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Is Oklahoma City the 'future of America'?

Oklahoma City receives the notice of a national magazine for the lessons we learned from the Penn Square Bank debacle. Those lessons softened the blow of the Great Recession here, some say.

Published: September 15, 2010

Economic planners also have sought to diversify the state's economy to avoid the dangers of over-concentration in one industry, Shirley said.

As Thompson points out, many Americans are learning hard lessons about borrowing and bubbles that many Oklahomans painfully discovered a couple of decades ago.

"We can't afford what very recently passed for the American dream,” Thompson wrote. "We cannot run up debt equal to 122 percent of our yearly earnings, as we did in the late aughts.”

Further, Thompson notes, many Americans will seek out cities that offer a good quality of life at budget prices. Oklahoma City Mayor Mick Cornett called the reverse migration triggered by the Heartland's low unemployment and cheap homes "The Wrath of Grapes.”

Of course, we already knew most of this, but it's nice when others notice.

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