Yes, I heard several comment at the food pantry about how well the economy is doing. Many said they would like to see bush personally to tell him just what they thought of his booming economy. But I think that unlikely, since Illinois a long drive from Texas, and I doubt that these people could afford the gas or even a plane ticket.
Posts: 17187 | Location: Lincoln Place, Granite City, IL, USA | Registered: 06-03-02
The economy has displayed an generally increasing resilience since the Great Depression, in spite of politicians. The last generation has been marked by a greater understanding by the Fed of the implications of monetary policy. Right now they are in a bit of a conundrum; lower interest rates are welcome in many markets, yet tend to keep the dollar undervalued which drives up the cost of gasoline and other imported products.
Unemployment has hit many people where it hurts the most, yet unemployment rates are not near their typical levels in a down economy.
What remains to be seen is what may happen to some poorly managed banks. I hope that Indymac's failure is not a sign of things to come. That could change things dramatically.
From my own perspective, the level of inquiries in our state from businesses wanting to grow or relocate has increased sharply in the past month. This would typically result in soe very positive announcements in the next 6 - 12 months. For better or worse, this is often bad news for higher cost, more unionized areas elsewhere. For those businesses, it can be a matter or survival.
We are a large enough country that mini-recessions and -expansions are going on all the time, depending on where you live.
Posts: 7861 | Location: in the backwoods of North Carolina | Registered: 06-07-02
