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Booms And Busts Within America
Posted on June 30, 2008
The U.S. economic slowdown is hard to diagnose right now for many reasons. Do we have a recession or stagflation? Are we nearing the beginning or end of the housing bust and credit crisis?Regional disparities confuse the issue. Last week I was in my home state of North Dakota. The state s small gross domestic product grew at 7% in 2007, the result of high prices for energy and crops. This year will be good for North Dakotans, too.In Silicon Valley, where I live now, the economy is also doing fine. House prices have not gone down much within a 20-mile radius around Palo Alto. Large local co...
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