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Economic summit says slump will affect Dallas

12:39 AM CST on Sunday, December 7, 2008
By JIM LANDERS / The Dallas Morning News
[email protected]

Dallas won't escape a painful global recession that's slashing jobs, savings and consumer confidence, and the slump could endure for two more years.

That was the consensus of 11 area business leaders who gathered Monday for an economic summit hosted by The Dallas Morning News.

The group, which included the mayor, chief executives and experts from some of the city's most well-known companies, agreed that Dallas was probably the best place in the nation to weather the storm. They're looking to an activist federal government under President-elect Barack Obama to lead a massive national rescue mission.

In the meantime, a lot of pain lies ahead.

Nationwide, the economy started sinking in recession a year ago. But Texas and Dallas stood apart, with strong growth in exports and only modest fallout from the national mortgage meltdown.

"Dallas is seen as the city in the nation that is the strongest," said Lucy Billingsley, founder of the Billingsley Co.

Mayor Tom Leppert said Dallas' economy is inextricably tied to global trade and financial flows that are in turmoil.

"We are clearly going to be hit," he said. "How far this goes down is the question. On a relative basis, I think we will continue to outperform the nation."

http://www.dallasnews.com/sharedcontent/dws/news/localnews/stories/120708dnbuseconomicsummit.3e6fa6d.html
 

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American fearmaker
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It would appear that Dallas will not be the only city hurt by past bad (Democrat party) practices involving our financial system. A group of people in Chicago have taken over a manufacturing building in protest of being let go (laid off or fired) because of troubled economic times. Come to find out that Bank of America is the owner of the manufacturing building and it got a bailout from the government! So even if the government does give a bank or financial group help, you could STILL end up unemployed.

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=10987679&ch=4226713&src=news
 

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So even if the government does give a bank or financial group help, you could STILL end up unemployed.
well, yeah... GM is planning on cutting more jobs.

In addition to the November layoffs, GM announced it will cut shifts at factories in Lordstown, Ohio, Orion Township, Mich. and Oshawa, Ontario in Canada in February as a result of slumping auto sales. About 2,000 jobs were involved, bringing the year's total to 11,000.
 

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It would appear that Dallas will not be the only city hurt by past bad (Democrat party) practices involving our financial system.
wow, the dems are responsible for all of this? Could you be more specific?
 
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