In CA, things look pretty bad already. I hear Stanford Shopping Center is like a ghost town. This is where the rich shop at Nieman Marcus, Nordstroms, etc. Commercial real Estate is supposidly available in SF now as it was not in the past.
People are scared to buy much until they see how the power issue settles.
HWP, AMAT, Intel etc have hiring freezes and have delayed raises and are having people take time off as vacation or without pay. Others are laying off. Hard to NOT be optimistic. There IS value out there, I am just glad I didn't buy into the Navellier type of stocks - great stories and sky high valuations. We are not in a bear overall, just in over valued sectors and subsectors.