Seeking Alpha

The recovery appears to be uneven across different states, Wells Fargo says. New York and...

The recovery appears to be uneven across different states, Wells Fargo says. New York and California will rebound the fastest, while Florida will be among the slowest, and "nowhere in the country does the economic picture look bleaker than in Nevada."
Comments (25)
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    It is notable that the two states thought to be bleakest are both states where Wells Fargo has significant assets and branch locations.
    30 Mar 2011, 08:31 AM Reply Like
  • Blackbeard
    , contributor
    Comments (95) | Send Message
     
    I don't know how assets are distributed, but Wells Fargo has the following layout among the four states mentioned:
    1) CA - 1,390 locations
    2) FL - 791 locations
    3) NY - 179 locations
    4) NV - 146 locations
    The bulk of these are retail banks, but there are mortgage and brokerage offices included in these totals as well.
    30 Mar 2011, 08:41 AM Reply Like
  • kmi
    , contributor
    Comments (3975) | Send Message
     
    Does that include the wachovia branches it just started rebranding?
    30 Mar 2011, 09:18 AM Reply Like
  • Blackbeard
    , contributor
    Comments (95) | Send Message
     
    I believe it does include the Wachovia branches. The rebranding is being completed on a state by state basis. Virginia has not yet rebranded and shows retail 292 bank locations on the Wells Fargo website. Areas outside of the retail bank such as brokerage operations have fully rebranded.
    30 Mar 2011, 09:46 AM Reply Like
  • Lvmoda
    , contributor
    Comments (8) | Send Message
     
    Nevada is basically one city with one industry that is entirely dependent on consumer discretionary spending. Comparing it to New York, California and Florida is statistically irrelevent.
    30 Mar 2011, 08:33 AM Reply Like
  • BlueOkie
    , contributor
    Comments (4431) | Send Message
     
    Good call. Comparing 3 salt water liberal states to one fresh water conservative state. I think there is something to be said for the type of water closest to the states. Inland states are mostly conservative
    30 Mar 2011, 08:50 AM Reply Like
  • Tschurin
    , contributor
    Comments (313) | Send Message
     
    Oh, you mean like Alabama and Mississippi being liberal, and Minnesota and Vermont being conservative? ;-)
    30 Mar 2011, 09:29 AM Reply Like
  • Fr33f0rm
    , contributor
    Comments (300) | Send Message
     
    I live in California and I can tell you that land was so expensive here that Californians bought up land that was "California adjacent". It's not so much that people that live in Nevada got in over their heads, it's that speculators with primary addresses outside of Nevada lost their bets.

     

    So Nevada was left to rot when Californians had to quit the game.
    30 Mar 2011, 09:24 PM Reply Like
  • BlueOkie
    , contributor
    Comments (4431) | Send Message
     
    New York and Calif fell the farthest and hardest.
    The President didn't do much for Nevada when he criticized those meetings in Lost Wages
    30 Mar 2011, 08:37 AM Reply Like
  • Duude
    , contributor
    Comments (3356) | Send Message
     
    I disagree with the Wells Fargo assessment of California. California is on the verge of an unprecedented tax increase which will likely result in better times in Texas and other low tax states as politicians chase business from the state.
    30 Mar 2011, 08:48 AM Reply Like
  • kmi
    , contributor
    Comments (3975) | Send Message
     
    NY is cutting taxes and tax growth.
    30 Mar 2011, 09:19 AM Reply Like
  • wyostocks
    , contributor
    Comments (7608) | Send Message
     
    Kmi---don't bet on it, the deal isn't done yet and Bloomburg is crying real big time.
    30 Mar 2011, 09:25 AM Reply Like
  • kmi
    , contributor
    Comments (3975) | Send Message
     
    My county taxes show 2% decrease (thank you Mr Astorino) and Cuomo is pushing for prop tax increase growth cap with a lot of support behind him, so something is being done.
    30 Mar 2011, 10:38 AM Reply Like
  • wyostocks
    , contributor
    Comments (7608) | Send Message
     
    Hope you are right. It will be a first.
    30 Mar 2011, 10:48 AM Reply Like
  • wyostocks
    , contributor
    Comments (7608) | Send Message
     
    Nevada is gambling on the recovery. 3 to 1 odds.
    30 Mar 2011, 08:49 AM Reply Like
  • Econdoc
    , contributor
    Comments (2944) | Send Message
     
    Nevada is not the worst.

     

    They should have included the SA Nation.

     

    It will be bleaker than Nevada.

     

    E
    30 Mar 2011, 09:35 AM Reply Like
  • PCScipio
    , contributor
    Comments (204) | Send Message
     
    I live in NVLV. I'm in no hurry for a recovery. I like all the great deals for locals and the lower dust from the lack of new construction.
    30 Mar 2011, 09:58 AM Reply Like
  • billddrummer
    , contributor
    Comments (1672) | Send Message
     
    Considering nearly 40% of construction jobs vanished in your town, your attitude seems petty and short sighted.

     

    I live in Northern NV, and worked in the banking industry before I was laid off.

     

    Commercial real estate sank the bank I was working for.
    30 Mar 2011, 11:46 AM Reply Like
  • PCScipio
    , contributor
    Comments (204) | Send Message
     
    Not shortsighted, callous and insensitive. However, I'll bet your bank was shortsighted and greedy when they made RE loans to lots of folks who really weren't creditworthy. I'm not sympathetic.
    30 Mar 2011, 11:57 AM Reply Like
  • billddrummer
    , contributor
    Comments (1672) | Send Message
     
    I wasn't seeking sympathy.
    30 Mar 2011, 12:12 PM Reply Like
  • PCScipio
    , contributor
    Comments (204) | Send Message
     
    I wasn't referring to you personally. And even though you may not have been seeking it, I am sympathetic to the many who've suffered for the greedy policies of shortsighted management. I was referring to banks in general and the situation at large here in LV. This town is without doubt the sleaziest I've ever lived in and it's suffering for that.
    30 Mar 2011, 12:22 PM Reply Like
  • billddrummer
    , contributor
    Comments (1672) | Send Message
     
    Then move.

     

    Forgive me for the delayed response.

     

    Or don't. Whether you do or not is immaterial.
    23 Apr 2012, 12:27 AM Reply Like
  • BlueOkie
    , contributor
    Comments (4431) | Send Message
     
    California retirement is simple. Sell your grossly overvalued house and move to a state with reasonable real estate prices. Bank the difference.
    31 Mar 2011, 08:46 AM Reply Like
  • wyostocks
    , contributor
    Comments (7608) | Send Message
     
    All depends on what you paid for it.
    31 Mar 2011, 09:01 AM Reply Like
  • BlueOkie
    , contributor
    Comments (4431) | Send Message
     
    Not really! You get more value just about everywhere else except maybe NYC.
    31 Mar 2011, 09:23 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|