Local Adviser on National Economy

By: Blaine Tolison Email
By: Blaine Tolison Email

The fact that the DOW dropped more than 800 points at one point on Monday has everyone weary of the future. However, experts say to only worry about the things you can control and to try and maintain during these tough times.

The bad day for the market ended with the DOW at a loss of nearly 370 points. And for many hoping the bailout will eventually come through, they're worried. Frank Williams, a Tallahassee resident said, "It's difficult to predict. I just hope that they're making the right decisions for the best of all of us."

And those making decisions urge that there is no quick fix, as President Bush did his best to quell fears saying, "We don't want to rush into this situation and not have the program be effective."

Local financial adviser with Waddell & Reed, Rick Theobald, says Wall Street's current day to day status is not an indicator of the big bailout's success. "You can't mistake a sell off day on Wall Street as Wall Street's ratification of whether or not it's a good or bad plan. There are some truisms that the market will react how it will react." said Theobald.

And although the Federal Reserve is making more money available for borrowing, there's still a waiting period until the economy shows improvement. Experts say average Americans should not be scared--they should be smart with their money.

"You need to do the basics of blocking and tackling the little things like, if you have a budget, live on a budget. You need to save some of your money. You need to give away some of your money and you need to care more about the other guy than you do yourself because we're all in this together." said Theobald.

For the very latest on what the government is doing to try and help the economy--it can be found on the web site for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Just click the link below.

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  • by Anonymous on Oct 8, 2008 at 06:44 AM
    If he's so good with the National Economy why is he just a tiny little local advisor. Its Rick Theobald, not Chairman Theobald, Senator Theobald...no its just good ole Rick Nobody.
  • by Oz Location: Tallahassee on Oct 7, 2008 at 05:58 PM
    I would advise people to stop taking all of these financial advisers' advice. One of the problems with the economy is that people need to get in touch with their own economic position and manage it themselves. The bailout is nothing more than a scheme that we will never see any effects in its stabilizing the economy. The banks are not the drivers of the economy; everyday American consumers are the ones at the wheel. Until we start focusing on the main street consumer, the economy will continue to falter. People need price stabilizations on basic commodities such as food, gas, and other necessities. Housing prices, unfortunately, do have to fall at least 15% to 20% more in value for this market to 'recover'. People, we were living a dream for many of these years with these inflated home prices. Until the market is willing to feel pain and consequences, we will see this financial crisis drag on forever. The government cannot cure all of our problems folks; take responsibility.
  • by spock Location: saturn on Oct 7, 2008 at 07:20 AM
    I'm looking for that "other guy" that cares about me more than himself. The only one I can think of is...God-can you help us through this?
  • by Robert Location: Obrien on Oct 7, 2008 at 04:22 AM
    I would not follow advice from a financial advisor who tells you to "save" and also tells you to "give away your money". Most working class people I have known have had the difficulty doing either when supporting their family came first.
  • by TaylorCountyCitizen Location: www.OurTaylorCounty.com on Oct 7, 2008 at 04:04 AM
    One can only wonder how poorly the market would've reacted had the bill NOT passed.
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