Murdoch: D.C Real Estate Is the Play

As the overall economy continues to shake off the recession, one town is booming, Washington D.C. Big government has turned this place into a boom town. It's not gold being dug from deep inside the earth that has created this boom. It is big government taking from one group and giving to the connected.

News Corp. chairman Rupert Murdoch gets it. On FOX News , he told Neil Cavuto that President Barack Obama's policies are dangerous--but are producing a boom for the D.C.-area economy. He continued:

The one place that's not affected by what’s happening—recession—is Washington. It’s just crawling with people--all getting hearty pay whether they be lobbyists or whether they be going into new agencies and so on…..I envy people with real estate in Washington.

Union Station in D.C. is sandwiched on one side by a spectacular building occupied by the SEC, on the other side sits the Bureau of Labor Statistics. In one way you can't fault the BLS for making optimistic assumptions about the employment market. Just down the block, behind Union Station, are four or five new buildings going up. Cranes dot the skyline and I have seen workers on the rising buildings as early as 6:00 in the morning. Maybe the BLS thinks this is going on all over the country.