The view from Main Street
Host Tess Vigeland and reporter Amy Scott are on the road to see how the financial crisis is affecting people all over the country. Tess reports on how residents in Salt Lake City are weathering the storm.
Tess interviewing Stephen Eccles Denkers at Lamb's Grill in Salt Lake City. (Tess Vigeland / Marketplace)
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From MS, 10/10/2008
The current fall in the stock market is not really a fall but a correction. The stock market was a pyramid scheme where the prices were hyped up with naïve people falling for the 'hyping'. It was a huge industry. On one end was the individual stock buyer, who was the ONLY source of cash. As long as the buyer keeps putting money into the market, the entire industry reaped a benefit. From the 'underwriters' like GoldmanSachs, who bought stock by the bulk from the originating company, to Marketplace.org, who got a piece of the action from GoldmanSachs (or the like) via donations, -the entire industry, brokers, advertisers, news agencies, they all got a piece of the action. But there was only one problem. There were only so many foolish investor individuals, -and sooner or later they were all invested. Marketplace.org did its own part in the propaganda. Remember Tess Vigeland (spelling?)'s interviews with the 'stock clubs'? Old women in virginia explaining there 'techniques' in choosing stocks? And did you notice how these interviews all ended at the height of the bubble? Where are these old women now? Why is not Ms Vigeland interviewing them now? Because the industry doesn't pay Ms Vigeland or Mr. Risdal (a navy soldier turned stock market guru?) for telling the truth. They are paid to spin a tale, -a tale of excitement, of success, of riches. Well, let us hope this teaches the naïve people a lesson, and the likes of Mr. Risdal and Ms. Vigeland (and their editors and sponsors) a lesson. Human civilization has produced many clever technologies that has given it some extra cash. Instead playing or gambling with that cash, and letting the stock industry get rich in the process, the cash can now go to real savings, real banks and real investments. At least for a generation. Then the new generation will come with their own naivete, and new Ms. Vigelands and Mr. Risdals will be there to tell new lies to them. But for now, evil has been defeated. It is time to celebrate
From Royal Oak, MI, 10/07/2008
Hi Kai:
I believe last week it was noted on the show that there were approx. 55 (?) million morgages of which at last count approx. 3% had defaulted (clearly this rate will rise) but it should also mean 97% of us are paying our morgages ontime. Maybe I'm missing something - but how can a single digit default rate be the main culpit of this mess ???
Also it'd be great if you got each of the presidential candidates on your show to explain - how they're not going to change (cut) anything out of their agenda yet be able to pay down our massive gov't debt - the current discourse amounts to lying to the American public.
Thanks, JJ
From chicago, IL, 10/06/2008
main street view it not a crisis and fanaical crisis.
From Annandale, VA, 10/06/2008
Your Dartmouth professor ("he who can, does; he who cannot, teaches") tonight (October 6th) does not get it.
Main Street (you , me, we, the taxpayers) have NOT been bailed out by the government - ever. The latter earns zero. It collects from us, the productive wealth makers of this country. All it may have done is ease up on the tax brakes here and there. And WE ARE the COUNTRY, the wealth, the backbone. The government du jour is NOT.
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