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

To: Wyätt Gwyön who wrote (55635)	8/30/2006 6:17:46 PM
From: orkrious	Read Replies (1) \| Respond to of 116555

It still doesn't matter. There weren't that many making $200k, although there were a lot making $100k-$125k. Times were good but the local economy wasn't considered to be "booming." For every Ford, GM, or Chrysler worker there were many whose employers were getting squeezed by the Big Three, and they were squeezing their employees. We've gotten off the point. Just because there are a few thousand big three employees who've lost their overtime or their jobs doesn't mean Michigan's woes are unique. Sure, the auto industry has a disproportionate effect on the local economy. But it's probably smaller than the effect of housing on the bubble markets, and IMHO housing is going to have a ripple effect on the rest of the country resulting in an environment not unlike Michigan's.