Category: economy

TARP saved our rears, economist says

I’m live-blogging the Charlotte City Council’s retreat. Follow me, also, on Twitter @marynewsom. And see my previous post: “Charlotte’s economy shows a lagging city.”

At the Charlotte City Council retreat, council member James Mitchell asked the panel of economists’ opinion of the stimulus spending.

UNCC economics professor John Connaughton said, “But for TARP we would all be selling pencils on the street corner.” We were that close to collapse, he said.

He goes on to say that if the U.S. is to regain its economic standing, “It’s not going to be in stealing manufacturing jobs from China.” Instead, in his view, it’s going to be in selling high-level services to the rest of the world, which makes an educated workforce even more important.

WashPost notes Hickory’s plight

Last month it was “bust in banktown” – Binya Appelbaum’s Washington Post situationer about Charlotte.

Today, economic trauma in Hickory makes above-the-fold of the Post front page.
Here’s a link to the story. For those of us in the Carolinas, it’s an old story: Textiles and furniture jobs have been bleeding overseas for years. (But we were comforting ourselves with all those stable, high-paying bank jobs.)

Interesting that in the larger U.S. media centers the plight of the Carolinas is only now sinking in. Charlotte and North Carolina have done a good job of positioning themselves in recent decades as “recession-proof” – now that it’s clear we’re NOT recession-proof, perceptions have lagged reality. As they usually do.