Mark Zandi, the oft-quoted chief economist at Moody's Analytics, recently proclaimed to CBS News that "The Great Recession is Over!" This immediately brought two questions to my mind:
1) Is he sure the rest of the country got the same memo? And...
2) When did we start calling it the Great Recession?
Whatever you call it, the thing has packed a hell of a punch. It's hard to see so much of South Pasadena's charming downtown go the way of boarded-up windows and For Lease signs. Little Parlor closed. Dynasty Iron Doors closed. Would You Believe closed. Gracie's Market closed. Giant hunks of plaster are literally falling off the Rialto -- which is, for all intents and purposes, closed.
Zandi went on to add that the Great Recession is history only "in a very technical sense. It's probably in a sense only an economist can really appreciate." Yeah, that's what I was afraid of. Everyone likes to be appreciated ... but how long before the economy puts money where the economist's mouth is?
In the mean time, don't forget about supporting the many wonderful businesses, restaurants and services here in South Pas. For a great overview, check out The South Pasadena Chamber of Commerce online, or stop by and pick up a copy of South Pas Connections, the new 2010 Community Guide and Business Directory. (You might even recognize a few of the photographs in it...)
1) Is he sure the rest of the country got the same memo? And...
2) When did we start calling it the Great Recession?
Whatever you call it, the thing has packed a hell of a punch. It's hard to see so much of South Pasadena's charming downtown go the way of boarded-up windows and For Lease signs. Little Parlor closed. Dynasty Iron Doors closed. Would You Believe closed. Gracie's Market closed. Giant hunks of plaster are literally falling off the Rialto -- which is, for all intents and purposes, closed.
Zandi went on to add that the Great Recession is history only "in a very technical sense. It's probably in a sense only an economist can really appreciate." Yeah, that's what I was afraid of. Everyone likes to be appreciated ... but how long before the economy puts money where the economist's mouth is?
In the mean time, don't forget about supporting the many wonderful businesses, restaurants and services here in South Pas. For a great overview, check out The South Pasadena Chamber of Commerce online, or stop by and pick up a copy of South Pas Connections, the new 2010 Community Guide and Business Directory. (You might even recognize a few of the photographs in it...)
12 comments:
That sad little building has a face. I'm sure you all can see it. :(
We've been pretty lucky here in Central Texas. Things slowed, but our housing market has stayed pretty much the same and is on a slight upswing. Some major retailers have closed their doors here, but we are holding our own.
wv: undett - boy if that isn't a sibliminal message, I don't know what is.
Maybe that memo's in the mail.
Hey, that was fun going through your old posts. I'm sorry about Gracie's. The first to close, I think, was that wonderful nursery close to the Fremont Theater. I still miss them.
If you lined up all the economists in the world they'd point in all directions.
The recession is over when Paul Krugman says it's over. All other economists need to be shipped to a deserted island with nothing but each other to keep company.
Speaking of supporting your local community... anyone who has an ethical problem with leaving money in a big bank that took bailout funds, refused to offer consumer loans, and then handed out fat holiday bonuses now has a way to fight back: www.moveyourmoney.info.
The idea is to remove money from big banks and place it in a local community bank or credit union that serves Main Street, not Wall Street. Just enter your zip code and a range of local choices pops up.
If your in the arts, it's not a good time to be a banana tree...call me Lake Los Angeles
Oddly enough, my post today tangentially is about the recession -- or rather the housing bust. It's crazy and sad how many businesses have been shuttered, and houses lost. I would love to think that the "great recession" is on its way out. But I think people on the street are going be waiting a while longer before we see the actual effect of its end.
Where is that?
Theory, and...Practice.
Life in the Ivory Towers, and...Life in the Real World.
"Great Recession." I just heard that phrase for the first time today. Someone named it that and now everyone's using it. Whatever. I don't think it's all that great.
Wayne: brilliant.
Thanks, everyone. Until tomorrow...
Oops, forgot Mister E! This little sad building always catches my attention. It's on El Centro, west of Bank of America and Lucia's on the same side of the street. I think it's right across from where Dynasty Iron Doors was, near the Culinary Institute.
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