Millions on Wednesday as retirement savings evaporated, jobs disappeared
The worst financial crisis since the 1930s was stark reality for millions on Wednesday as retirement savings evaporated, jobs disappeared, stock market values slipped again and a dramatic cut in interest rates by central banks from Europe to Asia did little to stem three weeks of near panic.
What the International Monetary Fund termed a major downturn for the world economy was already evident to many, like the elderly Illinois couple who said this week they’d stashed $100,000 in cash fearing a bank failure or U.S. automobile dealers hit with the worst sales slump in 15 years.
“I’m scared, really scared,” said Cathy Ivcich, 45, a Chicago real estate agent. “People have stopped buying houses. I’ve got a lot of buyers who have secure jobs or who have money, and I’m sure I could get them a loan. But they’re just scared. Their feet are stuck.”
Wall Street panic rolling over consumers worldwide | Reuters
admin @ October 8, 2008
