On Jan 3, 2008 7:15 PM, Chuck <chuck at mutualaid.org> wrote:
> Doug Henwood wrote:
>
> > This is true all over.
>
> Right. The New York Times recently had articles on the situation in
> California and in the county north of Fort Meyers. The story on Fort
> Meyers is especially interesting because it gets into the details of how
> the economic boom goes bust on a local level. The new construction
> stops, which leads to the closure of real estate offices and
> construction workers being laid off. The construction workers move out
> of town or can't afford to eat at the local restaurants, so they start
> having problems.
>
> Standard stuff, only being replicated all over the U.S.
>
> This situation raises lots of interesting questions. How long will this
> situation take to play out? Will it lead to a pretty lengthy recession?
> How will this affect rents? Will the government bailout just benefit the
> banks or will the homeowners end up being evicted and screwed?
>
> When you combine this with rising fuel and food prices, how bad will the
> economy get?
>
> Chuck
>
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