cities that will be most affected in the upcoming great depression (real estate, condo)
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It's clear that NYC will be the strongest affected in the upcoming Round 2 George Cheny Great Depression 2008, considering Manhattan is home to Wall St., the worlds largest financial district. What other cities will belly up during the upcoming Round 2 George Cheney Great Depression 2008? Yeah, I gave it a name so what?
^
its not all their fault.
It is never one persons fault?
President's don't have total control the economy... Seriously, if you hate them.
But your blaming them out of the fact you hate them not by the fact that it is not all their fault.
They just happen to be in Office if Obama win the election, even if he work miracles and the economy crashes he'll be blamed... because he in office.
If McCain wins people will be yelling how the Republicans screwed everything up, which is not all true.
It has to do with Housing prices, wages didn't go up enough to meet housing prices.
Lack of Invasion, those stoopid Ford Union workers are killing their goose who laid a golden egg. They have 6-figure incomes with a high school education. Ford can't keep up with the Japanese... more straight forward none of this all Union crap. Unions are fine, but...they wouldn't be happy if you just handed over the company to them.
amongst other things.
Anyways...
The Northeast, Southern California, the Bay area amongst other places will be hit hard.
Cities like Atlanta, Dallas, and Houston will be hit but significantly less. They are growing places.
^
its not all their fault.
It is never one persons fault?
President's don't have total control the economy... Seriously, if you hate them.
But your blaming them out of the fact you hate them not by the fact that it is not all their fault.
They just happen to be in Office if Obama win the election, even if he work miracles and the economy crashes he'll be blamed... because he in office.
If McCain wins people will be yelling how the Republicans screwed everything up, which is not all true.
It has to do with Housing prices, wages didn't go up enough to meet housing prices.
Lack of Invasion, those stoopid Ford Union workers are killing their goose who laid a golden egg. They have 6-figure incomes with a high school education. Ford can't keep up with the Japanese.
amongst other things.
Anyways...
The Northeast, Southern California, the Bay area amongst other places will be hit hard.
Cities like Atlanta, Dallas, and Houston will be hit but significantly less. They are growing places.
you'd be quite surprised that i actually don't completely blame them. if anything, i blame secretery of treasury hank paulson and fed chairmen ben bernanke MUCH MUCH more for irrationally and lavishly printing money to bail out our failing financial institutions instead of allowing capitulation to work its invisible hand on correcting our economy. band-aid after band-aid will only exacerbate the problem in the future, and $900 billion dollars later, us American's, us taxpayers, get the bill to not only bail out wall street and corporate america, but also the world which has much invested and insured in AIG, Bear Stearns, Freddie and Fannie (all government bail outs).
And listen, President Bush and Dick Cheney are 1st and 2nd in charge, where the hell is the strict governmental oversight? where the hell is the board? our forefathers would be absolutely ashamed to see what the fed and what the treasury has done... it's unbelievable. no one understands what's about to happen and i feel privileged to be the first to bring this topic up here in the general-u-s forum, because it's extremely urgent that people are aware on what is about to happen. some cities are going to be abolutely annihilated by this crisis while others will just be in horrible shape. i can't believe no arrests have been made as a result of the crisis that is going on in wall st.
dallas and houston going places? have you been following the weather lately? there's been something called hurricanes that have made texas mother nature's little b*tch.
NYC will be fine. its very diverse economically and with enough wealth that it can afford to take a hit.
detroit is screwed because the auto companies can't compete with the japanese.
lehman brothers just collapsed, AIG got taken over by the government, bear stearns got taken over, goldman sachs and morgan stanley are on the brink of disaster, merrill lynch was taken over by bank of america... are you sure NYC is fine? all these firms are based in manhattan. NYC's most lucrative industry is finance, in fact, it runs our nation and it's the world's poster child for capitalistic success. sure, NYC is diverse, it was diverse in the 1920s too... i just hope everyone understands that something really bad is looming around the corner and it would be nice if everyone at least knows what is currently going on in our nation.
the irony is that texas has contributed more to global warming than any other place in the world. so they are getting what they deserve now. the hurricanes will only increase in size and intensity and texas will be a waste land within the next 30 years.
lehman brothers just collapsed, AIG got taken over by the government, bear stearns got taken over, goldman sachs and morgan stanley are on the brink of disaster, merrill lynch was taken over by bank of america... are you sure NYC is fine? all these firms are based in manhattan. NYC's most lucrative industry is finance, in face, it runs our nation and it's the world's poster child for capitalistic success. sure, NYC is diverse, it was diverse in the 1920s too... i just hope everyone understands that something really bad is looming around the corner and it would be nice if everyone at least knows what is currently going on in our nation.
AIG got a bailout. so they will survive in the long run. the others will get bought or merge. so yeah, this is an economic correction.
remember 9/11? right after that everyone was talking gloom and doom and real estate prices dropped there. then NYC recovered and prices are STILL the highest in the US. so a 1 bedroom condo might go from $1,000,000 to $900,000... or maybe even $800k... i can't feel too sorry for the NYC finance industry. they need to be taught a lesson.
this is free market economics. the harder they come, the harder they fall. if you enjoy the benefits of an up economy, then you have to take on the cost of the downside as well. this is capitalism.
Let's not forget Bill Clinton's role in this. He started this housing mess by demanding that high risk loans be given to anyone with a pulse. Smart guy, Rhodes Scholar, blah, blah, blah.....
Sounds like he was buying votes.
Also, calling this a great depression is downright insulting to those who lived through the real thing back in the 30's. I'm not saying that situation isn't ever going to happen again, but calling this current situation a depression... you have no idea what you're talking about.
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