We’re pulling for them

By Published by The Editorial Board

Published: July 10, 2008

Several new businesses are giving it a go in Eden and Reidsville, which is great news considering the overall state of the U.S. economy and the palpable sense of angst that accompanies it.
Sure, businesses in the downtowns come and go, but the fact they keep coming is reason to be optimistic. The entrepreneurial spirit is alive and well in Rockingham County, even amidst the fears of an approaching national depression.
Wednesday, the Dow Jones industrial average fell 75 points in the final 30 minutes of trading and finished down 2.1 percent—at its lowest close of the year, according to the N.Y. Times. Slumping shares of financial firms dragged the Standard & Poor’s 500-stock index to its first official bear market since 2002.
Tuesday, Ben S. Bernanke, the chairman of the Federal Reserve, indicated he believes the problems will persist into next year, going on to recommend that Congress grant the Fed broader authority “to monitor and supervise the financial markets to assure greater stability in the future,” the newspaper reported, which went on to say that Henry M. Paulson Jr., treasury secretary, announced last week in London that the problems of the housing and financial markets might last longer than originally thought.
Bernanke has since called for new tools to help slow the decline.
We’ve already steeled ourselves for such news, of which we’re painfully reminded each time we buy flour or fill our tanks. We try to persevere, and that several businesses have recently opened in Rockingham County gives us reason to hope. Who knows, maybe we’ll drive less to shop downtown, which could spur even more growth. That’s happening in Thomasville, Ala., the AP reported. The town, near Mobile, is already seeing a 5 percent increase in sales-tax revenue this fiscal year. A town 80 miles southeast is seeing a 6 percent increase after years of no movement, the AP said.
Business owners throughout Rockingham County are optimistic about their chances, noting downtown revitalization – in both cities – and the increased foot traffic on the towns’ streets. We’re pulling for them.