The good news about the economy

The looming specter of a recession has congressional and administration leaders scrambling to piece together an economic stimulus package in a hurry.

And whether the nation is undergoing a real "recession" (as some analysts say) or just a "slowdown" (according to the White House), it has been interesting and a little heartening to see some measure of bipartisan cooperation in negotiations over the stimulus measures.

That cooperation, of course, could dissipate quickly, but for now official Washington, D.C., seems committed to pump up the economy with $150 billion in tax rebates, tax cuts and government spending.

The reasons for the economic slump are many, ranging from subprime mortgage problems to high oil prices. And the solutions may be more complicated than an economic stimulus will cure, but some swift jump-starting from that stimulus might be enough to boost the economy from its doldrums.

Wall Street's comeback Wednesday - from 323 points down to an almost 300-point gain for the Dow Jones industrials - demonstrates a glimmer of hope.

And one can consider the bright side of the down side, too: The decline in the stock market spells a buying opportunity - the chance to invest more as prices drop.

The unexpected cut in interest rates by three-quarters of a percent might be an even more important boost for American consumers. Lower interest rates promise to save U.S. borrowers plenty of money. And although those reduced rates may negatively impact people who save money, there are far fewer savers than there are borrowers.

Amid all the worries about some sort of national economic meltdown, it's worth remembering that the Flathead Valley is a pretty good place to ride out a recession.

People who have lived in the valley for a long time can attest that our area historically has been insulated from many of the broader economic forces that cause trouble elsewhere in the country.

In fact, those lower interest rates introduced by the Federal Reserve this week might be an additional boost to the housing and construction industry in the Flathead.

And of course if the federal government is going to send out rebate checks, we'll gladly spend them to help keep the local economy revving. We don't need that much help here, but we'll take whatever is provided.