Make us your home page
Instagram

Markets scary and creepy, residents say

Nancy Schreimann of Tarpon Springs succinctly describes her reaction to the latest bombshells from Wall Street: "It's kind of creepy."

Helen M. McKay, a 78-year-old widow from Pinellas Park, agrees: "It's pretty scary out there."

Tampa Bay investors said that in the wake of this weekend's news about the two faltering Wall Street giants, they are troubled about the state of the markets and the economy. Merrill Lynch is being sold, and Lehman Brothers is entering Chapter 11 bankruptcy.

"I first thought about my mother-in-law, whose entire income is based on investments that my father-in-law, who is deceased, made. I just wondered about how that would affect her," said Debra King of St. Petersburg, who is self-employed.

King, 54, noted that Alan Greenspan, former chairman of the Federal Reserve, said the nation may be stuck in a "once-in-a-century event," and she said, "that's scary."

Ken Kastor, 72, of Seminole spoke to his Morgan Stanley broker on Monday, partly spurred on by this weekend's news. He moved some of his investments into more conservative options that are "not affected by this roller-coaster ride, up 200, down 100, and I think down 300 today."

The Dow ended the day down 504 points.

Roger Girson, 69, of Hernando in Citrus County, said he was concerned but not surprised by the woes of Merrill Lynch and Lehman Brothers.

"It just confirms my feelings about the economy in general. I feel it's in poor shape, and I feel it's going to get worse instead of better."

He has shifted some of his money into FDIC-insured investments such as CDs recently but is still leaving a good portion in mutual funds.

"I'm just going to count on the long run straightening it out, but I don't know how many years it'll take," Girson said.

Markets scary and creepy, residents say 09/15/08 [Last modified: Wednesday, September 17, 2008 2:14pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Construction starts on USF medical school, the first piece of Tampa's Water Street project

    Health

    TAMPA — Dozens of workers in hard hats and boots were busy at work at the corner of South Meridian Avenue and Channelside Drive Wednesday morning, signaling the start of construction on the University of South Florida's new Morsani College of Medicine and Heart Institute.

    A rendering shows what the USF Health Morsani College of Medicine and Heart Institute will look like when completed in 2019. Local officials gathered Wednesday to celebrate as construction begins on the facility, the first piece of the Water Street redevelopment area in downtown Tampa. [Rendering courtesy of the USF Health]
  2. Tampa Bay among top 25 metro areas with fastest growing economies

    Economic Development

    Tampa Bay had the 24th fastest growing economy among 382 metro areas in the country for 2016. According to an analysis by the U.S. Bureau of Economic Analysis, Tampa Bay's gross domestic product, or GDP, increased 4.2 percent from 2015 to 2016 to hit $126.2 billion.

    Tampa Bay had the 24th fastest growing economy in the country for 2016. Rentals were one of the areas that contributed to Tampa Bay's GDP growth. Pictured is attorney David Eaton in front of his rental home. 
[SCOTT KEELER | Times]
  3. Tampa Bay cools down to more moderate home price increases

    Real Estate

    The increase in home prices throughout much of the Tampa Bay area is definitely slowing from the torrid rate a year ago.

    This home close to Bayshore Boulevard in Tampa sold for $3.055 million in August, making it Hillsborough County's top sale of the month. [Courtesy of Bredt Cobitz]
  4. With successful jewelry line, Durant High alum Carley Ochs enjoys 'incredible ride'

    Business

    BRANDON

    As a child Carley Ochs played dress up, draped in her grandmother's furs.

    Founder Carley Ochs poses for a portrait in her Ford Bronco at the Bourbon & Boweties warehouse in Brandon, Fla. on September 19, 2017. Ochs is a Durant High and Florida State University graduate.
  5. At Menorah Manor, planning paid off during Irma

    Nursing Homes

    ST. PETERSBURG — Doris Rosenblatt and her husband, Frank, have lived in Florida all of their lives, so they know about hurricanes.

    Raisa Collins, 9, far left, works on a craft project as Certified Nursing Assistant Shuntal Anthony holds Cassidy Merrill, 1, while pouring glue for Quanniyah Brownlee, 9, right, at Menorah Manor in St. Petersburg on Sept. 15. To help keep its patients safe during Hurricane Irma, Menorah Manor allowed employees to shelter their families and pets at the nursing home and also offered daycare through the week. The facility was able to accommodate and feed everyone who weathered the storm there. [LARA CERRI   |   Times]