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As to how this all ties into us locally? Well, eventually I expect the Triangle to be hit with tough economic times too and will all the new people moving here, we could see a real bad fallout. Yep, I'm one of those new people, so........
One of the first things we will notice locally is a lot less people moving here. People will be very scared to make a move anywhere in the country. When people stop moving here, the building industry will be devastated. New businesses will not come and existing businesses will not expand. Taxes will increase to make up for the lack of new residents contributions. It will become a snowball running downhill, unless the credit markets open up. We won't be any worse off than most other parts of the country, but it won't be like it has been the last several years.
One of the first things we will notice locally is a lot less people moving here. People will be very scared to make a move anywhere in the country. When people stop moving here, the building industry will be devastated. New businesses will not come and existing businesses will not expand. Taxes will increase to make up for the lack of new residents contributions. It will become a snowball running downhill, unless the credit markets open up. We won't be any worse off than most other parts of the country, but it won't be like it has been the last several years.
That will happen everywhere. This area is in a much better position than most cities.
Since we have little to no history of being able to fix things wholly; we tear down old and historic sites to build new one, we through out broken products to buy new ones...why is everyone so convinced we must attempt to fix things now and clinging on to a failing economy policy? Whether the bill is passed or not, we are heading for trouble and have been for so very long...
For those too lazy to read, or perhaps strapped for time due to the nature of slavery that our Monetary-ism system's quest for profit through corruption creates; please watch cut of the venus project from 57:00 to 1:37:00
While the Venus Project is slightly different from the book Invisible Hand; either are a better solution than that of what is today.
And yes, I still say that the credit crunch is tripe...but it will affect Raleigh-Durham regardless...unless we change.
Last edited by bull_city_original; 10-05-2008 at 05:28 PM..
Reason: time
The big issue here is that both consumers and businesses have become credit junkies making the US a debtor nation.
Years ago, a corporation issued stock to get expansion capital. Now, the corporations get so heavily leveraged, a downturn kills them. You shouldn't be financing payroll with borrowing. Small business owners are complaining of tight lending. Small businesses are risky and owners need to supply startup capital from their own assets.
Our economy is rotten to the core. We play Las Vegas on Wall Street instead of investing to own a piece of the company.
The only way we can recover is to stop shuffling paper and create wealth by making stuff and selling our services. Our trade deficit is ugly.
If I were President, I'd be assassinated in a week for doing the following:
1. End the stupid war in Iraq overnight
2. Cancel the trade agreements and protect our industries with tariffs
3. Get serious about reducing petroleum use and the outflow of cash to buy it overseas
4. Deport all illegal immigrants to stop the drain on taxpayers and secure the borders
5. Revoke birth right citizenship for children born here to illegal immigrant parents
6. Rein in the financial industry big time.
7. Eliminate taxes on savings interest to encourage good financial stewardship and create deposits from which banks can fund sound loans.
I better prepay my final expenses before running, eh?
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