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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: George K. who wrote (23552)	2/15/2005 1:52:34 AM
From: John Vosilla	Respond to of 116555

In many areas, the biggest building and renovation boom since the Gilded Age is underway No doubt that is what is a big driver of the economy in many areas these days. Perhaps for the first time ever we have little wage growth or increase in rental rates at the same time housing prices are skyrocketing. Scary to think that we have nothing more to drive our economy these days other than credit on steroids, building overpriced housing and starting wars. Isn't better and more expensive housing supposed to be a benefit of a higher productivity, increasing corporate profits and a better standard of living rather than be a main creator of perceived net worth and equity? I wonder what the true benefit down the road besides increasing the tax base is of $600K urban highrise condos if few working people can afford to live there and at the same time we have a shortage of affordable housing in many markets growing by leaps and bounds mainly fueled by immigrants from points south. All of the crown jewels built at the tail end of the 20's boom including the Empire State Building and Rockefeller Center were a disaster for the investors along with the highly leveraged stock market participants of that version of an ownership society.