Nice interactive map from AP showing where the economic weakness has hit the hardest:
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click thru, than mouse over cities for interactive map
via AP
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Source:
AP IMPACT: Stress map outlines recession’s stories
TED ANTHONY
AP National Writer
http://news.yahoo.com/s/ap/us_stress_map
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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May 19th, 2009 at 11:55 am
I’m still trying to visualize ‘whirlled peas’…
May 19th, 2009 at 1:11 pm
Sucks to be pretty much the rest of the country. We were one of the poorer states to begin with. So I guess in that respect our adjustment to the downturn hasn’t appeared to have caused us as much angst–yet.
May 19th, 2009 at 1:27 pm
Looks like its good to be a cornhusker. I believe it was ottobvs that was disparaging Nebraska a few months back. Maybe he’s moved there now.
May 19th, 2009 at 4:23 pm
If there was justice in the world, NY and DC would be a solid, cancerous red ball.
May 19th, 2009 at 5:27 pm
It would be verrry interesting to see this map on Labor Day. And at year-end.
May 19th, 2009 at 6:38 pm
To those who think that the grass is greener in the mineral-based economies of the central US, here’s a reality check:
http://www.infoplease.com/ipa/A0104652.html
May 19th, 2009 at 7:02 pm
@Franklin
REMOVED BY EDITOR
I have TWO homes (Maryland & West Virginia)…
Maryland is one of the HIGHEST per capita income places on what?…Because it is NOT THAT LARGE, and because most of it’s population is clustered around the DC area which is FULL of OVERPAID US GOVERNMENT jobs because that is ALL the GOVERNMENT is good at is creating overpaid jobs at taxpayers (like you) expense, thanks IN PART to our “affirmitave action” President…
West Virginia…on the other hand (and where I ALSO own property) is a s follows…It “used’ to be a coal miners state but is rapidly changing…it has been literally inundated recently (on the eastern part) by migrants…those “migrants” are from MD, VA, and the DC area wanting to escape high PROPERTY TAXES because the DEMOCRATICALLY elected governors of those states have made it unpleasant to live there…
So MD is ‘losing’ its tax base, while WVA is GAINING…It’s no more like a bunch of hillbilly rednecks…All my neighbors, on all my neighboring farms are fairly wealthy…they bought property, they paid CASH for it, they pay modest property taxes (about 1/4th what I paid for less than 1/6th of the land in MD)…
Furthermore, MANY are retired…Therefore the USG (you u dweeb) are paying their income…and guess what? If the stock market goes down (and I’m “short” the market”), I’m not even subject to CAPITAL GAINS taxes…Therefore, I owe NOTHING to the GOVERNMENT…
So we…in West Virginia, are only happy to sit back, grow our own food, provide our own energy, and let folks like you pay $$ to the government to provide our country with some semblance of national security (even though that notion is depleting by the day)…
Again…THANK YOU
May 19th, 2009 at 7:07 pm
jeez cvienne, you and F411 have some issues?
May 19th, 2009 at 7:12 pm
I can’t wait to watch Barry’s reaction to the comments on this post. There are some real gems here. My money is on a nuke of at least one….
May 19th, 2009 at 7:13 pm
@Wes Schott
no wes…I don’t mind if this dimweed wants to come on here and chortle about “green shoots” and his interpretation of them…
But whena “twenty something” from So Cal (and believe me, I was a 20 something from So cal and lived there all the way until I was 30 something – through TWO of these types of downturns), wants to come on here and spout about MACRO ECONOMICS and has ZERO feet on the ground (In other words – knows NOTHING except MSM biased internet articles and his own political bias)…
I get pissed…
May 19th, 2009 at 7:17 pm
@cvienne – just seemed like a bit of an overreaction to the particular post from the kid. So, I’m thinking this is a cummulative build up that needed purging.
May 19th, 2009 at 7:19 pm
@ jonathan
OK my friend…I’ll tone it down…
I should NOT have gone off against F411 that way, but consider the following…
If we’re talking about “VISUALIZATION” (and that graph), it would appear to me that most of the problem lies in F411’s own state…
Maybe he should begin his research there to see what the problem is…
Perhaps the START could be bloated resources needed to support a bloated infrastructure…
SOLUTION = DEFLATION…
In other words Franklin…Keep sending the rest of the USA your cantaloupes & strawberries…Keep your iPods and other nano-technology…They don’t taste very good, aren’t very nutritious, and we basically don’t NEED any more than we already have…
Spinach, on the other hand, I’ll need again tomorrow…
May 19th, 2009 at 7:20 pm
@ wes
You’re EXACTLY right about that…but now it’s out, and I’m fine again…
actually there is a slight PART DEUX, but I’ll reserve that for the next time an inane comment pushes me over the edge…
May 19th, 2009 at 7:24 pm
@7:19 cvienne – the Kid maybe in California, but he is not California. Now, go ahead and get the rest of it out…
You hate California?
What I got out of the “visualization” is probably the same thing that rung your bell – CA maybe the next candidate for “Bailout Nation”.
…and you are thinking, here I am self-sustaining limited USG “help” (and a lotta USG hurt) and those guys are gonna be at the teat before we know it
May 19th, 2009 at 7:25 pm
The west is the best
The west is the best
Get here and we’ll do the rest
This time Jim Morrison was WRONG, the west is far from best. WaMu, Countrywide,Indymac and Golden west got there and did the rest
Massive government agency coming to buy (at fair price from the 19 immortal banks). Then maintain, rent & resell – at fair prices to the dispossessed in the sand states at fair prices. Another trillion or two
May 19th, 2009 at 7:27 pm
Tax bomb armageddon!
Paul B. Farrell, MarketWatch
ARROYO GRANDE, Calif. (MarketWatch) — Yes, taxes will go up. Must. Why? Debt: federal, state, corporate, bank, pensions, personal. The hole just keeps getting deeper, bigger. Well over $100 trillion of debt is being piled on future generations, while our GDP is only $15 trillion annually.
Reagan was right, “government is the problem,” both the GOP and the Dems.
Geithner: “Things have stabilized”
At a Newsweek event in Washington, D.C., Treasury Sec. Timothy Geithner said that the economy is showing signs of stabilization, including a thawing of credit markets. Even after recovery, Americans still have to learn to live within their means, he said.
Imagine doubling your taxes: That’s what David Walker, the former U.S. comptroller general and GAO chief, recently said on CNN: “The federal government has spent more money than it takes in at an increasing rate. Total federal debt almost doubled during President George W. Bush’s administration and, as much as we needed some stimulus spending to boost the economy, the nonpartisan Congressional Budget Office now estimates total debt levels could almost double again over the next eight years based on the budget recently outlined by President Obama,” with our “tax bill doubling over time.”
* SNIP *
May 19th, 2009 at 7:32 pm
In a reply to Franklin411, most of the states on his list with the higher incomes are also the most expensive to live in. I have always thought that the secret is not how much one makes, but how much one keeps.
May 19th, 2009 at 7:34 pm
@ wes
You’re right…
The “governator” is practically on his knees to WDC…he’s Obamawammees new BFF…
California is 13% of the US GDP…
I don’t want to get into “slicing & dicing” it…I don’t pretend to be that arrogant…But there are PROBLEMS with California that just won’t easily be fixed…
I mean…start with H20…You can’t “grow” a state like that with a problem like that…
Taxes…
Income…
Both of the above w/respect to homes…
Even the “movie” industry is seeking cheaper lands to produce its product…
Defense left long ago, revovered for awhile, but is in its 2nd leg down…
Technology, I feel, is no longer going to benefit from the GROWTH pattern of the last two decades…30 years from now, silicon valley will resemble Detroit…Overpaid workforce…The operational budget will seek cheaper production…
California 2009 is as arrogant as Detroit 1969
May 19th, 2009 at 7:44 pm
I lived in SOCAL, Cardiff-by-the-Sea – ‘77-’79 (19oo’s, not 1800’s, hee, hee after the Gold Rush) when I got out of school and really enjoyed the weather, the waves, and the work.
I said to my wife, enjoy this while we are here, think of it like a vacation, because we cannot afford to put down roots here – pay to low (everyone wanted to live there) to afford a house – 1979!
Have been in Houston ever since. Enjoy the work, don’t enjoy the weather, and, alas, no real surf in the GOM. House paid off.
May 19th, 2009 at 7:57 pm
cvienne:
Those migrants in WV still depend on the jobs they hold in MD & VA, yet the contribute little to the tax bases of those states (however, they do take a huge toll on infrastructure and services). The vast majority of these migrants work for the Fed Gov, or Fed Gov Contractors, so they’re also sucking on the Federal tax teat. The panhandle of WV is primarily where these migrants live, and they’re getting crushed by dropping property values (to say nothing of the 1 to 1.5 hour, one-way commute to NOVA/DC/MD to work their Federal jobs). Rt 9 from WV to NOVA is crushed with traffic on weekday mornings and evenings, as is Rt. 340 to the 270 tech corridor in MD.
The WV panhandle property tax base is crumbling. The state is far from self-sufficient.
Tuesday April 14, 2009
Kanawha Valley escapes nationwide housing bust
by Cara Bailey
Daily Mail staff
Advertisement – Your ad here
CHARLESTON, W.Va. — As officials reassess property in a one-third section of Kanawha County during an economic downturn, they say values are holding steady.
“Nationally, West Virginia as a whole never really saw a boom, so we’re not seeing the bust the rest of the country is, except in the Eastern Panhandle,” said Steve Sluss, the chief deputy and legal counsel to Kanawha County Assessor Phyllis Gatson.
May 19th, 2009 at 8:07 pm
I visited West Virginia last summer for the first time for a family vacation. We white-water rafted, hiked, toured an old coal mine, and played hillbilly golf in an old cow pasture, which fits my game perfectly. A delightful place, all around. I could easily make a home there.
But California’s problems make me wonder…even though Lincoln established that once you voted yourself on the island, you couldn’t vote yourself off, does that work in reverse? Maybe we ought to vote Cali off the island. It is just a big money pit, and without radical change, will be one until even Ben can’t print enough to bail them out.
May 19th, 2009 at 8:14 pm
I got it.
Let’s meet on Catalina Island (secretly, of course) and start the Central Bank of California.
Then, Cali can print all the money they need.
What d’ ya think?
Let’s talk exchange rate later.
May 19th, 2009 at 8:51 pm
Persuasion is different than waterboarding . . .
May 19th, 2009 at 8:56 pm
agreed!
May 19th, 2009 at 10:15 pm
The Visualization multi-media is a good conversation-starter. I’m sending the link in an e-blast to my own circle. Thanks Barry for the heads-up.
So someone sent a “You’re-Working-My-Last–Nerve” blast to F411….as if it wasn’t earned…LOL.
Having worked in higher ed admin…well, let’s just say the effect on me is similar to that from my years in a prior life as a plant engineer for food manufacturers: one never again eats what one has seen made in a factory.
Ditto for higher ed: after seeing under ‘the curtain’, one never again gives any ‘carte blanche credence’ to any academic, be they an adjunct, AP, Assoc Prof, tenured, chair or whatever.
I am glad I didn’t know any better, however, as a wee green undergrad. Why? Cuz it’s good to have experienced that kind of ‘blank slate’ naiveté at such a ‘green shoot’ age. That first-hand experience at naiveté has really helped me to anticipate why so many folks today willingly consume the ‘green shoot’ fertilizer shoveled out by Timmie & Bennie, as well as by the TV talking necks.
OK, let me see where the posts are about the Fed’s Commercial Delinquency Report.
May 19th, 2009 at 11:00 pm
Very sad stories in the People section. It just amazes me how much abuse people can take.