Bedroom community? For who? For what?
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Bedroom community? For who? For what?
There's a new report out today about the state of Center City (h/t Atrios) and here's what I don't get:
-- Philadelphia is becoming more of a bedroom community, and more dependent on college, hospital, nonprofit and tourism jobs.
A bedroom community...but for what? It seems to me that if your local economy doesn't actually make anything, then it's all a big Ponzi scheme that's going to collapse eventually. I spent a couple of days in Pittsburgh this past winter for a chapter in my book, and I couldn't help but notice that everyone I talked to worked either a) in the local hospitals, which are just huge, especially with the older population in western Pennsylvania or b) local government services like fire or police. We have to start making something -- not the Wal-Mart trinkets they make in China -- but some kind of high-tech high-end products or something. Our whole economy is cops protecting nurses treating people injured at a slots parlor. Good luck with that.
And good luck this weekend -- remember, tomorrow's a Halladay.
Comments (91)
Les, I am torn between my desire for justice to be done in this whole sub-prime mess and not wanting the markets to hemorrhage like a gunshot victim. The market was doing so well and now this happens just when it appears some confidence might be returning.— bird11
I can live with 47% not paying because of their low income; however, I cannot live with any of them getting tax credits. That is nothing but social distribution. If you do not contribute to the fund, you should get no cash from the fund. I am okay with you getting necessary basic services, but not cash.— frankfj
bird, I agree. But I guess we better take that hit now, rather than later, and I am saying that as an Obama supporter. The good news is that the timing is perfect with the Wall St. reform being moved to debate next week.— Les Ismore- "The good news is that the timing is perfect with the Wall St. reform being moved to debate next week." ....Les, you are way too smart to think that is a coincidence. Not that anything is wrong with it, I just don't think it is a coincidence.— bird11
"Labor is a cost of production and we currently have high labor costs for manufacturing." By whose standard? The near slave labor of the third world?— Hamlet- hahaha...now that you mention it. I was actually thinking that as I finished typing that post but thought...nah...but now that you mention it. I do think that this kind of action, that is going after some of these bloodsuckers is long overdue.— Les Ismore
- Will, You think maybe if Philly dumped it's wage tax more business would come back? Nah.... why would that help? You're liberal ideas have failed....again!— Delco Conservative
- {{"Labor is a cost of production and we currently have high labor costs for manufacturing." By whose standard? The near slave labor of the third world?}} - by the world's standards. Why pay $30 an hour when you can pay $30 a week? Americans need to realize if they want to maintain their wages they better start buying the goods produced by others also making a non-slave wage. It may cost me more but whenever I have the opportunity I buy American - in the end the extra cost is in my best interest.— bird11
- "does this fall under the caveat emptor you claimed yesterday, even when the playing field is not level?" The courts will decide if it was fraud or not.— RG
- "By whose standard?" China, Japan, South Korea, Singapore, possibly Germany. all exporting countries with solid manufacturing bases.— RG
- This is the key part of the article: "Goldman told investors in Abacus marketing materials reviewed by The Times that the bonds would be chosen by an independent manager." Its not uncommon or wrong for a market maker like GS to take opposite positions han their clients, its part of the business. However, they marketed this investment as somethign it wasn't, which, imo, is fraudulent.— RG
Comment removed.- Regulatory failure number 3,925: WASHINGTON (AP) -- The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme and an agency enforcement official who helped quash investigations of his business later represented the billionaire, according to the SEC inspector general. http://finance.yahoo.com/news/IG-SEC-knew-of-Stanford-apf-3300417517.html?x=0&sec=topStories&pos=8&asset=&ccode=— RG
- So, I have a business and I might want to move into Philly. What to look forward to: clueless mayor, a City Council that makes Bagdad look well run, wage tax, gross receipts tax, net revenue tax, corrupt L&I, building inspectors, brain dead BRT, tax, spend and tax some more city government, failing school district, dishonest politicians, 3rd world public transportation, flash mobs, Andy Reid, Ed Stefanski, Hurricane (I'll get one right one of these days) Schwartz, newspapers that might be out of business next year and a soda tax. Back up the moving vans, what's not to like?— jimmymack
- We make lots of things in the greater Philadelphia region. We are the 2nd largest higher educational market in the US. We make biologist, physicians, engineers, teachers, financiers...Why doesnt that count? Our huge base of pharma companies make drugs and disease fighting agents. Financial services are a product that helps others make things (hopefully). It is true that we dont export locomotives anymore but our products are more in line with the 21st century and a highly educated workforce. The article that started all of this was simply saying that Center City has become more of a home to regentrified 30 something yuppies... I dont think that is as terrible as folks make it out to be. Oh, and we still make tastykakes and cheesesteaks...right?— Les Ismore
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