Policy

Much of the commentary on the current economic crisis has focused on symptoms. Sub-prime mortgages, credit default swaps and the loosening of financial regulations are not the root cause of the financial crisis. They are symptoms of what has recently become a surprisingly widespread belief that individuals, families and even entire nations could live indefinitely beyond their means.

The crisis has reminded everyone that, in the end, market fundamentals like supply and demand still matter and that ignoring traditional virtues like thrift and long-term planning can lead to grief. But what does this have to do with boomers?  read more »

By Richard Reep

For the last decade the City of Orlando has been concentrating form, trying somehow to displace its image as the ultimate plastic city. Although tourism helped insulate Central Florida from the slowdowns of the 1970s and 1980s, the last three recessions hit Orlando harder than the national average. This metropolitan area has now been taking on a more essential task of morphing slowly away from its status as ephemeral support city for the theme parks.  read more »

“Architectural publication, criticism and even education are now focused relentlessly on the enticing visual image. The longing for singular, memorable imagery subordinates other aspects of buildings, isolating architecture in disembodied vision.” – Finnish architect Juhani Pallasmaa, from his essay “Toward an Architecture of Humility”

Anyone paying even remote attention to the domain of high architectural design in the past decade will surely recognize the name Frank Gehry. The celebrity architect (or if you prefer to use the portmanteau word used to describe such practitioners: starchitect) is best known for his unconventional creations-buildings that billow, swoop and shimmer.  read more »

The “credit crisis” is largely a Wall Street disaster of its own making. From the sale of stocks and bonds that are never delivered, to the purchase of default insurance worth more than the buyer’s assets, we no longer have investment strategies, but rather investment schemes. As long as everyone was making money, no one complained. But like any Ponzi Scheme, eventually the pyramid begins to collapse.

For the last couple of months trillions of dollars worth of US Treasury bonds have been sold but undelivered. Trades that go unsettled have become an event so common that the industry has an acronym for it: FTD, or fail to deliver.  read more »

But instead of a nice birthday card, my home town of Pittsburgh could use a sympathy card. It’s been a tough last 100 years for a once great and powerful city.

The first 150 years were not so bad. On Nov. 25, 1758 British Gen. John Forbes named the city for prime minister William Pitt after chasing the French from the militarily and economically strategic triangle of land where the Allegheny and Monongahela rivers meet to form the Ohio.  read more »

A The New York Times editorial wonders why foreclosure rates are so high in the two Long Island counties it rightly calls the “birthplace of the suburban American Dream.” After all, the area has “a relative lack of room to sprawl.” which in Times-speak should be a good thing, since “sprawl” is by definition both bad and doomed.

Yet it is precisely the constraints on new housing that has served as a principal cause for Long Island problems.  read more »

By Joel Kotkin and Mark Schill

It’s time to throw away red, blue and purple, left and right, and get to the real and traditional crux of American politics: the battle for resources between the country’s many diverse regions. How President-elect Barack Obama balances these divergent geographic interests may have more to do with his long-term success than his ideological stance or media image. Personal charm is transitory; the struggle for money and jobs has a more permanent character.  read more »

With the prospect of a long, deep recession staring us in the face, are there any reasons for optimism?

You betcha!

The central characteristic of the American economy – resiliency – is now being severely tested. But there are ample reasons to believe it will pass that test. Simply put, even after this crisis the US will still have the world's largest, most dynamic, most productive, most innovative, most technologically advanced, most competitive and most venturesome economy.  read more »

You get mean-spirited when you feel left out of joy. Somebody else’s joy raises envy when you haven’t had any yourself. Cities are like that, jealously eyeing other cities as if there were more fun and delight and oh, “buzz,” to be had elsewhere.

In fact it’s an illusion that the party is going on somewhere else. The action is where you make it, and in a city you have lots of help doing it. In fact that’s what justifies city life – the signature of any great city. Self-rejoicing. It’s something more than plain pride, or confidence or superiority, or a call for “buzz,” excitement, or (yech) prosperity.  read more »

Stimulus fever is in the air, and with the election of Sen. Barack Obama to become the 44th US president, it’s now reaching a fever pitch. US automakers have already made the rounds on Washington DC, meeting with Congressional leadership to generate political support for another $25 billion in government subsidy to avoid bankruptcy. Now, congressional leaders and some economists are clamoring for $150 billion to $300 billion in additional stimulus to goose the national economy – all this on top of the $700 billion financial services “rescue package” passed in October.  read more »