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How the Crash Will Reshape America

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  • How the Crash Will Reshape America

    Interesting article here: http://www.theatlantic.com/doc/20090...down-geography

    Introduction:
    The crash of 2008 continues to reverberate loudly nationwide—destroying jobs, bankrupting businesses, and displacing homeowners. But already, it has damaged some places much more severely than others. On the other side of the crisis, America’s economic landscape will look very different than it does today. What fate will the coming years hold for New York, Charlotte, Detroit, Las Vegas? Will the suburbs be ineffably changed? Which cities and regions can come back strong? And which will never come back at all?
    Cliff notes:
    - Previous periods of economic depression have resulted in changes to the economic systems and people's lifestyles.
    - Demographics will change, with large cities growing larger and smaller cities becoming more depopulated. Cities will attract more 'educated' people with knowledge.
    - Era of unrestricted suburban growth is over. Mass transit will become increasingly popular, suburbs won't go away but become smaller and more sustainable.
    - Author advocates renting instead of buying. De-emphasis on real estate.
    - Metropolitan areas which have real estate as their primary driving force (e.g. Phoenix) will be hit especially hard by current crisis.
    - Hardest hit industry will not be the financial industry, but probably manufacturing.



    TacticalGamer TX LAN/BBQ Veteran

  • #2
    Re: How the Crash Will Reshape America

    I like to be optimistic about the current economic state. I believe it has collectively helped the US pull it's head out of it's rear to take a look at the reality of things. We have been living in a fantasy world the past decade, where much of our economy was based on fluff. Now we can really get down to business. I believe this time will be a GREAT opportunity for those of us who want to start a small business, to finally get in the game. There are a ton of untapped markets for many things, and now we have a better idea of where and what we should get started. I'm actually very excited about the future!
    "Common sense is not so common." -Voltaire

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    • #3
      Re: How the Crash Will Reshape America

      Originally posted by The Atlantic Article
      The historian Scott Reynolds Nelson has noted that in some respects, today’s crisis most closely resembles the “Long Depression,” which stretched, by one definition, from 1873 to 1896. It began as a banking crisis brought on by insolvent mortgages and complex financial instruments, and quickly spread to the real economy, leading to mass unemployment that reached 25 percent in New York.
      How do they come up with this tripe?
      A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

      "$250,000 a year won't get me to Central Park West."

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      • #4
        Re: How the Crash Will Reshape America

        whoops!
        A policy of freedom for the individual is the only truly progressive policy. -F.A. Hayek

        "$250,000 a year won't get me to Central Park West."

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