By  on July 24, 2008

Sunny skies and a laid-back take on life may seem a movie fantasy to Los Angelenos these days, at least from an economic perspective, as the battered local economy teeters on the brink of recession.

Plummeting home prices, an increasingly tight credit market and high gas and food costs are squeezing the local economy, and experts predict that a recovery is unlikely to come any time soon.

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