Economy permeates ‘08

Adam Smith is often considered the father of modern economics and described market forces as an “invisible hand.” The nation felt its trembling fingers this year and northern El Paso County has not escaped its shaky reach. After the housing bubble burst, gas prices spiked and a monolithic federal bailout ensued intended to keep credit flowing in a floundering market — and the full effects of the staggering figures dealt out to financial institutions have yet to be realized. The scope of the downturn is global but has enough local effects to be The Tribune’s most significant story of 2008.