News & Notes 3/8/2007

I’ve been spending a lot of time on economic stuff recently, and this post is no different.

The US Markets are long overdue for a correction, and a 400-point drop doesn’t count. Depending on how much worse the subprime fiasco gets, we may see more fun & games in the coming weeks and months. It’s a good thing that most Americans have no idea how the financial system works, otherwise there’d be rioting in the streets over the boneheaded, short-sighted and greedy decisions made by lenders and the government.

Gas prices are on the rise locally, with one station almost hitting $2.80 per gallon for regular unleaded. This seems to be the new pattern of lower prices in the winter (more Christmas money for WalMart!) followed by rising prices as the vaunted ‘summer driving season’ (along with the 2007 hurricane season) approaches.

The housing construction market around here appears to be in a coma. The latest “Parade of Homes” is happening right now, and there is little traffic hitting the models in our area from what I can see. Unlike a few years ago, there are few spec homes being built, and the new developments have few homes surrounded by acres of weedy lots.

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