Economy crisis may not bottom line until next President elected - WLBT.com - Jackson, MS

Jackson 10/10/08

Economy crisis may not bottom line until next President elected

By Bert Case
bert@wlbt.net

Our Canton Nissan plant is just one of many nationwide that are making cutbacks during these economic hard times. Wall Street saw another roller coaster day. The Dow industry index swung back and forth, finally falling 128 points to 8,451.

It has been one of the wildest weeks of fluctuation investors have seen in years. It is clear the markets have still have not responded, as expected, to that $700 billion dollar bailout passed by congress. We found some local construction workers on a job in Brandon who are not happy about the current financial crises.

So you blame what's happened on the Congress.

"I believe a lot of what has happened is there, I mean I am speaking the truth", said Scott Mallett of Mendenhall.

"I really blame what's happening in the economy on high fuel prices and stupidity. That is basically what it boils down to", added Paul Jones of Sumrall.

"We the taxpayers shouldn't have to pay for the problems our government has got us into", said Kevin Singleton of Chunky.

Jackson investment advisor Ashby Foote, has been in this business for over 28 years. He will quickly tell you he doesn't see the current situation leading to another Depression like the one in 1929. But, he feels, we may have to wait until after the Presidential election to see the bottom of the crisis.

"We may have a rally between now and the election time, but it's not going to be completely clear, where we stand until we know who the next President is", said Foote.

Foote says local banks are handling the crisis much better than those on Wall Street. It appears, the way most Mississippians are feeling the crisis is when they see their 401K accounts going down.

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