Wilmington

http://www.cbsnews.com/stories/2009/12/17/60minutes/main5996883.shtml?tag=contentMain;cbsCarousel

This story is interesting. Wilmington Ohio screwed when DHL left and 10,000 people lost their jobs. It is the same story told over and over across the country.

If you watch “Roger and Me” ( from 1989 ) about Flint Michigan’s struggles when GM moved plants to Mexico it is essentially the same story.

Corporate America lays everyone off and entire communities suffer.

It has been 20 years and Flint still hasn’t recovered. http://www.mlive.com/business/mid-michigan/index.ssf/2009/07/flints_unemployment_rate_hits.html

Nobody should expect Wilmington to recover either.

I take issue with the first line of the story stating that this is the third year of the “Great Recession”

It isn’t the third year….. it is the 10th year. This downward spiral started at the end of the Clinton administration (in 2000) and it hasn’t ended yet. Nor is it going to end .

2000 the US economy heading towards recession
http://www.guardian.co.uk/world/2000/dec/27/usa.michaelellison

2001 US economy in recession
http://www.nytimes.com/2001/11/27/business/27ECON.html?pagewanted=1

2002 US economy in recession
http://www.nytimes.com/2002/01/07/business/americans-gradually-feel-grip-of-recession.html

2003 recession is over but there are no jobs. (So it is not really over)
http://www.nytimes.com/2003/07/18/business/18ECON.html?ex=1059105600&en=f840f4e10721aec3&ei=5062&partner=GOOGLE

2004 Recession is coming – Again
http://abcnews.go.com/US/story?id=94806&page=1

2005 Recession very close.
http://www.forbes.com/2005/03/24/cz_js_0324soapbox_inl.html

2006 Recession will be bad.
http://www.marketwatch.com/story/coming-recession-will-be-nastier-than-2001s-economist-says

In 2007 everyone "officially" agrees the recession started but in actuality it has been here since 2000.

Except for the housing bubble (which wasn’t real) it has been bad economic news for 10 straight years. Everyone should accept that it is going to continue on for the next 10 too.