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I typically think of the crisis in Spain as being more akin to the crises in Nevada, Arizona and Florida -- housing prices go nuts, the market gets oversupplied, the people are up to their eyeballs in debt, and everybody resists taking the hit needed to get back to normal.  They're typically thought of as setbacks more than long-term declines.

Detroit is more like what I've heard about northern England -- cities dependent on certain industries, industries decline for a variety of reasons (some natural, some political, etc), and the area falls into a deflationary spiral.  They're typically thought of as long-term declines.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Tue May 17th, 2011 at 09:17:48 AM EST
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