My observation is that areas with a large governmental presence, such as state capitals and certainly Washington DC, are booming right along and barely even registered much of a blip even in 2008.
Most urban areas with increasing populations are doing OK and some are thriving.
The ag and commodity belt through the center of the country from Texas on up to North Dakota is in good shape and some areas are booming due to fracking.
The rest of the country appears to be in a years-long downward spiral that would be a depression if not for social programs.
So, it depends upon where you are.
Good post, I think you’re spot on.
The bullish effects of all the “fake” govt created money are concentrated in a lot of coastal areas.