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

To: orkrious who wrote (55638)	8/30/2006 7:18:46 PM
From: Wyätt Gwyön	Respond to of 116555

i do think Detroit is pretty exceptional in having large numbers of unskilled people go from an upper middle-class wage to really low wages. so it is not surprising that is shows up with Michigan being the biggest loser of wages. going forward, lots of people who had big salaries as mortgage brokers, realtors, title co officers, and other overpaid paper pushers will experience similar huge salary drops around the country. 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 it probably depends on the market. in tourist spots, sure, housing became huge. in places like Florida. but while Clownifornia was overbuilt, they do have a much healthier and much more diverse economy than the Rust Belt.