Area News

For the next few months, year-over-year statistics will show dramatic improvement.  This is misleading, because a year ago our economy came almost to a standstill.  During Fourth Quarter 2008 and First Quarter 2009, the stock market was falling hundreds a points a day, every day, until it reached the low point of half its 14,000 peak.   Big name banks were failing, flagship corporations were asking for bailouts, and another Great Depression seemed all too possible.   Almost nobody bought a house or a car, which is why we had stimulus programs for both those industries later in 2009.  So I’m just saying, when you see news stories that say “Home Sales in the Triangle rise 44%”  (News and Observer, 12/2/09), don’t think that means big numbers.  It doesn’t take big numbers to show a huge increase over the near-zero sales we had a year ago.