Or maybe the beginning of the end of a fairly recent bubble, historically speaking. When I think about how we lived and what we had when I was growing up and then look at the expectations of even low-income families today, I have to think a lot of what is going on in the economy is just a long-overdue correction.
S&P increases loss assumptions.
$2.34 trillion less in mortgages for 2008.
London shares down.
Citigroup goes hat-in-hand to the Saudis.
The rest of Europe pulls back.
Hong Kong gets dragged down.
And takes the rest of Asia.
In northern Michigan, most townships saw huge decreases in the dollar value of new construction in 2007. We're not talking 5%-10%; more like 30%, 40%, even 50% decreases from just a year earlier. The rare exceptions were mostly due to Indians building casinos. I wonder who will be playing in all that new casino floor space? The Delphi workers in Flint that just had their incomes cut in half?
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