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Herb Kay featured in Tucson Citizen Newspaper
As featured in the Tucson Citizen's Tucson Business Edge on October 8, 2007.
Did someone say recession? Now what at your firm?
By Herb Kay
Believe it or not, the United States experienced its last serious recession between 1979 and 1982.
That's right: it's been more than 25 years since we experienced a real downturn. Even though we saw slowdowns in 1990 and 2001, a real recession has not come our way in quite a while and there are more than a few signs that we are overdue.
For those who have not yet "had the pleasure" of experiencing a recession, they can often focus on specific industries, as evidenced by the current downturn in real estate.
Since Tucson has what could be considered a "real estate-centric economy" our town is probably in for some choppy times. Realtors, mortgage bankers, construction and furniture companies, and the companies that supply them, constitute a huge piece of our local economy. The implosion of the First Magnus mortgage loan firm is a harbinger of possible things to come.
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