Some petroleum industry analysts say the higher prices on gas pumps in the region may not have hit their peak yet. Upward movement was reported during the day yesterday, with retail prices hitting $3.75 per gallon at several stations in Bowling Green. Gasbuddy.com analyst Patrick DeHaan predicts the upward pressure could continue through the end of the week.
James Barnett of the Daniel Pitino Shelter in Owensboro says his agency is seeing more "first-time" homeless than ever. Barnett says the difficult economy has forced people who had never sought assistance in the past to ask for help.
A nationwide foreclosure settlement with five major mortgage lenders means thousands of Kentuckians will receive direct payments, loan modifications, or principal write-downs. Kentucky was one of the last states to agree to the $25 billion deal with Bank of America, Chase, Wells Fargo, Citi, and Ally Financial. Attorney General Jack Conway says the Commonwealth will receive $58.8 million of the settlement.
Originally published on Fri June 22, 2012 10:23 am
Five years ago, a subprime mortgage firestorm was melting down the U.S. economy, but most analysts didn't see it happening.
Federal Reserve Chairman Ben Bernanke, testifying before Congress in February 2007, said the housing sector "is a concern, but at this point we don't see it as being a broad financial concern or a major factor in assessing the course of the economy."
If he and the vast majority of economists were blind to the economic and financial calamity taking shape then, could they also be missing the start of a huge economic boom now?