How Wall Street Affects You

Alabama Daphne Market meltdown could impact your ability to get a loan.

by Jessica Taloney

Published: Tue, September 30, 2008 - 4:18 pm CST

On just about every street corner, people are asking themselves the same questions. "What's gonna happen," asks Donna Mitchell of Daphne. "Where do we go from here?"

A market meltdown Monday lead to plenty of uncertainty over stocks, 401Ks and retirement plans, but another trickle down effect being felt immediately is the tightening of the credit belt.

"Credit was loose for a period of time where you could go out there and get this no income verification loans," says Mark Davidson of Cornerstone Investments. "People who could have gotten money three years ago for a particular project or even some type of good aren't going to be able to do that especially if they have weak credit."

Congress is still working to negotiate some kind of bailout deal, but according to a poll conducted today by Survey USA, 60% of Americans have no confidence in the federal government's ability to fix the economy.

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rosepetal Says:

Wed, Oct 01, 2008 at 7:24 am

MeAmerican, yes acorn needs to be prosecuted. if they prosecute acorn they need to prosecute obama. i can add nancey peloski to that list also. that is debatable about the market. its like a domino effect. read this about nancey peloski

http://www.washtimes.com/news/2008/oct/01/pelosis-pac-pays-bills-for-spouses-firm/

MeAmerican Says:

Wed, Oct 01, 2008 at 7:20 am

WOW, I absolutely agree with you on that acorn! People watch the market because it affects every facet of the economy. BUT, The market is not the cause, it’s the effect. It’s the action/ reaction thing. You know For every action there is a reaction. So however the Congress (Dems control) takes action the market will react. There are a lot of variables to this, such as the huge gains yesterday over consumer confidence. If this is the enormous crisis it’s made out to be why did congress take two days off? and furthermore why is this in such a rush? Wouldn’t it make sense to take a week maybe two to hammer this thing out and get it right? Seems like rational thought to me.
Acorn is offering people up to $8.00 an hour to protest the republicans. People protest and then don’t get paid. Making many very very angry. OOPS I’m late gotta go. Bye for now.

rosepetal Says:

Wed, Oct 01, 2008 at 6:55 am

well if the market is not the problem why is everyone watching the market to see how it will react? if people sell their stock in banks etc. it sure will be part of the problem. it will definitely effect 401ks. the one group i want to be prosecuted is acorn.

MeAmerican Says:

Wed, Oct 01, 2008 at 6:48 am

I don’t follow your rational there. The warket isn’t the problem. The problem is affecting the market. Because fannie and freddie convinced the “banks” to make mortgages to people who couldn’t afford said mortgages during a booming economy. Since the economy has been projected as in a downturn these bad loans are now in serious trouble.So the “bailout” is a way for the ones that caused this mess an out. To get their neck outta the nose. To say.
There aresolutions to the problems although it shouldn’t be at the tax payers expense. Can you follow me? It’s not too difficult once you remove the cotton from your ears and blinders from the eyes.

Oh, BTW, Have a great day. I must go earn my keep now.

rosepetal Says:

Tue, Sep 30, 2008 at 11:01 pm

its all about the market that is the problem. the market will not help the banks.

MeAmerican Says:

Tue, Sep 30, 2008 at 8:37 pm

Funny how they fail to mention that the market regained today because of consumer confidence being up. This “bailout” as it was written was another step toward socialism. Anbody who hasn’t taken time to read the “Communist Manifesto”, SHOULD. In a nutshell,“To each according to their needs, from each according to their abillities”. Squeaker of the house Nutsy Pelosi, already new the “bailout wouldn’t pass. Therefore she gives a speech in order to blame the Republicans for it’s failure. When in reality it was a bogus plan. Let these banks, properties, fannie, and freddie go into bankruptcy to allow responsible people to take over the defunk system. Why is it that the ones who have gotten us into this mess be the ones to bail us out? Democrats are the ones 100% responsible for this crisis.