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The stock market is taking a big hit today on the announcement that Standard and Poors downgraded its outlook for its credit rating on U.S. debt. Bend financial advisor Bill Valentine with Valentine Ventures, believes the warning is a good thing because it elevates the dialogue and makes it more likely that politicians will make large policy changes to head off a problem: “It will help people who don't have the slightest background in economics or fiscal policy to appreciate that there's a growing problem. When you see the stock market react negatively, that's the emotional response. To the average Oregonian this is just another warning call, a shot across the bow of the federal government that something must be done. This is not your father's recession;   we can't make cyclical fixes and accounting changes to solve our deficit problems; this is a structural problem.”  Valentine says this problem is arguably 70 years in the making. Standard and Poors says there's about a 33% chance it will actually downgrade the country's AAA rating sometime during the next two years.

 

 

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Traffic & Weather

 

 

 

 

Jones Road, full road closure between Bennington Lane and NE Butler Market Road. May 18 – August 18, local access only.
 

 

Orion Drive closed in two locations for sewer work; at the intersection with Avery Lane and between Desert Woods Drive and King Hezekiah Way.  From July 11 to Sept. 6. Detours marked.

 

Valhalla Sewer Relocation Project, Mt. Washington Drive at Shevlin Park Road intersection and North to Regency Street. Nighttime closures with detours marked during roundabout construction. Daytime closures for construction towards Regency Street.    7 p.m. – 7 a.m., July 11 – November.

 
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