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Old 03-29-2012, 04:43 AM
 
Location: Atlanta, GA
1,050 posts, read 1,691,146 times
Reputation: 498

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I was googling some things and found this Atlanta Magazine from 2003. It was all about the job cuts, bankruptcies, and foreclosures. It is kind of funny this was 9 years ago; especially when you consider what was going on around 2005/2006. It also has an article about the growth of S. DeKalb and million dollar homes in Lithonia. It kind of shows how irresponsible people were in Atlanta, especially outside of the city limits. We have basically repeated everything. It is kind of sad/pathetic.


Atlanta Magazine - Google Books
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Old 03-29-2012, 05:01 AM
 
Location: East Point
4,790 posts, read 6,874,004 times
Reputation: 4782
the small recession after 9/11 sent everyone for a tailspin when it happened, there was a lot of worry going around and i remember one of john kerry's lines was 'a job lost every minute'. but in reality the only ones really hurting were the news media and politicians... for a story. the housing market slowed down but it never 'crashed' like it did in 2008. developers should have taken heed of the smaller recession and stopped building on spec, but they didn't and we're where we are now.
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Old 03-29-2012, 05:08 AM
 
9,124 posts, read 36,380,037 times
Reputation: 3631
Quote:
Originally Posted by GeorgiaLakeSearch View Post
I was googling some things and found this Atlanta Magazine from 2003. It was all about the job cuts, bankruptcies, and foreclosures. It is kind of funny this was 9 years ago; especially when you consider what was going on around 2005/2006. It also has an article about the growth of S. DeKalb and million dollar homes in Lithonia. It kind of shows how irresponsible people were in Atlanta, especially outside of the city limits. We have basically repeated everything. It is kind of sad/pathetic.

Yes- everyone inside the city limits was fiscally responsible- no one bought over-priced condos in Midtown or Buckhead, or took out no-doc, zero-down loans- it was only those outside the city.....
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Old 03-29-2012, 05:32 AM
 
Location: Atlanta, GA
1,050 posts, read 1,691,146 times
Reputation: 498
Quote:
Originally Posted by BobKovacs View Post
Yes- everyone inside the city limits was fiscally responsible- no one bought over-priced condos in Midtown or Buckhead, or took out no-doc, zero-down loans- it was only those outside the city.....
True. I was referring more to the people who bought houses in a neighborhood like Ansley Park vs. Sugarloaf CC in Duluth.
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Old 03-29-2012, 08:47 AM
 
Location: Atlanta
7,731 posts, read 14,364,203 times
Reputation: 2774
Quote:
Originally Posted by bryantm3 View Post
the small recession after 9/11 sent everyone for a tailspin when it happened, there was a lot of worry going around and i remember one of john kerry's lines was 'a job lost every minute'. but in reality the only ones really hurting were the news media and politicians... for a story. the housing market slowed down but it never 'crashed' like it did in 2008.
Sorry, but the recession after 9/11 hurt a lot more than the news media - it practically DEVASTATED the travel industry, particularly corporate travel. Some longtime employees from that sector have never recovered, or are just now beginning to.
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Old 03-29-2012, 11:10 AM
 
Location: The Greatest city on Earth: City of Atlanta Proper
8,486 posts, read 14,997,570 times
Reputation: 7333
Quote:
Originally Posted by GeorgiaLakeSearch View Post
I was googling some things and found this Atlanta Magazine from 2003. It was all about the job cuts, bankruptcies, and foreclosures. It is kind of funny this was 9 years ago; especially when you consider what was going on around 2005/2006. It also has an article about the growth of S. DeKalb and million dollar homes in Lithonia. It kind of shows how irresponsible people were in Atlanta, especially outside of the city limits. We have basically repeated everything. It is kind of sad/pathetic.


Atlanta Magazine - Google Books
That's why I laugh every time I see one of these "OMG! Atlanta is headed for disaster because of the Recession" threads. Yeah, people have said the same thing you're freaking out about before.
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Old 03-29-2012, 11:12 AM
 
Location: The Greatest city on Earth: City of Atlanta Proper
8,486 posts, read 14,997,570 times
Reputation: 7333
Quote:
Originally Posted by johnatl View Post
Sorry, but the recession after 9/11 hurt a lot more than the news media - it practically DEVASTATED the travel industry, particularly corporate travel. Some longtime employees from that sector have never recovered, or are just now beginning to.
Its amazing how often people over look that. Or the fact that the time period coincided with the fall out from the Tech Bubble and literally dozens of corporate accounting scandals. I suppose it's a testament to how much some people deluded themselves after that period.
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Old 03-29-2012, 01:51 PM
 
9,008 posts, read 14,055,812 times
Reputation: 7643
Quote:
Yes- everyone inside the city limits was fiscally responsible- no one bought over-priced condos in Midtown or Buckhead
I think people who bought condos in the city took the worst beating of anyone in the metro area. Nothing was overbuilt like the intown condo market was.
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Old 03-29-2012, 02:34 PM
 
207 posts, read 322,060 times
Reputation: 112
Quote:
Originally Posted by waronxmas View Post
That's why I laugh every time I see one of these "OMG! Atlanta is headed for disaster because of the Recession" threads. Yeah, people have said the same thing you're freaking out about before.
Actually, even when the 2008-09 period is exluded, the 2000s decade is one of the worst on record for Atlanta's economy. It was truly a "lost decade." Atlanta's economy never recovered the jobs it lost from the 2001 recession, meaning the city's current dismal economic state was worsened, and not caused, by the Recession.
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