| The completion of the 1930’s Empire State Building ushered in the Depression. In the early 1970’s, New York’s World Trade Center’s Twin Towers along with the Sears (now Willis) Tower in Chicago led to harsh eras of Stagflation and economic downturns.
Even after completing Dubai’s stunning Burj Khalifa, the world’s tallest structure, the government almost defaulted. From 2004-2010, its construction coincided with the greatest worldwide recession since 1929.
The connection might be that costs for materials and labor were going down due to a lagging economy—a good time for big projects. Yet by the time these were finished, financial crises had completely taken hold.
The favorite economic indicator of legendary Fed Chair Alan Greenspan tracked trends in men’s underwear. Good times were ahead when sales were brisk and buyers splurged on a usually slowly replaced item.
But when things were tight (money not underwear,) and a downturn occurred, the last thing anyone would spend on were men’s boxers and briefs.
Not to be sexist, there’s a Lipstick Index some follow showing the uptick in sales of expensive cosmetic products. In 2001, lipstick sales shot up 11%, overall skincare products by 25%. This coincided with the tech boom of early 2000’s. Sadly, we remember that by 2008, markets had fallen due to easy money and over speculation in real estate.
During Covid, even dating sites were doing increased business as lonely people reached out! Could it be proof that the economy reacted to the adage that misery loves company? Or that we eat more when we’re sad and lonely? We know that DoorDash and Uber Eats fed enough shut-in people to send their stocks soaring. |
