This Is How the AI Bull Market Ends

The AI bull market as we know it right now will end...And all the big popular AI stocks investors are piling into right now will NOT be the where the biggest returns will come from. And for investors who don't know how the market is changing and where it's going...They could end up left behind.

Weeks after floods, Vermont businesses struggling to get visitors to return

LISA RATHKE
August 20, 2024

BURKE, Vt. (AP) -- Two bouts of flooding from storms in July has hampered businesses and destinations in an economically depressed section of northern Vermont, with some still closed as they continue to repair damage and others urging visitors, who were deterred by the weather, to make the trip.

Kingdom Trails, a popular destination for mountain bikers, draws tens of thousands of visitors a year. But the storms that hit the region on July 10 and July 30 washed away some roads and bridges, damaged homes and trails, and discouraged visitors at the height of the season.

Businesses and destinations are picking up the pieces, with some still closed in nearby Lyndonville, while others want to get the word out that they are very much open.

"I can't stress enough that we are open and our community is welcoming people," said Abby Long, executive director of Kingdom Trails. "We're encouraging folks to not only come visit Kingdom Trails and have an awesome time but sign up to volunteer mucking and gutting houses for the morning and then relax on the trails in the afternoon."

The storms caused $300,000 in damages to the trails -- and that doesn't account for the loss of membership revenue, she said. The trails were closed for about a day and a half as crews worked furiously to get them back open. The cost of repairs comes on top of the $150,000 in damages suffered in last summer's flooding.

"That is not sustainable," Long said.

So far, 341 businesses in Vermont have reported flood damage to the state this year, according to Economic Development Commissioner Joan Goldstein. Last summer, about 1,100 businesses were affected, she said.

In Lyndonville, a popular diner that had been in business since 1978 will not be reopening after getting damaged in the July 10 storms. The owner of the Miss Lyndonville Diner is having repairs done and plans to sell the restaurant. She told the Caledonian Record that the flooding convinced her it was time to retire.

The nearby Village Sport Shop, which also has been in business for nearly 50 years, has decided to close its flooded Lyndonville shop and exit the ski industry, according to a social media post by the business.

"With the multiple flooding events we have endured and the evolution we have needed to take as a business, we have come to the decision it is time to turn our focus towards the summer side of the business and relieve ourselves from the flood risks the lowest lying real estate on the strip endures," the post said. The business has a trailside bicycle shop in East Burke.

A bagel shop and a Walgreens drugstore were still temporarily closed as they recover from the flood damage.

In May, Vermont became the first state to enact a law requiring fossil fuel companies to pay a share of the damage caused by extreme weather fanned by climate change. But officials have acknowledged that collecting any money will depend on litigation against a much-better-resourced oil industry.

In Burke, a town of about 1,650 that is home to the Burke Mountain ski area, Kingdom Trails is a huge economic driver, said Town Administrator Jim Sullivan.

"It's traumatic, it's unbelievable the extent that it ripples out," he said. "If Kingdom Trails can't open, people cancel their reservations at the Airbnbs and at the inns. We have restaurants that are counting on all of those people coming here. And it's just a chain event that eventually dwindles where you have these absolutely beautiful days and you just don't have the people here that we normally would have if we didn't have this devastation."

The East Burke Market was having a really good summer but when the trails closed down, business "came to a bit of a screeching halt," said co-owner Burton Hinton.

Each of the storms caused hundreds of thousands of dollars in road and property damage, Sullivan said. The town lost a bridge in the July 10th flooding and the whole mountain road in the storm weeks later, he said.

"We're still waiting for some direction from the federal government. In the meantime, everybody has really come together and done a great job of helping each other. True community," he said.

About 60 student-athletes who race in cross-country mountain biking with the Pennsylvania Interscholastic Cycling League, and 40 coaches, were in Burke to train at Kingdom Trails when the latest flooding hit on July 30.

The group had to pivot to ride on gravel for a few days but then some trails reopened quickly, said Michael Morrell, with the National Interscholastic Cycling Association, who was with them.

"The trail system up here and the trail crew are just so efficient, and the trails, many of the trails, they drain very well," he said on Aug. 1.

Still, he said he felt terrible for those reliant on getting tourists to visit the local trails.

"I feel so bad that their roads are closed," Morrell said. " ... We're just glad that we can help support them in any way we can."

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