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"Forget everything you think you understand about the route of the American market, about our growing need for foreign essential oil, about the go up of the service market and the decline of American making. The storyplot of the next 30 years will not be a do it again of the last 30." Perhaps one of the most respectable voices on Wall membrane Streets, Meredith Whitney shot to global prominence in 2007 when her warnings of a looming turmoil in the financial sector proven all too prescient. Now, in her first book, she expands upon her biggest call because the financial crisis. Whitney highlights which it wasn't just consumers who binged on personal debt for days gone by 20 years but talk about and local governments, too. She talks about the way the fiscal sins of days gone by are starting to change the U.S. market along local lines. And she shows how we are moving into a new era in which prosperity, power, and opportunity movement from the coasts and toward the central corridor. The housing growth was initially ideal for states such as California, Nevada, and Florida. State and municipal coffers overflowed, unemployment shrank, and local governments spent their tax income windfalls on pay hikes and pension increases for their open public employees. However when the boom dry out in those places, so too do the tax earnings, forcing tax rate hikes and cuts to essential open public services - especially education and infrastructure. In contrast to those doom-and-gloom headlines, a much different trend was expanding in interior states such as North Dakota, Indiana, and Tx. They survived the casing turmoil relatively unscathed, preventing mass foreclosures and budgetary chaos. As a result they've had the money to retrain personnel and offer tax incentives to companies ready to relocate. In conjunction with the recent booms in gas and oil removal and a resurgence in making, these states are poised to be the new powerhouses of the American market. Whitney offers a sobering vision of the next few generations, with the seaside states carrying on to struggle as the central corridor continues to thrive. She explores the results of roughly one half the country caught up in a vicious cycle of decline as the other half loves a virtuous group of development. Whitney offers practical suggestions to help the attempting places - before the fate of the states becomes irreversible.
