Regular Missourians hurt by huge stock plunge
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Regular Missourians hurt by huge stock plunge

Date: October 1, 2008
By: Joshua Skurnik
State Capitol Bureau

 

 Intro: It is not only wall street big wigs who will feel the effects of yesterday's stock market plunge.

Joshua Skurnik (SCUR-nic) has more from Jefferson City 

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J.H. Rogers Chair of Money, Credit and Banking for the University of Missouri Steven Ferris says that regular Missourians will be directly or indirectly effected by the aftermath of yesterday's events. Yesterday marked the largest single-day stock sell-off in US history.
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Description: The decline in the equities market is gonna effect the return on a lot of investment portfolios. That's gonna have implications on retirement, nest egg sizes.

Ferris remarked that any Missourian with investments in pension plans, savings, or mutual funds regardless of size will see adverse changes.

Reporting from the state capital, I'm Joshua Skurnik


Intro: Yesterday's stock plunge has implications in retirement plans.

Joshua Skurnik (SCUR-nic) has more from Jefferson City. 

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J.H. Rogers Chair of Money, Credit and Banking for the University of Missouri Steve Ferris says the decline in the equities market will effect the return on a lot of retirement plans.

Retirement plans whose portfolios are heavily invested in equity are certain to incur adverse changes.

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Description: You're going to see a decline in value, a decline in the ability to make withdrawals 

Ferris said that if the crisis extends over to the corporate economy it could effect the ability of companies to make payments on their own pension plans.

Reporting from the State Capital, I'm Joshua Skurnik  


Intro: Despite the largest single-day stock sell off in history, we will not see another Great Depression.

Joshua Skurnik (SCUR-nic) has more from Jefferson City. 

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J.H. Rogers Chair of Money, Credit and Banking for the University of Missouri Steve Ferris says there will not be another depression of the thirties.

He says that mistakes made in the 1920's by the federal reserve concerning monetary policy and legislation restraining foreign trade greatly deepened the recession at the time.

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Description: I think we have more sets of regulations and were probably just a pull smarter in terms of how to manage our monetary and fiscal policy, so no, I don't for-see a great depression on a scale of the 1920s 

 Ferris recommends at this time to make careful and prudent financial decisions regarding investments, and to not act in a panicked or emotional state.

Reporting from the state capital, I'm Joshua Skurnik.


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