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Triangle residents react to Wall Street tumble, hope for rebound

Posted August 8, 2011

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— North Carolina watched as the Dow Jones industrial average took a nose-dive Monday, but perhaps the 634-point plunge was especially palpable for Triangle resident Denny Mercer. Trouble on Wall Street cost him more than $130,000 last week alone.

Mercer retired in 2000; he and his wife are living off their retirement savings, which are tied up in the stock market.
 
"I'm not missing any meals at this point, but I can't take $100,000 a week," Mercer said. "That's a whole lot more than I ever earned."
 
He said he worries most about the longevity of his money and whether it will last long enough to provide for his family after he's gone. 
 
"I'm not worried about this week, this month or this year, but my wife is 17 years younger and I have an obligation to leave something for her to live on," Mercer said.
 
Mercer said things have gotten worse in recent years, but he hopes it's just standard market fluctuation.
 
So does Raleigh attorney Rick Lovett, who hopes to retire someday and keeps a close eye on his investments.
 
"I think everybody is concerned to a certain extent because, anytime you think the bottom is falling out, everybody says, 'What can I do differently?' or 'Did I do anything right in the first place?'" Lovett said.
 
Lovett said he's conservative with trading and believes that time will turn things around on Wall Street, hopefully before he's nearer to retirement age.
 
"I think things come and go. There are cycles, and I believe it will come back," he said. "I'm not one of those doomsday guys that's going to stock up a bunch of food in Utah or something."
 
For younger generations, planning for retirement early helps to assuage financial fears about the future.
 
Alex Barbour, a 2011 college graduate from Raleigh, has already opened a retirement account. 
 
"I set one up because I wanted to be prepared for whatever came next," she said. "I didn't really know what was ahead and I wanted to start saving now, so that the future might be a little easier." 
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  • DontLikeTheSocialistObama Aug 9, 2011

    ""In other words, Obamas binge is fine as long as we can get "rich people" to pay the tab at some point."

    well the poor don't have the money and only one group have gotten richer over the last 20 years.....so yes I guess it will be the rich that pay the tab, and they will hardly notice the difference. maybe have to get an E class rather than a S class Merc.....hard times indeed. - haggis basher"

    Even if you taxed those making over $1 Million 100% of their income you wouldn't make a dent in the debt.

    Even if you go after the so called rich according to Obama making more than $250,000 you still wouldn't make a dent in the debt.

    In this county we don't have a tax revenue problem.

    We have a spending problem.

    As long as Obama continues to spend like a drunken sailor, the debt is going to continue to go up.

    We need to reduce non-Social Security and Medicare entitlement programs.

    Time to end the wealth transfer welfare entitlement programs.

  • gary2 Aug 9, 2011

    http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgraded_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8

    Copy and paste the link above for Standard and Poors downgrade statement.

  • SurvivorOne Aug 9, 2011

    In just four days last week, President Barack Obama’s administration increased the national debt by more in inflation-adjusted dollars than the administrations of Presidents Harry Truman and Dwight D. Eisenhower increased the national debt over the entire decade of the 1950s.

    This DNA has done more damage to America than terrorists have done. Of course, this is what his plan is and what he wants to happen.

  • haggis basher Aug 9, 2011

    "In other words, Obamas binge is fine as long as we can get "rich people" to pay the tab at some point."

    well the poor don't have the money and only one group have gotten richer over the last 20 years.....so yes I guess it will be the rich that pay the tab, and they will hardly notice the difference.
    maybe have to get an E class rather than a S class Merc.....hard times indeed.

  • haggis basher Aug 9, 2011

    "Adolph, why did you have to gas 6 million innocent people? No one ever did such a thing before!"

    sorry under Godwins law you just lost the argument.......and rich people have always paid most of the tab in the US because they are the ones that can. Income tax for example was never paid by all who worked and was always more for those that earned more.
    What is important is the equality of Burden that taxes impose not the actual rates.

  • haggis basher Aug 9, 2011

    "The problem in this country, and enhanced by PBO himself is class envy."

    do you mean money envy? money is not class.....a error Americans often make.

  • aetius476 Aug 9, 2011

    "different times require different actions?" - I guess that non-answer could be applied to anything. Gee, Adolph, why did you have to gas 6 million innocent people? No one ever did such a thing before!

    In other words, Obamas binge is fine as long as we can get "rich people" to pay the tab at some point.

  • Bring on the 4 Dollar Gas Aug 9, 2011

    Let's all line up atop the building, it's time to jump.
    You'll be working at least 40 mores years just to cover your losses from the last 4 days.
    Take a bath and clean up. We need you to clock back in at age 75.

  • anti-Hans Aug 9, 2011

    The problem in this country, and enhanced by PBO himself is class envy.

    Many of you commenting on here about not feeling sorry for this guy "because he has enough" have got to be joking. I guess it is only fair that you dont have that much so it is fair for him to lose his. How did he get his?

    No, I dont have near as much as he does, but you know what? I am happy he has what he does. He probably needs to have some diversification but no one should be happy he lost that amount of money.

  • haggis basher Aug 9, 2011

    "So why is it OK for Obama to continue in the ways you hate so much?

    different times require different actions?

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