a bull, shifting from a situation where the glass is half-empty to one where the glass is half-full. And that takes time."

In a positive sign for the U.S. employment picture, which has seen four straight months of jobs losses, the Labor Department said Thursday the number of newly laid off workers seeking unemployment benefits dropped by 18,000 last week to 365,000 - a larger decline than expected.

Aluminum producer Alcoa rose $1.56, or 4.1 percent, to $39.65. Oil companies also gained; Exxon Mobil Corp. (XOM, News) rose $1.11 to $89.93, while Chevon Corp. was up $2.11, or 2.3 percent, at $97.44.

Wal-Mart rose 33 cents to $57.16, but Target Corp. (TGT, News) fell $1.10, or 2.1 percent, to $52.34 after saying its same-store sales rose in April by an amount that was smaller than analysts forecast. Same-store sales are an important barometer of a retailer's health that reflects sales at stores open at least a year.

A weak U.S. consumer weighed on Toyota Motor Corp. (TM, News), which said late Wednesday that profits in the January-to-March period tumbled 28 percent due to the rising yen and weak North American sales. The Japanese automaker also predicted sales will drop for the fiscal year through March 2009 for the first time in several years, and that earnings will fall 27 percent.

Toyota's U.S.-traded shares fell $4.20 or 4 percent, to $100.56.

The Russell 2000 index rose 3.34, or 0.47 percent, to 719.55.

Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where consolidated volume amounted to a light 3.70 billion shares, compared with 3.94 billion shares traded Wednesday.

The European Central Bank left its interest rates unchanged Thursday. ECB President Jean-Claude Trichet pointed to clear upside risks to price stability, indicating that the bank is unlikely to lower its rates in the near future.

In overseas trading, Japan's Nikkei index fell 1.13 percent, Britain's FTSE index rose 0.16 percent, Germany's DAX index fell 0.06 percent, and France's CAC-40 fell 0.39 percent.

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Comments from Examiner Readers

10:25 AM MST on Thu., May. 15, 2008 re: "Stocks turn higher after jobless claims report"

Examiner Reader said:
Shame in you GE. You are abandoning your core businesses. Apparently the stock holders you cited as demanding change did not agree with you on this one. Its the same old story: poor leadership and out of touch with the public and the majority of stockholders. I am a stock holder and I think GE needs 2 things. 1) Listen to its stock holders, 2) make radical changes to corporate leadership.

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11:52 AM MST on Tue., Apr. 29, 2008 re: "Stocks fall as investors wary of consumer data, Fed decision"

Examiner Reader said:
the u s economy is what happens when you put all your eggs in the basket of debt. by october there wont be enough debt collectors to go around.

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11:41 AM MST on Tue., Apr. 29, 2008 re: "Stocks fall as investors wary of consumer data, Fed decision"

Examiner Reader said:
wasa matter wallstreet,all those chinese products loosing their lustre.and i suppose the only money to be made in iraq is in stealing the oil instead of dipping into the boxes of chinese backed dollars

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10:35 AM MST on Fri., Apr. 25, 2008 re: "Stocks off on consumer survey, earnings and inflation"

Examiner Reader said:
ah!, only six months to go,working for worthless money. by october the govt. will admit we are in a reccesion, but actually that will be the begining of the depression as the think tankers can only forecast whats already happened. but that new foreclosed house you've had your eye on will still be there only at pennys on the dollar. act quick because that haliburton exec. from dubai is looking at the house too.

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1:03 PM MST on Tue., Apr. 22, 2008 re: "Stocks decline as oil rises, Street examines earnings"

Examiner Reader said:
hamburgers and gunpowder, thats the u s economy.anything else is for sale at reduced prices as long as george o k's it.he's the king of america!

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11:04 AM MST on Tue., Apr. 22, 2008 re: "Stocks decline as oil rises, Street examines earnings"

Examiner Reader said:
whats the big suprise? now that the cost of the war is coming home,we gotta pay. costs a lot more than the price of a "support our troops" sticker for your gas guzzler and for profits from chickens**t wars waged by chickenhawks. our troops sure deserved a lot more than this country has to offer.

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8:59 PM MST on Tue., Apr. 8, 2008 re: "Stocks Fall After Earnings, Fed Minutes"

Albert B. Franklin said:
When Bush out bear stearned Bear Stearn by paying the unheard of $2.3 million, and then sacking the lot, as congress forked over $38 billion, as they negated the National Association of Securities Dealers' 1992 expose where Brokers/Dealers took bribes that coveredup defuct business, as customers in the stock market lost trillions! Since 1992, litigations by customers have skyrocketed, as Bear Stearns' and Washington Mutual's legal battles are now being waged with taxpayer funds? Thanks, Baroque, hallah Billary and woo-whoo Democratic Party!

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8:23 AM MST on Fri., Apr. 4, 2008 re: "Softening Jobs Data Drives Down Stocks"

Examiner Reader said:
and they call this a democracy? HA!

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3:42 PM MST on Wed., Apr. 2, 2008 re: "Wall Street Pulls Back As Oil Spikes"

Examiner Reader said:
sure glad these greedy bastards arnt in control of social security yet. are'nt you? or do you just take your orders from limbaugh and hannity.you sheep out there should educate yourselves before the next loan officer rapes you.superpower my ass!

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1:51 AM MST on Wed., Apr. 2, 2008 re: "Bank News, Economic Data Boosts Stocks"

fed up said:
The economy is better for Who ? Not the Middle class or the poor We have high gas prices, High taxes, high BGE bills. are these people crazy?

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8:32 AM MST on Tue., Apr. 1, 2008 re: "Stocks Surge on Bank Hopes, Econ. Data"

Examiner Reader said:
the banks hopes are up because they have their own bank to "take" from in the likely event they bellyup.that bank is called the "the bank of the american taxpayer".

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10:38 AM MST on Wed., Mar. 19, 2008 re: "Stocks Decline After Huge Rally"

Examiner Reader said:
Well the responsible people take it big time in the shorts on savings accounts, bonds and CDS. Why do they pander to Wall Street so much?

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10:12 AM MST on Tue., Mar. 18, 2008 re: "Stocks Surge Ahead of Expected Rate Cut"

Examiner Reader said:
stocks are up today but what about tommorow.do we go out and shop again or land on another aircraft carrier.

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8:35 AM MST on Tue., Mar. 18, 2008 re: "Dow Jumps 270 Ahead of Expected Rate Cut"

WesDenton said:
At this point the Federal Reserve needs to stop trying to control this thing and just let it plummet into recession or depression. It's going to go that direction anyway as it is just a matter of time now. This is part of the natural business cycle. Recessions allow us to think about what we did wrong during the bubble and make changes for next time. I guess its typical of this administration though, not to think about the long term effects of their actions.

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9:59 AM MST on Wed., Mar. 12, 2008 re: "Stocks Rise on Fed Move, Oil Price Dip"

Examiner Reader said:
Man, I wish I could be part of a scam that makes me billions of dollars, causing the economy to tank and then the federal reserve bails me out with 0s and 1s and slaps me on the wrist.

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11:03 AM MST on Fri., Mar. 7, 2008 re: "Stocks Turn South in Midday Trading"

Examiner Reader said:
agree 3;45, HERE COMES 1929, have fun folks and dont fear terroists from islam. we have our own terroists and they ar'nt firing a shot. YET.

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3:45 PM MST on Mon., Mar. 3, 2008 re: "Stocks End Flat After Weak Economic Data"

Examiner Reader said:
a real pleasure to see GREED and EASY MONEY get a chunk bit out of its fat buttocks.

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11:03 AM MST on Thu., Feb. 28, 2008 re: "Stocks Dip on Jobs Data, Bank Worries"

Examiner Reader said:
just give bills and george seniors NAFTA a chance to work, we can put off buying that 87 inch hdtyg,fit anywhere tv for a few years because with our dollar going in the tank,soon the chinese will be giving them away. the only stipulation is that the tv comes with a chinese family who were high bidder in the auction of your house.learn to watch what they like,because they will control the remote.

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1:39 PM MST on Tue., Feb. 26, 2008 re: "Wall Street Lifts on IBM Stock Buyback"

Buzzword Police said:
"suggesting to investors that there are still some companies out there" Suggest writer remove the inane annoying buzz phrase "out there" from her articles.

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7:17 PM MST on Tue., Feb. 12, 2008 re: "Wall Street Rallies on Buffett News"

Examiner Reader said:
"if we made our own products again here in the usa" we couldn't afford them! That's why they're made elsewhere, pal.

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12:55 PM MST on Tue., Feb. 12, 2008 re: "Stocks Rally on Buffett, GM News"

Veronica Dominguez said:
Is Mr. Buffett, the only Humanitarian Here? Or are there others out there who are willing to help out too? May God Give this Man many more Blessings.

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10:15 AM MST on Mon., Feb. 4, 2008 re: "Stocks Slip As Investors Mull Economy"

Examiner Reader said:
ill bet at six years old bush was borrowing money from his old man.and probably still hasn't paid it back.

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1:13 PM MST on Wed., Jan. 30, 2008 re: "Stocks Jump Following Interest Rate Cut"

Examiner Reader said:
america will never rebuild its manufacturing base as long as theres more profit in low wage countries.as long as politicians like the clintons keep preaching one worldism,life will go downhill here.that is until the world has an even playing field. then you can be greatful for whats given to you not what you have.sort of like darfur.

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3:16 PM MST on Fri., Jan. 25, 2008 re: "Stocks Fall, Giving Up Early Gains"

Examiner Reader said:
if we made our own products again here in the usa we would not need half of the junk imports that we have to buy now that would be money spent in our own country.

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3:12 PM MST on Fri., Jan. 25, 2008 re: "Stocks Fall, Giving Up Early Gains"

Examiner Reader said:
u notice all the runners for president now are praising ronald regan be cause times were alot better then u no why times was alot better because ronald regan was before nafta was passed then came the china trade bill passed,that exactly why times were better,quit outsourceing our jobs and tax hikeing us to death to cover your short falls in goverment.

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3:05 PM MST on Fri., Jan. 25, 2008 re: "Stocks Fall, Giving Up Early Gains"

Examiner Reader said:
they just whistling in the wind things will be no better till they quit sending our jobs to other countries,and the usa actually starts makeing goods here again,we dont make stuff in the usa no more,we import them,our jobs are gone so ofcourse our economy is going to slide threw the floor if people here dont make money they cant spend it and if dont have it to spend u see the fall out we are seeing now,plus add to the fact everywhere you look something is going up in price,prove my point when go to the store next time pick stuff up look at were its made u will find 40 to 1 china they say chinas economy is booming i guess so its booming from our crunch,letum keeping sighning those trade bills this country will be owned by those countries before its over then everyone in this country will work for 28 cents a day in there sweat shops.

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12:00 PM MST on Wed., Jan. 23, 2008 re: "Stock Prices Plunge Again; Dow Off 300"

Examiner Reader said:
stock tip: invest in cardboard, visqueen duct-tape the versitil future building materials.

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4:14 PM MST on Fri., Jan. 11, 2008 re: "Stocks Slammed by Bad Credit Fears"

Examiner Reader said:
wher can i get a hand calculator that works in billions.mine only go up to one billion.

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4:01 PM MST on Fri., Jan. 11, 2008 re: "Stocks Slammed by Bad Credit Fears"

Examiner Reader said:
It at least seems much of the U.S. has been living in a sort of finanical "fairyland" for years now. I suspect a little (or alot?) of economic "pitch and roll" could shock some sense into a general public living in some sort of denial as to poor economic decisions can have disasterous results.

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6:07 PM MST on Fri., Jan. 4, 2008 re: "Stocks Sink on Jobs Data; Tech Plummets"

Examiner Reader said:
you can do one of three things,number one is to pick out the ledge you are going to jump off of.number two is to preselect your site for your "hooverville shanty". remember the fed was around in 1930 too.number three is to decide whether to call your new homesite, bushville or cheneyville.

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6:05 PM MST on Fri., Jan. 4, 2008 re: "Stocks Plunge on Jobs Data; Dow Down 250"

Examiner Reader said:
I guess Elaine [Chao ne: McConnell] is not doing a good job a job creation. She specializes in Asian American job speeches, just google her what a winner this modern doozy is

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12:58 PM MST on Fri., Nov. 30, 2007 re: "Stocks Up on Bernanke Comments"

Examiner Reader said:
rate cuts do nothing when banks are not lending to each other....watch LIBOR as it is over 5% and the ten year note is below 4. And to the guy who is buying........Good luck with that...I hope you are buying puts. But when you're bank becomes insolvent (most are already if they had to mark assets to model rather than a myth) I'm sure you'll feel good about it... America is the Newest member of the Socialism Club.....

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3:16 PM MST on Mon., Nov. 19, 2007 re: "Dow Down 200 Amid Banking Concerns"

Examiner Reader said:
As one who invests in the stock market, I am appalled at some of the stupid comments below. I am certain that a lot of the comments are made by people who have never been involved in the market. By the way, some free advice, now is the time to buy. I'm buying. I am not selling.

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2:07 PM MST on Mon., Nov. 19, 2007 re: "Dow Down 200 Amid Banking Concerns"

HA HA HA said:
Bernie Ward rejoices when the stock market falls.

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3:05 PM MST on Mon., Nov. 12, 2007 re: "Stocks Finish Lower Amid Credit Anxiety"

Ind. Presidential Candidate - MiddleClass2008.com said:
Oh quit whining people... it hasn't even BEGUN to get interesting yet. Wait until spring when we bomb IRAN. That should spark an oil crises, coupled with the housing woes, we're talking MONDO drop. Can you say "kersplat"?

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8:11 PM MST on Fri., Nov. 9, 2007 re: "Stocks Fall on More Credit Writedowns"

Examiner Reader said:
I'm no economist, but clearly more aggressive measures need to be taken to take this bull by the horns...er, ahem, maybe I should say, to take this bear by the claws. Seems like this is sweeping the US +, once again, it's the middle class that gets clobbered, many probably have invested their entire security savings. I'd like to see the banks and the mortgage cos, who got us into this mess, take a large, brave step to help the people that they contributed to decimate these average joes' lives. Demoralizing...

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5:43 PM MST on Wed., Nov. 7, 2007 re: "Stocks Plunge With Dollar; Dow Down 360"

Tom O'Connor said:
What is this going to mean to the Prime Rate the next time the Fed meets?

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2:22 PM MST on Wed., Nov. 7, 2007 re: "Wall Street Tumbles As Dollar Slides"

Examiner Reader said:
are the chinese going to sell our bonds ,or are they just going to burn them,and come a visitin'?

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12:38 PM MST on Tue., Sep. 18, 2007 re: "Stocks Soar After Half-Point Rate Cut"

Richard H. Clark - middleclass2008.com said:
It won't help the housing market. Too small. And rates will be pushed back up again when ever-increasing energy costs go up even more... Don't hold your breath for another cut.

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3:57 PM MST on Thu., Sep. 13, 2007 re: "Stocks Rise on Countrywide, GM News"

Richard H. Clark - middleclass2008.com said:
No, stocks rose because a prominent Sunni pro-American got blasted to smithereens, thus lowering the odds of the war ending any time soon. We are a WAR ECONOMY. Disgusting, but true.

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3:36 PM MST on Tue., Sep. 11, 2007 re: "Stocks Advance on Rate Cut Hopes"

Richard H. Clark - middleclass2008.com said:
Rate cuts, schmate cuts... Stocks are going up because we are a war economy, and the war will continue... Just wait until the "War in Iran" starts... just watch them stocks fly! Get a clue people. GWB is a warmonger, and Cheney is raking in the cash. You, yes you, are just a puppet.

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6:23 AM MST on Tue., Sep. 4, 2007 re: "U.S. Stocks Head for Flat Open"

Examiner Reader said:
The stocks P/E are cheapest now. It is time to get some bargain stocks.

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2:07 PM MST on Fri., Aug. 17, 2007 re: "Stocks Rebound on Discount Rate Cut"

Boo said:
So now the Fed acts. Gee just when I lost (and i'm sure millions of other who have 401k and othe retirement funds) lost thousands of dollars in the last 2 months what it took me 1 year to make. My dad was right and I see why he never voted, the people in Washington and in State legistlators are out of touch with the working people of this country.

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1:34 PM MST on Thu., Aug. 16, 2007 re: "Dow Drops 340 but Gains Most of It Back"

Examiner Reader said:
You said it Boo - this is depressing.

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4:44 PM MST on Wed., Aug. 15, 2007 re: "Stocks Tumble After Fed Adds Liquidity"

Boo said:
Another bad day; humm i lost $5,000 lost month and it looks like another $5,000 i will lose again in my 401; if this keeps up by the end of the year i'm going to cash out my retire money and enjoy life now; cause i don't think my money is going to be there when i need it when i retire; and i'm not rich!

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1:11 PM MST on Thu., Aug. 9, 2007 re: "Stocks Fall on Rising Credit Anxiety"

Examiner Reader said:
Time to chime in again.... When the President appeared and spoke to the nation via today's press conference on the market...it was like the sinking ship's captain telling his crew and passengers, all is well the ship is not sinking, not to panic, simply get the life rafts overboard and begin to move the women and children off the ship....that is not sinking. Hmmmm!!!! Face it peoples the US Economy (SS-TITANIC) is DONE! she was never built to withstand these economic iceburgs that keep colliding into it HEAD ON! every man, woman, child for themselves... Humor is the best therapy for all of life's ills. Peace, light and wisdom Examiner Reader from B-MORE-HOLLA!

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6:20 PM MST on Mon., Aug. 6, 2007 re: "Stocks Rebound in Volatile Trading"

Examiner Reader said:
Got sumpthin' against Capitalism?

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7:19 PM MST on Thu., Jul. 26, 2007 re: "Stocks Plunge; Dow Down More Than 310"

Examiner Reader said:
Yes:::It's Show Time. Playing Las Vegas Night with the housing supply has short term consequences, in that employees of these companies have to use a larger, and often budget-busting portion of their paychecks, to afford rents and mortgages. And long term consequences, in the form of increases in these same costs, which make these people dump their homes, when continually increasing costs bust the bubble, and make them flee for the hills. The only thing that's still coming down, is the rain.

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