Dan Boyd has the Wall street piece in this morning's Journal:

New Mexico's big pension and permanent funds have lost money at a staggering rate during Wall's Street's run of trouble — with value declines in the billions of dollars — but fund managers are trying to avoid panic in the midst of fast-changing markets.

Meanwhile in today's Santa Fe New Mexican, Staci Matlock writes on the latest discussions about declining state revenue from oil and gas production as the price of those commodities declines:

According to a draft LFC report produced this month, for every $1 drop in the price of a barrel of crude oil, the impact on the state's general fund is $3.4 million. For every 10-cent price decrease in the cost of a million cubic feet of gas, the general fund loses out on $11 million. Sen. John Arthur Smith, D-Deming, the LFC chairman, estimates the state has already lost more than $400 million.

This is more evidence of something I've been pointing out repeatedly of late: that declining gasoline prices have a serious dark side.