The stories are told almost daily on the evening news broadcasts. Another homeowner is facing eviction, having failed to make that ever increasing mortgage payment. Another brokerage firm is in trouble. Banks scrambling to dig out of the hole that was created by making real estate loans that may have, at the time, looked like a good decision. But now….

Perceptions continue to make an impact on the economy. Mortgage applications were down 2.9% in first two week in March, according to the Mortgage Banker's Association. Steve Agee, an economist with Oklahoma City University, who also is president and chief operating officer of Agee Energy and chairman of the Oklahoma Energy Resources Board, said a recent poll shows a curious disconnect. "A look at the results indicates most people don't feel worse off personally today than they did [last] May," Agee said. "But, when they were asked about the economy generally, their perception has changed dramatically."

Just over one-third of the respondents indicated in May 2007 that they believed businesses were headed into bad times. The most recent poll reflects that half of those surveyed felt that way, Agee said. "What is happening is people are sensing bad economic times, but they are projecting it onto others–not onto themselves."