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Yes, that's true. When you travel out of the confines of a Texas city to the border, you would see poverty beyond belief.
I understand there's been a series of young adult novels on the top of the best sellers list in recent years about that... They call it "Hunger Games". It might be interesting to read it with an eye toward the parallels between those in power in the books and those in power in Texas.
"No, you commented on the high property taxes and I pointed out that those are occurring in the liberal cities."
Not true. Here's a map of property taxes as a share of home value. Texas's property taxes -- in every region of the state -- are higher than any of its neighbors, higher than California, and higher than much of the rest of the nation.
Not true. Here's a map of property taxes as a share of home value. Texas's property taxes -- in every region of the state -- are higher than any of its neighbors, higher than California, and higher than much of the rest of the nation.
And then look at home values. There are bubbles in the big cities.
Texas will not suffer for long. The oil prices decline will be short-lived. I would not be surprised if WTI is over 90 bucks by the end of the year. Oil is driven more by gambling than fundamentals anymore. Just the suggestion that US producers are cutting back will bring speculative money to the table. That will drive more speculative pressure and the price will quickly recover.
Texas will not suffer for long. The oil prices decline will be short-lived. I would not be surprised if WTI is over 90 bucks by the end of the year. Oil is driven more by gambling than fundamentals anymore. Just the suggestion that US producers are cutting back will bring speculative money to the table. That will drive more speculative pressure and the price will quickly recover.
One of the issues in regard to the drop in price is the change in Margin. I believe it went from only needing 25% cash to needing 50% cash to purchase a contract. The large commodity firms are not interested in offering credit without a large cash reserve in accounts.
One of the smart things that Perry did last year was his trip around the country trying to intice large firms to Texas. This was to avoid another 80's style decline.
And then look at home values. There are bubbles in the big cities.
3% of 500K is a lot more than 3% of $150K.
And that's what people miss. Housing drops 15% on that 150k (22.5k) is a lot easier to deal with than a 15% drop on 500k (75k). Florida is another example that took a big hit on dropping housing prices.
One of the issues in regard to the drop in price is the change in Margin. I believe it went from only needing 25% cash to needing 50% cash to purchase a contract. The large commodity firms are not interested in offering credit without a large cash reserve in accounts.
One of the smart things that Perry did last year was his trip around the country trying to intice large firms to Texas. This was to avoid another 80's style decline.
I don't like Perry much but give credit when credits due.
Whoa, shocking that a state/nation highly dependent on one source of income suffers when that source devalues.
Go look at the economies of IL or NY, especially NYC, when the financial markets suffer.
Or even better, take a look at NYC, where 40,000 taxpayers provide almost all of the tax revenue. If even 500 of them moved, NYC could go bankrupt.
Not "shocking" at all - that's the point. The success and failure of Texas was/is about it's resources etc rather than its' politics.
Ken
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I don't like Perry much but give credit when credits due.
