Nick Benton's commentaries are published here with his permission.
We have been featuring Benton's weekly editorials every week. This week there are several features by him in the News Press that report and discuss the current looming crisis. I think these are particularly important because they highlight an aspect of the crisis that tends to be overlooked right now but is already having an impact on "Main Street."
Editorial: Wall Street to Leesburg Pike
by Nicholas Benton
The impact of the meltdown on Wall Street on conditions on Falls Church's Broad Street, and Fairfax County's Leesburg Pike, is going to become unmistakable over the next period, and will impact government revenues, pension funds and the commercial market.
This is on top of how the housing market slide, associated with what set off the Wall Street debacle, has already impacted budgets and pocketbooks here.
Folks had better be prepared to batten down the hatches in ways not needed perhaps since the Great Depression. By all accounts, the region may have been able to avoid the kinds of natural disasters that have leveled New Orleans and Galveston in the recent period, but does have a massive financial tsunami rumbling its way, on its way most of the way around the globe.
