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It's been proven time in/time out the places that don't suffer (or as much with quick recovery) are specific cities such as Washington DC and Boston, as well as college towns and state capitals in general.
I don't see a major financial collapse like the last one for at least 30 years.
We will have a number of "hurtful" recessions between now and then. I handled the last one very well because I didn't panic, I had a nice sum of cash on hand and cut back on buying things I didn't need.
I am a graphic designer, and freelanced through most of 2007-2011, and yes there were times when I wouldn't work for a week. But the next week would bring more work than I could handle, and there were many 15 hour days. I never turned work down.
My clients were in NY, CA and MO. I could have worked anywhere, and almost moved to Holland.
I was able to purchase two homes within 4 years (one in MO, and a Condo in CA) because people panicked and sold their homes at a loss.
The economy is on the upward swing, and I don't see it going anywhere else.
An established major metro area NY, LA, Boston, Chicago would probably be the most stable place. Expensive? Probably, but stable. Not a major boom and bust cycle.
The economy is on the upward swing, and I don't see it going anywhere else.
What basis do you have for that statement? The Federal Reserve's policies such as quantitative easing that have created this "economy on the upswing" are unprecedented and we really have no idea what the ramifications will be.
Many at the Fed itself are now speaking out:
"In this regard, the unconventional monetary policy has reinforced the recession by stimulating the private sector’s money demand through pursuing an excessively low interest rate policy (i.e., the zero-interest rate policy)."
What basis do you have for that statement? The Federal Reserve's policies such as quantitative easing that have created this "economy on the upswing" are unprecedented and we really have no idea what the ramifications will be.
Many at the Fed itself are now speaking out:
"In this regard, the unconventional monetary policy has reinforced the recession by stimulating the private sector’s money demand through pursuing an excessively low interest rate policy (i.e., the zero-interest rate policy)."
One thing that does seem certain is that our fraudulent market corrects itself about every 7 years.
^I agree with all of this.
Anyone who doesn't see that this economy is built on a very thin foundation is in for a world of shock. Post 2008 the central banks around the globe have been printing free money like there is no tommorow. Never before in the history of the modern era has this happened before on such a grand scale.
On top of this, everyone with some amount of financial sense knows that stocks and real estate is being propped up by low interest rate policy, and QE 1,2,3,4 etc....
All of this is occuring when Generation X and Y are saddeled with record student debt, and income inequality keeps growing.
Not trying to be a fear monger here, but the 2008 collapse was just the beginning of something bigger. We really never left the recession. It was just masked by free money for the big banks.
In answer to the OPs original question. In the United States I would say that cities like Minneapolis, Denver, Portland, San Fran, Seattle, and Boston are pretty safe. Some of the other major NE cities will fare better.
I wouldn't want to live anywhere in the deep south, lower midwest, or places like Las Vegas or Phoneix.
Can we get reasons/justifications for why certain cities are safer than others? I agree with most that have been posted, but it would be good to see why they are projected to survive.
Can we get reasons/justifications for why certain cities are safer than others? I agree with most that have been posted, but it would be good to see why they are projected to survive.
Higher Education and Government/Military jobs overwhelmingly stay intact during economic downturns. It's pretty much a given that when area residents maintain standard of living, so does the area's economy for the most part.
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