Fate of the States: The New Geography of American Prosperity (Hardcover)

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ITEM# 14144999
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ITEM#: 14144999

MEREDITH WHITNEY is the CEO of the invest­ment firm Meredith Whitney Advisory Group, LLC. Before founding her company in 2009, she was a managing director and a senior analyst for Oppenheimer & Co., where she attracted national attention for her predictions about housing prices, the mortgage industry, and the coming financial crisis. She was on Fortune’s list of the fifty most powerful women in business for four consecutive years, from 2008?2011, and was named in 2009 to Time’s list of the one hundred most influential people in the world. She and her husband live in New York City and Bermuda.
?Forget everything you think you know about the direction of the American economy, about our grow�ing need for foreign oil, about the rise of the service economy and the decline of American manufacturing. The story of the next thirty years will not be a repeat of the last thirty.?

One of the most respected voices on Wall Street, Meredith Whitney shot to global prominence in 2007 when her warnings of a looming crisis in the financial sector proved all too prescient. Now, in her first book, she expands upon her biggest call since the financial crisis.

Whitney points out that it wasn?t just consum�ers who binged on debt for the past twenty years but state and local governments too. She explains how the fiscal sins of the past are beginning to transform the U.S. economy along regional lines. And she shows how we are moving into a new era in which wealth, power, and opportunity flow away from the coasts and toward the central corridor.

The housing boom was initially great for states such as California, Nevada, and Florida. State and municipal coffers overflowed, unemployment shrank, and local governments spent their tax-revenue windfalls on pay hikes and pension increases for their public employees. But when the boom dried up in those parts of the country, so too did the tax revenues, forcing tax-rate hikes and cuts to essential public services?especially education and infrastructure.

In contrast to those doom and gloom head�lines, a much different trend was developing in interior states such as North Dakota, Indiana, and Texas. They survived the housing crisis relatively unscathed, avoiding mass foreclosures and bud�getary chaos. As a result they?ve had the money to retrain workers and offer tax incentives to companies willing to relocate. Coupled with the recent booms in natural gas and oil extraction and a resurgence in manufacturing, these states are poised to become the new powerhouses of the A...

Specs

ISBN 9781591845706
Genre BUSINESS & ECONOMICS / Economic Conditions
Format Hardcover
Pages 260
Publisher Date 2013-06-04 00:00:00.0
Publisher Portfolio
Copyright Year 2013
Height 9.5 in
Wdth 6.25 in
Thickness 1.0 in
Unit weight 1.0 lb
Language English
Subtitle The New Geography of American Prosperity
Audience General/trade
Authors Whitney, Meredith
Country of Origin United States

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