Bail Out This
As Wall Street crumbles, WW hits Sandy Boulevard to gauge the effect on Portland’s economy.
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[September 24th, 2008]
While the titans of Wall Street and their minions in Washington, D.C., prepare a $700 billion bailout of the financial-services industry, one fact is already taken for granted—average Portlanders won’t get a dime of relief or any more certainty about their own future.
Since the fall of Fannie Mae and AIG from 3,000 miles away may be hard to wrap your head around, WW visited Northeast Sandy Boulevard last week, cruising from 16th to 82nd avenues to find out how the economic collapse is affecting business at home.
We don’t expect that four-mile stretch to figure in the mental map of U.S. Treasury Secretary Henry Paulson. But Portland’s everyman street gave us a snapshot of what’s happening to the kinds of industries that make our local economy hum—from strip clubs and record shops to cashing in bottles and cans.
If Sandy offers any lesson for investors, it may be this: music over mortgages.
Story continues below
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RECENT COMMENTS ON “Bail Out This”
Nice article! Good reporting and insightful local angle on the national financial upheaval.
Riding TriMet's #12 bus down Sandy to get to work the last several weeks, I'm noticing a ...
nice article, ironically the 42nd street section has been imploded with Trader Joes, the Piano Store and R & R cafe gone. Don't know how you skipped the HollyWood burger Bar. Thats middle America.
I agree with Eric (and not just because I think he is a friend of mine...is that you, Eric?). A lot of places are clearing out, everything is on the shrink. And not just in Portland. I travel all over...
