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Market crash: fear in the suburbs

Posted September 29, 2008 07:52 PM

The market drop stunned people in Boston's suburbs. Read what some of your neighbors had to say, and tell us what you are thinking by posting a comment.

In Lexington, Mike Minerd, a 64-year-old retired chef from Newton, admitted he was scared.

“Being retired, living on fixed income, it gets pretty scary,” he said Monday. “I think it’s a real tough situation, very uneasy. When you hear the word depression, that’s scary.”

In Framingham, Peter Pleshaw was feeling pretty good about ignoring experts advice to stay in the market. He switched to cash earlier this year.

And if he hadn’t taken his money out of the market? “I’d be sitting there crying,” he said as he emerged from the Fidelity office Monday.

Pleshaw stopped by yesterday just to get reassurance -- which he said he got -- that his cash account would be okay if Fidelity Investments went under. “If you can foresee the future, great,” Pleshaw continued. “But we can’t foresee the future. You might as well go to the dog track and lose your money.”

Judy McGann, a 55-year-old worker at a bank in Lexington, blamed the government's financial overseers.

“Why I could foresee it but they couldn’t, it’s beyond me,” she said. “They (the government) got us in this mess they should get us out.”

“Most of us have some type of 401(k), stocks. It’s affecting the economy, it affects my job and the security of my job.”

3 comments so far...
  1. What do you expect when you spineless sheeple allow crininals to run everything??? Reap what you sow sheeple!!!... REAP IT!!!!

    Posted by Private September 29, 08 09:25 PM
  1. Please Globe do something useful and honest by exposing the stupid government policies and favors to the powerful that got us into this mess. How about a bit of outrage that we are being asked to pick up this huge and unknown tab?

    Posted by David September 29, 08 11:18 PM
  1. Stunned? Pay more attention. Also, become more familiar with the term "hyperinflation". It a fancy word for what happens when your cash becomes uncomfortable toilet paper. Or wallpaper, like the germans did back in 1920's.

    Posted by Dan B. September 30, 08 12:00 AM
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