In economic theory positive thinking has been proved to be directly related to economic performance. Positive or negative expectations are self fulfilling, but not as some elected leaders would like to believe are they the only thing that matters.
So, on this 9/11, 2009, let's take a look at our mental economic twin towers - are they standing tall or collapsing in a pile of dust? What will it take for our perception of economic details to reset with reality?
Nationally these issues are fairly well known - for those astute observers who make it a practive to read between the lines. This piece, 'Green Shoots and White Lies', addresses the recent efforts to portray the economy as recovering. Curiously the piece has shown up on numerous sites, including Alex Jone's survivalist oriented Prison Planet.
Here in my town we definitely got hit with some tragic economic news - the iconic Frank Russell Financial Company (best known for the Russell 5000 small cap index) announced it's decision to relocate to Seattle on Wednesday. Russell is the largest employer in this mid-sized town and a great corporate citizen, even though the firm was aquired from local ownership a decade ago by Wisconsin based Northwestern Mutual.
The firm has aquired one of Washington Mutual's buildings in Downtown Seattle at fire sale prices - unfortunately this may mean we'll be having fire sales of our own here - including on many of the projects that have public guarantees behind them. Given the loss of this company and the rather extensive use of property tax exemptions used to 'stimulate' development in Western Washington's Second City the wisdom of subsidizing development with public monies may also prove tragic.
We will eventually see a reset of real estate prices - in owner occupied residential real estate as well as the also crucial commercial real estate market. But how much tax money will get siphoned off first into the pockets of the people that created these problems in the first place and how long will the chinese and the rest of the world let them do it?
How long will the honest, hard working Americans believe the lies being fed them by the national corporate media? How long till the twin towers of these lies collapse in a cloud of righteous dust?
