Well, the highlight of his Halloween trading day was the Federal Reserve deciding to cut the discount rate to 5 percent and lowering its target rate for the fed funds to 4.5 percent. A 1/4 percent cut for each.
Doug Duncan, chief economist for the Mortgage Bankers Association, said earlier this month he anticpated a 25-basis-point reduction in the fed funds rate which could be the last adjustment needed to reach a “neutral” poisition that allows for a moderate growth while keeping inflation in check.
A bigger cut in the fed funds would have helped the housing market more, but we’ll take whatever help we can get to turn this market around. I really believe the majority of the problem at this point is psychological. The herd mentality is slowing awakening and will soon start to move the market. Just my opinion, but I guess it’s as good as anyone’s on wall street.
Have a safe and Happy Halloween! Boo!
The Naples Chamber of Commerce announced that there will be a grand opening at the Coastland Mall of their newest Visitor Information Center. This will be in the form of a Kiosk located in the mall near Starbuck’s on the west side. The ribbon cutting is planned for 8AM today, October 30th. Grab a cup of coffee and check it out.
Are you a traditionalist when it comes to losing your dog? Here boy, here boy. Well let’s get with the 21st Century and get your dog a RoamEO. This new product enables dog owners to quickly and easily locate their pets. The RoamEO is a GPS-enabled collar that can pinpoint the location of your pet and if he’s running away it can show you which way he’s headed. Pretty cool, heh? I thought so too and now my pet needs that’s picks of amazing technology that can literally save their life. I know I can’t live without that peace of mind anymore.
Another neat feature is that you can actually customize a GPS fence that will result in an audible alert if Fido leaves the perimeter. If you’re a pet lover, you gotta give this a try. It’s your’s for a mere $549.95.
All photos ©2007 Rick Bethem
The annual Swamp Buggy Races are this weekend in Naples and it is traditionally kicked off with a big parade down U.S. 41 from the Coastland Mall to around 3rd Ave South. With the political season all around us with local elections, sheriff and naturally the national campaign for President, the candidates don’t miss a chance to meet the public and hopefully their future voters. Naples attracted one of the leading candidates for President in 2008 with the participation of Govenor Mitt Romney. Romney contributed the biggest effort but Rudy had a smaller group of supporters in the parade also. Romney walked the entire length of the parade before jumping into a black SUV and headed off to another campaign stop. The physical requirements to run for office are extreme. The hours and commitments of all the candidates are something very few people would be able to do. I photographed Romney for 10 blocks and he was always upbeat and energetic, however, the one thing I noticed is that his right hand was almost raw from all the hand shaking. I’m sure he’ll have plenty of time for treatment if elected.
Thought I’d get you caught up on some of the happening in Naples.
- WINK-TV is now broadcasting their local news programs in HDTV, high-definition television.
- The Renaissance Fall Art Festival sponsored by the Naples Art Association will be held November 24-25. The featured artist this year is 86 year old Marco Island resident Gerry Brynjulson.
- Queen Latifa will be at the Philharmonic on November 6th.
- If you love The Nutcracker (I fell asleep), it will be performed November 24 & 25 at the Phil.
- The Naples-Marco Island area came in 6th best performing city out of 210 metropolitan areas based on job creation and retention and overall economic performance. The rankings index was created by the Milken Institute, an independent think tank.
- Collier County set a tourism record in August compared to last year. The number of visitors increased 8.4% and the direct spending was up 14.6%.
- If you see a cop on a Segway chasing you down the street, you haven’t gone crazy. The Collier County Sheriff’s Office purchased four of them to patrol the streets.
- In addition, the Sheriff’s Office has trained 27 deputies and corrections officers who will act as local immigration and deportation agents.
- The widening of Collier Blvd. from U.S.41 to Davis Blvd. has begun and is expected to finish in 2009.
- Mitt Romey, GOP presidential candidate, is expected to participate in the annual Swamp Buggy Race parade in Naples on Saturday.