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Old 10-21-2009, 07:47 AM
 
Location: Greenville, SC
10,354 posts, read 20,632,869 times
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Very interesting article here from Washington Post: The bust hits boomtown that banks built - Washington Post- msnbc.com

Now Charlotte is suffering. Unemployment has spiked to 12 percent, well above the national average. Subdivisions sit unfinished. Mansions cannot be sold. The school system, which for years had recruited teachers from shrinking cities such as Detroit, laid off more than 1,000 employees this summer.
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Old 10-21-2009, 07:55 AM
 
Location: East Lansing, MI
8,748 posts, read 7,955,764 times
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Nothing really new in that article. People on this forum are WELL aware of these tough truths. The Washington Post is about 6-8 months late on this "news".
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Old 10-21-2009, 07:56 AM
 
Location: Crown Town
2,742 posts, read 5,992,742 times
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Has anyone heard an update on the TV special PBS is supposed to do on Charlotte? Like when its supposed to air. I recall reading the theme is going to be similar to this Washington Post article.
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Old 10-21-2009, 08:00 AM
 
Location: Charlotte, NC
3,356 posts, read 8,877,935 times
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I read the article, nothing new, nothing surprising, fairly accurate description of current events.

What I noticed though, the artice ended basically saying in a convoluted way that Charlotte will bounce back.
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Old 10-21-2009, 08:03 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,666,769 times
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hooligan is correct. Too little too late....but its like a broken record of course...keep repeating over and over.


What should've happned was instead of all those fortune "feel good" articles being posted when this town was going in the ****ter, more articles like this should've been posted to get peoples heads out of the sand.
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Old 10-21-2009, 08:08 AM
 
4,010 posts, read 8,941,151 times
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I still contend that Charlotte banking business is doing much better than it otherwise should given that the tax payers are subsidizing BofA, Wells, Wachovia, Merrill Lynch to the tune of hundreds of billions of tax dollars. If Obama ever lets one of them go down like Lehman Brothers, the carnage here would be unimaginable.
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Old 10-21-2009, 08:09 AM
 
Location: The place where the road & the sky collide
21,961 posts, read 27,242,088 times
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Quote:
Originally Posted by Carolina Blue View Post
Has anyone heard an update on the TV special PBS is supposed to do on Charlotte? Like when its supposed to air. I recall reading the theme is going to be similar to this Washington Post article.
If you know which show, check their website, otherwise, poke through the main PBS website. PBS
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Old 10-21-2009, 08:12 AM
 
Location: metro ATL
8,190 posts, read 12,320,926 times
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Quote:
Originally Posted by lumbollo View Post
I still contend that Charlotte banking business is doing much better than it otherwise should given that the tax payers are subsidizing BofA, Wells, Wachovia, Merrill Lynch to the tune of hundreds of billions of tax dollars. If Obama ever lets one of them go down like Lehman Brothers, the carnage here would be unimaginable.
You're right, and that would be one scary scenario.
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Old 10-21-2009, 08:21 AM
 
4,222 posts, read 6,723,533 times
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Quote:
Originally Posted by flyingscotsman View Post
I read the article, nothing new, nothing surprising, fairly accurate description of current events.
What I noticed though, the artice ended basically saying in a convoluted way that Charlotte will bounce back.
Funny that the naysayers decide not to mention this.

Quote:
Originally Posted by CouponJack View Post
hooligan is correct. Too little too late....but its like a broken record of course...keep repeating over and over.

What should've happned was instead of all those fortune "feel good" articles being posted when this town was going in the ****ter, more articles like this should've been posted to get peoples heads out of the sand.
Refer to the last sentence of Flying Scotsman's posting specifically refering to bouncing back. Charlotte citizens were not being misled, nor is the end at hand. There were those that hadn't experienced a recession before and lacked foresight. Like all before and all that will occur in the future, we will recover, and Charlotte will pull ahead of practically everyone again. Although most passimists like to claim that we depend on banking, we are diverse and have other huge Fortune corporations here. There was a very good article in the paper the other day where Charlotte's situation was compared with Detroits. It noted that Charlotte would never be the southeast's Detroit as we are "not" a one industry town like Detroit. Besides, it is likely that Charlotte will remain huge in banking even if BOA headquarters moves.
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Old 10-21-2009, 08:26 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,666,769 times
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Vindaloo, of course Charlotte will bounce back. I've said that multiple times. And again, if you read my posts thouroughly its just a question of when...(it could be 5 years or longer that we slog through this...who knows)

Things are bad here right now. The point is why didn't the leaders here "lack foresight"? Was it because they just were not smart enough to see what was coming or was it because they did, but put their head in the sand and kept the pom poms out?

I'd like to get an answer to that question....
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