The December 4, 2011 Denver Post said “More economists are predicting Europe will slip into recession soon, a spillover from a sovereign debt crisis that has roiled stock and bond markets for months.” The Post paints a bleak picture stating, “Italy’s government bonds are 120 percent of the county’s economic output, a burden made heavier by slow economic growth and interest rates that have soared above 7 percent”.
Bank Investment Consultant’s November 2011 cover story describes the economy this way: “In a word, it’s stuck. After a brief period of optimism about fiscal recovery at the end of 2010, the mood has shifted and embraced the reality of high unemployment, lackluster borrowing and an unpredictable stock market.”
Our local mall in Metro Denver, the Colorado Mills Mall, is a reflection of the poor economy described in the above articles. During the most important shopping season of the year they have eight retail stores empty. At least one of the stores there, D. W. Designs, is only present for the 6 weeks preceding Christmas. This pattern continues throughout town. Colfax Ave. is a major business thoroughfare in Denver and runs past the center of power, the capitol. Prime retail space remains empty on Colfax Avenue and is a foreboding reflection of the trends described here.