Wall Street Woes Trickling Down To Main Street

August 4, 2011 11:58 PM

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MIAMI (CBS4) – The closing bell may have reverberated throughout Wall Street and among financial analysts, but not so much among many Americans on the street.

Including those still out shopping in Miami-Dade County.

“I’m not worried!” said shopper Jennifer Louis.

After all the drop in the Dow only means the drop in the price of all but one of 30 companies that make up the Industrial Average.

A drop that analysts blame on concerns about the shaky economies of Italy and Spain as well as fears here in the US about a slow-down in future purchases from companies that make up the Dow, companies like automaker General Motors and retailers Target, The Gap and Macy’s.

Part of that uncertainty revolves around the job market. New, expected poor, employment numbers are due out Friday.

Michael Bowmen knows all about that,he’s been out of work a year and a half and is now begging on the corner of a busy Miami intersection.

“I’m worried soon others will be in the same spot as me,” said Bowman.

CBS4’s Stephen Stock reports that one company that makes up the Dow did see a rise in its stock price, Kraft Foods, maker of these fine products actually saw its price go up.

After all, economists say everyone’s got to eat.

But not even that appears to be secure right now.

Stock spoke to some shoppers worried about the price of basic essentials.

“I’m worried about commodity prices going up and that will mean my groceries bill will go up,” said Juan Deabreu.

young investor

Well, greed finally does catch up with you!

Just like the people who flipped houses and condos here in South Florida. It was so nice that the tax payers bailed out the gamblers and greedy banks! The country is going under, but at least we helped the money hungry theives out in their time of need!
Outraged Taxpayer

This is all paper shuffling. The big guys control the market and the little fish get hurt. I believe there will be another 2,000 correction before it is over.
Will Kane

Well, lets just re-elect this genius we have for a President and let him finish destroying the economy. No one is his “cracker jack” staff know anything about the economy. I have an idea, maybe if we made something in this country again, that would cause the companies to hire people. We don’t make anything anymore except fast food, pills and booze. Bring manufacturing back, that creates jobs.
Papabear

The greed from trickle down economics now show their ugly face. Profits from the tax cuts never went to creating new jobs. They were used to develop cheap labor manufacturing and also new foreign markets diminishing our middle class as workers and consumers. Now those new global markets are edgy in this cycle of greed is coming back in theirs and our faces. A country that created the industrial revolution is now a third world country. Great vision by industry and our elected.