RE: Economy
We are very fortunate to live here in Austin where the effects of the recession are only barely felt. But country-wide, and worldwide, the economy is on track to match, or worse than, the Great Depression.
Here is a series of charts comparing some worldwide economic indicators to the Great Depression:
Charts from
http://www.voxeu.org/index.php?q=node/3421
You can see from the recent green plot points that things improved a little in the last 2 months. But I think most economists see that as just a bump on the downward path, and not really indicative of recovery. This recession will last for years (which makes it a depression, of course) .
Again, we're very fortunate here in Austin. And I think development will continue here, as this is one of the few places in the US where investors will actually risk their money. Having said that, we shouldn't turn a blind eye to what's going on everywhere else.