Well, this time there was (thankfully).
Car has been parked up all summer until I fixed the ac. got that done, drove it a few days and the alternator belt started squealing and it just got worse so I parked it again until last Sunday when I tightened it up. Went to work in the car yesterday and it was fine. On the way home I pulled into a gas station to fill up and since I had a lottery ticket to cash (a whole $2) I went in the shop. As I come out I see smoke coming from the rear passenger side of the car and my first thought was "Why is my Fiero on fire!". I walked over since I figured it it was on fire now it was too late and popped the trunk but no smoke. Weird!
Then I noticed a little fluid below the rear wheel and I figured the brake was leaking. So I drove home 'carefully' (it was only round the corner) and took the wheel off.
The brake hose itself had completely blown out of the union on the caliper.
Upon closer inspection it looks like there's stuff jammed between the caliper and disk so I figure the brake was dragging and building up heat. While the car was moving it was fine but once I stopped and put the ebrake on the heat soaked into the line, boiled the brake fluid and the pressure blew the hose out and with it, the fluid all over the hot brake, hence the smoke.
Could have been worse (a LOT worse had the brake blown out when I really needed it) or it could have gone up in flames so not really complaining.
All in all a pretty normal day out in the Fiero!
Anything I might say is probably worth what you paid for it, so treat it accordingly!