NEW YORK, NEW YORK, UNITED STATES (OCTOBER 24, 2008) NYSE -
As the financial markets shed profits on the nearly daily dose of
bad news, Americans are becoming more and more concerned, and starting to
wonder where -- if anywhere at all -- their money is safe.
Stocks tumbled on Friday in a worldwide sell off with investors cashing
out of stocks, as signs mounted that the global economic slowdown could be
deeper than feared.
Ben Gleeson, a real estate investor from Atlanta on a visit to New
York, crowed that he had already pulled his investments from the markets
before it tumbled.
"I actually pulled everything I had out of the stock market,"
Gleeson said, with an extra kick in his step.
For Mark Hasrouni, a small business owner from Montreal, observed that
adage 'when America sneezes, Canada catches a cold,' has hit the mark squarely
in his wallet.
"Our dollar, just took a big plunge -- about 13 percent in the
last week -- so we've never seen that in Canada," Hasrouni explained.
"About a year ago exactly, we were at a dollar for a dollar, and now
we're at almost 25 or 26 cents, so it's kind of hard on us."
Even worse, Hasrouni purchases most of his inventory from the U.S.,
which has already take a toll on his savings. Despite that, he is optimistic
-- although only in a long-term view.
"This kind of stuff always happens every decade, you know. We
always get a recession, so hopefully the market's going to pick up pretty
soon," he said.
In Washington, some passersby were wondering aloud whether they may be
in the midst of something far worse. George Bird, a bond rating specialist,
said he thought an economic depression lay ahead.
"I guess we just have to get back to the old days with everybody
taking money out of the banks," he said.
Melissa Rhea, an Barack Obama supporter who wore her politics on her
heart, said she hopes the economic slowdown is temporary.
"I do not believe that taking money out of the stock market right
now is going to be any good," Rhea said.
For medical assistant Duante Evans there was nothing but unpaid bills,
lost investments and other financial miseries.
"The market? Really, the only thing I know about the market is
that everything is hard, he said.