Credit Crunch in Miami

To an ordinary onlooker, there is initially very little in sight regarding flourishing Miami that will indicate the turmoil in the financial markets which is taking negative tolls at the moment. One can sight cranes in the background working away carefully at multi million dollar worth areas of condominiums. It is a sight which represents that business prospering as usual in sunny Florida.
All along the Florida seafront, there are workers who are busy creating new blocks of apartments many of which are then sold off to speculators and investors who in turn plan to rent these out to vacationers and visitors. 
One must however be cautious to not trust what they see at first sight because after some time one does realize however that these constructions are indeed extremely perilous for residents – for all the show of cranes doing large construction work, there are yet very few foundations being dug on these sites. This is not simply a huge risk but also a very bad bit of news for America’s enormous retail business sector. 
Plenty of the Miami shopping centers and malls look engaged in lively business and appear to be thriving as well at the same time if one cares to take note; they shall find an astonishingly great number of empty sites thrown about among the big and seemingly busy stores. 
The Falls Mall happens to be a familiar haunt for the wealthy middle class masses as it has to its advantage massive water features as well as branches of the exclusive Macy’s and Bloomingdale’s departmental stores. In this circumstance of economic recession, the rich stratum of society too is feeling the discomforts it brings according to the general manager of the mall Julie Goldman. “People who have means made some investments that looked good at the time and then we all know the market changed and surprised everyone” reports Julie and adds “I think it affects everyone”.
When the situation dwindles down to the point when even the affluent Miami residents are feeling the effects of economic depression; one understands and acknowledges that American economy must indeed be in dire straits. It all goes to portray a vivid picture of recession with declining demand across the financial system, a great dearth of investment, numerous losses of jobs and real suffering for many people which is not going to end soon believes a Miami-based economic consultant, Dr Tony Villamil. Dr Villamil, who happens to be the former under secretary of commerce for economic affairs reports that “Consumers make up two thirds of spending in the US and they have pulled back and a result we are seeing a recession”. He adds that “I think we will be working this out for the rest of 2008 and the first half of 2009″.

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