The Stack: Turnaround?; Phoenix ‘architecture’; ruining Biltmore; lost HQs; illegal immigrant hypocrisy
The Monday stack is rich, so let’s get right to it.
We’re hearing a lot of talk about seeing lights at the end of the tunnel, that the downturn is over or the recession will be mild…whatever. I hope so. But here are a few things to keep in mind. First, recovering from the collapse of a real-estate bubble takes much more time than the recovery we saw from the tech bubble after ’01. Japan in the 1980s and 1990s is Exhibit A.
Second, America has many "economies." So Wall Street and the globalized macro economy measured by the Dow and the GDP may well "recover." Another economy involves good jobs and diverse opportunities outside of the minority of fortunate cities such as New York, San Francisco and Seattle. I see no signs of that economy turning around. Indeed, by many measures it slips a little further back during and after the end of each business cycle. Jobless recoveries are only one aspect of this troubling trend. Throughout the boom of the past few years, most wages stagnated and many actually lost ground. So hold the celebration.
Read on for more of the Stack
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