RE/MAX Convention Day 3

Outside, it was another beautiful day in Las Vegas. I mostly spent the day inside attending the 2008 RE/MAX International Convention, but I did get in my morning walk and still made the General Session starting at 8:30 a.m. Ok, I was there at about 8:40. For the last two mornings, I’ve listened to NPR’s Marketplace (the previous day’s edition) while doing this city walk. I don’t normally listen to my IPOD while walking in the forest at home in beautiful Flagstaff, but here it is a perfect way to pass the walking time.

The last session of the day was a presentation by Carter Murdoch, PhD. Economist, now of Bank of America, about economic trends. The price of oil (caused by demand in China and elsewhere) and the dismal value of the dollar will have much more impact on the length and depth of the recession that we are now in than the crash of the housing market has had. No doubt that we are in a recession now, according to Dr. Murdoch, even though it will not be officially declared until the first week of April when 1st Quarter 2008 numbers are released.

Murdoch is also concerned about the potential for inflation, and he criticized the Federal Reserve for planning to risk inflation in order to try to avoid the economic slowdown. Murdoch provided much data to explain the tough spot the economy is in and why home loan rates continue to rise in the face of Federal Reserve rate cuts (inflation concerns and the “credit crunch” – see Liz’s post today.)

Some positive (personal) economic news: I won $30 at the blackjack table tonight! First time I've played since 1981.