Commentary: All things considered, 2007 wasn't really all that bad

Was 2007 a bad year, or a good one? We'd guess that depends upon your perspective.

If you were a subprime lender, or an investment banker packaging subprime loans into collateralized mortgage obligations or a buyer of those cleverly packaged investments, it probably wasn't your best year.

But if you were one of the nation's top 25 hedge fund managers, you picked up a check for at least $240 million for your labors during 2006 -- not bad for a year's work.

But for most of us in Colorado Springs, it was a year of dodging bullets. As the national economy weakened, as the subprime crisis unfolded and as foreclosures mounted, we viewed our economy with mounting alarm.

Would there be a local recession? Would the ascension of Democrats, in Colorado and in Washington, have economic consequences for our staunchly Republican city? Would the real estate industry, whose health is so important to our continued prosperity, crash as it did 20 years ago during the savings and loan crisis? Would the uncertainty surrounding the Pinon Canyon expansion lead to cutbacks at Fort Carson? Would the budgetary woes of both city and county governments lead to sharp reductions in essential services?

All of these possibilities seemed very real throughout much of the year. Thankfully, none of them have yet come to pass.

Despite near-record foreclosures, the local real estate market remains reasonably healthy. The boom times of the last few years have ended, but it appears that the market will rebound sharply during coming years.

That's because our Congressional delegation, Democrats and Republicans alike, joined forces to persuade the Army to locate a new brigade at Fort Carson. Sen. Ken Salazar, whose moderate political stances have made him friends on both sides of the aisle, was particularly active in this effort. Thanks to him, to Sen. Wayne Allard, to Rep. Mark Udall and to our own Rep. Doug Lamborn, the next few years will see the Mountain Post become home to more than 30,000 active-duty troops -- double the level of 2003.

It's difficult to overestimate the impact of these additions. It's comparable to adding a new employer who brings thousands of employees to town, employs hundreds of local workers and invests billions in new facilities. The prescient investors who have acquired houses and apartment buildings during this downturn should see handsome returns as demand strengthens.

And despite a certain amount of acrimony, our elected officials managed to balance their budgets and stay open for business -- most of the time, anyway.

So as we welcome the New Year, let's be ruled by hope, not fear. Remember, there weren't any monsters under the bed this year -- and chances are that they'll stay away during 2008.

Copyright 2007 Dolan Media Newswires
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