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Old 08-01-2009, 06:52 AM
 
4,455 posts, read 3,997,951 times
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Alabama Area Reeling in Face of Fiscal Crisis

http://www.nytimes.com/2009/08/01/us/01alabama.html?hp

Big Texas bank on verge of failure

Collapse of Guaranty Bank would be biggest failure of '09 - Jul. 31, 2009
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Old 08-01-2009, 07:09 AM
 
Location: Raleigh, NC
9,042 posts, read 12,459,447 times
Reputation: 1396
North Carolina is suffering hugely, more so than other states. But, note the extremely high income tax rate (8%). The state is run inefficiently and its schools are poor, as many choose to homeschool or enroll in private school.
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Old 08-01-2009, 07:39 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,242 posts, read 23,513,311 times
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Quote:
Originally Posted by ViewFromThePeak View Post
North Carolina is suffering hugely, more so than other states. But, note the extremely high income tax rate (8%). The state is run inefficiently and its schools are poor, as many choose to homeschool or enroll in private school.
In Georgia we are in a world of hurt. We used to be the boom state of the south. Now unemployment is over 10%! You have to look at why. The south boomed for a long time because many businesses thought it was cheaper to move here because there not too many unions. So a job they had to pay $17 an hour for in Illinois could be done here for $12 an hour. But then the bosses found that Mexico could do the same job for $5 an hour so they left the south and moved to Mexico. Now they are finding that that China can do the job for $ 2 an hour so they are moving from Mexico to China. What the south needs to so is work for $1 an hour and undercut the Chinese! At least that is what the conservatives say we need to do. That is why they hate the minimum wage so much. They are right - it does eliminate jobs- but what is a job that pays you $2 an hour really worth?
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Old 08-01-2009, 09:37 AM
 
Location: Great State of Texas
86,052 posts, read 80,768,226 times
Reputation: 27699
It wasn't that the south was recession proof, it was that it would take longer to hit us.
So we came to the party a bit late. I never once thought that Texas would escape this.

To use government speak.."we're just less bad then the other states".
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Old 08-01-2009, 09:40 AM
 
Location: Sango, TN
24,869 posts, read 23,371,007 times
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I've never thought the south was recession proof. At one point in time, the south was so poor that everyone farmed, and produce was abundant and easy to access, but those days have come and gone.
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Old 08-01-2009, 09:44 AM
 
Location: Great State of Texas
86,052 posts, read 80,768,226 times
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Quote:
Originally Posted by Memphis1979 View Post
I've never thought the south was recession proof. At one point in time, the south was so poor that everyone farmed, and produce was abundant and easy to access, but those days have come and gone.
Give it time. Those days just might come back if unemployment continues the way it does.
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Old 08-01-2009, 10:45 AM
 
Location: Dallas, TX
31,763 posts, read 27,655,004 times
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If a large part of a state's economy is tied to circumstances directly hitting recession, the issues would show up earlier than it would in states that have economy affected indirectly. For that reason, I expect mostly rural/farm based, or even oil based, economies to do better until the domino effect reaches them.

Part of Texas' success is huge investments in infrastructure. Just look at Dallas' (and Houston's) road system, and the skyscrapers that keep popping up (even though Dallas has a staggeringly low occupancy rate in downtown office/condo). At least partly, these things have kept things at bay, for now. But, anybody who has seen Dallas downtown, and uptown, just 4-5 years ago, and sees it now, they can see a bubble in the making.
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Old 08-01-2009, 10:51 AM
 
Location: St. Joseph Area
6,233 posts, read 9,136,907 times
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Southerners, even if things are never the same, do you think the South will still bounce back more easily? than the NE and Midwest?
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Old 08-01-2009, 11:16 AM
 
Location: Texas
870 posts, read 1,561,392 times
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Quote:
Originally Posted by Dukester View Post
you are are hateful towards the south and conservatives aren't you? i thought you liberals were supposed to be "tolerant"? guess not
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Old 08-01-2009, 11:32 AM
 
Location: Great State of Texas
86,052 posts, read 80,768,226 times
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Quote:
Originally Posted by booker_one View Post
you are are hateful towards the south and conservatives aren't you? i thought you liberals were supposed to be "tolerant"? guess not
Only tolerant of their own booker.
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