Make us your home page

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

  1. Tampa is 15th-most popular city to move to with U-Haul


    TAMPA —Tampa is undoubtedly a destination point, at least according to U-Haul.

    Tampa is the No. 15 destination for people moving with U-Haul trucks. | Times file photo
  2. Florida's economy growing faster than other big states and far better than U.S. overall


    When it comes to economic growth, Florida's running alongside the leading states and well ahead of the United States as a whole.

  3. Westshore Marina District project takes shape with another acquisition

    Real Estate

    TAMPA — One of Tampa Bay's prime waterfront areas took another major step toward redevelopment Friday as WCI Communities bought 2.35 acres in Westshore Marina District.

    WCI Communities, Lennar's high-end subsidiary,has paid $2.5 million for 2.35 acres in the Westshore Marina District for 35 townhomes. WCI is under contract  to buy an additional 9.5 acres.
[BTI Partners]
  4. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages


    HOLIDAY — Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

    Renderings of the clubhouse and an RV cottage site of the planned Guy Harvey Outpost Club & Resort Tarpon Springs.
[Guy Harvey Outpost Collection]
  5. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel


    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.