The Geography of Inequality

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The global financial crisis has drawn greater attention to the world of the super rich and to the astounding increases in inequality since 1980, returning the country to a degree of inequality last seen in 1929 or perhaps even 1913. In the year 2006 alone, Wall Street executives received bonuses of $62 billion. Financial services increased from 10 percent of all business profits in 1980 to 40 percent in 2007, an obscene and indefensible development that now threatens the rest of the ‘real economy’.

Here’s what happened to income and wealth between 1970 and 2005  read more »

Gas boom ripples through Pennsylvania economy

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Almost 150 years after Colonel Edwin Drake drilled the country's first commercial oil well in Western Pennsylvania and transformed Pittsburgh into a manufacturing powerhouse, a huge natural gas field could be about to rescue this region's sluggish economy from its post-industrial death spiral.  read more »

Subjects:

Gentrification from the inside out in Brooklyn's Ditmas Park

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Twenty some years ago my husband, 2 young sons and I moved from our cramped 16-foot wide attached row house in Brooklyn’s trendy Park Slope to a free-standing, 7-bedroom Victorian house in the Ditmas Park section of Flatbush with stained glass windows, pocket doors, original wood paneling, a back yard, front porch, driveway and 2-car garage in a little-known, tree-lined neighborhood about 10 minutes away – on the other, high-crime side of Prospect Park. Friends thought we’d taken leave of our senses!  read more »

Sprawl is ubiquitous, even in my beloved Copenhagen

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The year I attended the University of Copenhagen as an undergraduate, I lived in a suburb north of the city and commuted to the central city via bus and rail (the famous S-trains). What a great system, I remember thinking as an impressionable ingénue (you could go anywhere, and trains were on time to the second!). When I returned as a graduate student I lived right in the city center and discovered that great public transit did not obviate the need for extensive walking (I must have worn out five pairs of shoes that year).  read more »

The American Dream: Alive and Well (Some Places)

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Even after the burst of the housing bubble, the American Dream of home ownership has remained alive in some places. As it turns out the “bubble” was far from pervasive, and as Nobel Laureate Paul Krugman indicated in The New York Times, the housing price increases were largely limited to the areas of the nation with stronger land use regulation.

In all, at the peak of the housing bubble, 46 of 129 US markets had house prices at or below the historic ceiling of three times household incomes (see 4th International Demographia Housing Affordability Survey. Before the bubble, nearly all markets were at or below that norm, but many have risen to double, triple or even more than three times the standard.  read more »

California Disconnect: Don’t Get Out the Vote for Congress, State Legislature

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Have you heard about the current election season in Los Angeles?

Sure, we’ve all gotten word about the presidential campaign. But how much have you heard about races for the U.S. Congress or State Legislature?

The member of the U.S. House of Representatives who represents my neighborhood is up for re-election, along with his 434 colleagues. So is the fellow who represents me in the California State Assembly—and his 79 colleagues.  read more »

Neither fish nor fowl: Emerging urban enclaves in inner-ring suburbia

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By Peter Smirniotopoulos

As I was walking my dog the other morning I was struck by the fact that the City of Falls Church, Virginia, the quaintly bucolic suburban “village” to which our family moved in mid-2001, was no longer suburban. It isn’t a city in the proper sense, like Washington, DC or even Alexandria, Virginia, but it is reflective of the trend towards quasi-urban places in the close-in rings – the original turn-of-the-century and pre-Levittown suburbs – enveloping our city cores.  read more »

Resources and Resourcefulness – Welcome to The Real Economy

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By Delore Zimmerman

The orchard-laden foothills of North Central Washington’s Wenatchee Valley are resplendent at this time of year. The apple and pear harvest is in full swing. The warm golden hues, the crisp mountain air and the bustle of trucks carrying produce to markets near and far provide a stark and welcome contrast to the daily barrage of bad news about the downward spiral of the nation’s financial markets.  read more »

Why Omaha?

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I lived in or near cities for 30 years because that’s where the jobs are. I left southwestern Pennsylvania in 1977 as the closing of coal mines and steel mills wrecked the local economy. It cost almost $1,000 per semester to attend the state college, many times that for the state university. There were no opportunities for a young person. I moved to California where residents received free tuition at state universities. I earned 2 college degrees in California and advanced my career from Prudential Insurance through the Federal Reserve Bank and to the Pacific Stock Exchange.  read more »

The Financial Crisis: Bubbles Deflating Worldwide

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The mortgage meltdown is much more than an American affair. Real estate bubbles have developed in all major English speaking countries - US, Canada, UK, Ireland, Australia and New Zealand.

Over the past year, house prices have dropped 12 percent in the United Kingdom. The annual decline is approaching 10 percent in Ireland, while median house prices have dropped six percent in New Zealand. In each of these countries, the price declines started after the United States.  read more »