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Yankee

"safe As Houses"

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http://www.nytimes.com/2005/08/12/opinion/12krugman.html

"I used to live next door to a Russian émigré. One day he asked me to explain something that puzzled him about his new country. "This place seems very rich," he said, "but I never see anyone making anything. How does the country earn its money?"

The answer, these days, is that we make a living by selling each other houses. Since December 2000 employment in U.S. manufacturing has fallen 17 percent, but membership in the National Association of Realtors has risen 58 percent......

....In other words, a fuller answer to my former neighbor would be that these days, Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn't seem like a sustainable lifestyle.

How solid, then, is America's economic recovery? The British have a phrase that applies: "safe as houses." Our economy is as safe as houses. Unfortunately, given current prices and our dependence on foreign lenders, houses aren't safe at all."

:ph34r:

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There's an item in the local free paper about how some geezer reckons Oldham's road to economic triumph is by getting big name brands to open shops in the area.

Bill Boler transformed Harlem apparently...

He's set to do the same for 12 towns in UK - including Salford, Bradford, Barnsely and Luton.

So the fact Oldham actually has a mix of shops in the centre - lots of independents and some bigger names looks set to end if he gets his way with local shops being driven out of business.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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