All Economics Is Local
Speaker of the House Tip O’Neil used to remind his colleagues that, “All politics is local.” Well, all economics is local, too. By that, I mean that the broad economic policies and indicators that we’ve discussed have an impact on your region, state, city, industry, profession, and organization.
For instance, the 2008-2009 recession affected virtually everyone in the U.S. economy and in most other economies. Many people, including many investment and real estate professionals, were shocked to discover that deep recessions can occur! Many homeowners were dismayed to find that the prices of their dwellings would not rise indefinitely. People in a huge range of jobs found themselves without work.
What is odd is that many ...