FIRE—financials, insurance, real estate—is the leading edge of the US economy, replacing the previous champ, manufacturing, in the 1970s. Hence, the advantage that Belmont, Massachusetts, has over Fishtown, Pennsylvania. FIRE is now our economic engine. It is speculative and prone to bubbles. We will probably go down with this economy. Manufacturing was better.
Aug 10 2012 - 6:25pm