Peter S. Goodman of The New York Times brings us this article about how the economic downturn is affecting Portland and he does a nice job tracing through some of the interconnections that characterize the economy.
I think he overstates the demand side, however, people can only withhold spending so much and for so long - which is why the initial fall into recession can be quite steep, but recovery can too. But for a recovery to be relatively quick and robust, we must have a well functioning credit market. Hopefully Geithner's plan will pay quick dividends - I am skeptical, but am willing to give it a chance.
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