ok, that is Detroit, which is a ghettoed hollowed city
now how about Atlanta, SanFran, LA, SanDiego, Denver, StLouis, Orlando, Tampa, Philly, WashDC, Pittsburgh, Cleveland, Minneapolis, Chicago, Seattle, Dallas, Houston, Phoenix, Memphis, Boston, NewJackCity ???
each city has its own economic leaning
SF clearly got hurt on highend from tech, telecom, dotcom
but Boston is strong still, for how long?
their economy is fueled by govt spending in military and health
I think pockets in the USA will get softer really fast
then softer on a widespread basis gradually
then suddenly down 20% across the board in an effing flash
I eagerly await the clowns on press/media reporting it
they have been cluelessly confident on RE's strength
which opens the Pandora's Box on spending cutbacks, foreclosures, bank derivative messes, bankruptcy of FannyMae, etc
then massive layoffs nationwide after 2-3 months
it has been widely believed that consumers and real estate are holding up this entire economy
if you add USGovt spending, then I agree
so when RE craters under its own excess weight and laughable optimistic assumptions...
THEN THE WHOLE ECONOMY COMES DOWN SEVERELY
by the way, MZM is rising quickly, as reported by Richard Russell
so the Fed is on the case
my bet is the Fed is about to feed a new bubble, and the new monetary expansion will not go exactly where GreenFukFlation wants it to, and instead it will feed the commodity speculation
/ jim |
