LOS ANGELES, Oct. 7, 2008
Extreme Economy Brings High Stress
CBS Evening News: Bad Financial News Equates To Hard Times Mentally, Too
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Play CBS Video Video Coping With The Crisis A new study shows that 80 percent of Americans cite the economy as a major stressor. Ben Tracy reports on how best to cope with the financial crisis.
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(CBS/IStockphoto)
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Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
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Timeline Financial Meltdown Track major events that lead to one of the most tumultuous times in Wall Street's history.
"The suspect alluded to having extreme financial difficulties," said Los Angeles deputy police chief Michael Moore.
And while his reaction was extreme, the round-the-clock barrage of bad news is like a jackhammer pounding away at everyone's sense of financial security, CBS News correspondent Ben Tracy reports.
"All you are hearing around you is 'catastrophe,' 'crisis,' 'meltdown,'" said psychiatrist Dr. Richard Peterson.
He's also a hedge fund manager who's been tracking the fear level among investors.
"This is the highest we've been in the 26 years we've kept track," Peterson said.
He says fear and stress often trap people in the past.
"One reason people are having such strong emotional reactions now is that they are comparing where they are now to where they were, say, a year ago, two ago," he said.
So what is there to do?
Experts say:
Maggie Hollinbeck, a therapist herself, is seeking help from a financial planner.
After decades of prosperity, she was blindsided by the financial meltdown.
"Things were good and things were getting better all the time, and I almost didn't see this coming - I think I really didn't see this coming!" she said.
But now it's here, for so many Americans. And while it may be true that "this too shall pass," it doesn't appear to be in too much of a hurry.
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- I had an invention that I was told would do great in the Promotional Products Industry. I was then told to gather up all my documents and a prototype then present it to a (supposed respectable person)friend of a friend. I called and we talked. He said he needed to call some people and set it up for me. Well that was a lie. I spent about $5000 I didn''t have and used my work days to try and meet up with this guy and his people. Calling every other day for approximately a year and no return. This guy said he had bought out his partner and is now 10mil strong instead of the 3mil he was at. I assumed he would be more apt to get me on board. I ASSUMED: WRONG.
He basically forgot I even existed and I hardly see my other friends because of this.
I didn''t give up, I learned a lesson of trust and GREEDY CORPORATE AMERICA. I went back to my old job and am continuing to create even though investors aren''t looking in the right direction, YET! - Reply to this comment
- I have been in the first time buyers situation and have stated before that I got out of it. I asked people who knew about financing and realestate to get to the position I am at now. I have also told people about how I am good at budgeting and working out a means with the current projected income. I have told friends that I can help them with theirs and because of greed and privacy they have now plundered like this guy. Every body thinks they are so smart just because they went to college and make more than 50thous a year. More Retardation.
Our government made it so friends and family won''t trust eachother, yet made it possible for outsiders to now pry for dirt. Oh how messed up our nation is due to CORPORATE GREEDY AMERICA. - Reply to this comment
- corporate greed, governmental prostitution rings, and wide spread gambling. What was once recognized as illegal is now legal? One mans story of killing his family is the same as a woman that drove her family into a lake (not during global market downfall). This story is just something to thwart the American People from seeing the truth about what is really going on in our Country. Once again a show of how money and power in the wrong hands has corrupted the system.
It used to be news when a poor or middle class family shot up the place. It is only important if your house was bought at 700,000 went to 1.5 mil sometime last year then fell to 500 thou this year. Why always worry about the now in financing. It is obvious that this man did not learn proper financing and got himself into trouble and more trouble and more trouble before realizing that asking for help was too late. Offing yourself and your family is just an easy way out. - Reply to this comment
- THE REST OF MY STATEMENT
AIG will come back one way or another and the banks are really doing nothing different than Saddam Hussein when we said we are comming there to get him. Our millitary is fast and efficient, but for some reason we did not get there until three months later (enough time for Saddam, friends, and equipment to leave the country).
The Stock market needs to crash in order for those conglomerations that are stealing from the Worlds Consumers will close.
Why do the Stock Exchange Reporters keep telling the world they know what Consumers want when it is you stupid speculations that got you into this mess.
STOP ASSUMING YOU KNOW AND ASK US WHAT WE WANT. REMEMBER THAT ASSUMING AND DECIDING FOR OTHERS WILL GET YOU IN TROUBLE. Oh! You did already. I predict a continuation of NYSE ignorance and a complete crash before the bailout is all used up.
THANKS GREEDY CORPORATE AMERICA - Reply to this comment
- Well it''s about time you feel what it is like to be caught substatially in your own crime. The police may not be involved, but it surely show how much pain you should suffer for making you life all fluffy with money and power. You are the kind of people that are out for yourselves and do nothing to help or support others. When was the last time you opened a door for some one, helped a person up after they had tripped/fallen, when was the last time you went to a poor neighborhood and gave something of value a way in order to feel better.
The realestate market should stay this way until buyers learn what it takes to buy and KEEP. Most of the housing industry that has foreclosed is from retarded buyers that thought they didn''t need to read the fine print. I got out of my ARM loan as soon as the two year prepay penalty nearly ended.
Most of the families that have been foreclosed on have obviously spent more time worrying about their selfishness than reading and understanding every peice of paper there is in signing over new Documents on a Home. Asking as many questions about them too. No. Most decided that it wasn''t important enough, rushed through the signing, gave whatever it took to get the keys, and begin trying to live happily ever after. "Ignorant Bliss for the Prudent and the Like." - Reply to this comment
- Here is a strategy to consider. Don''t invite any deadwood into your life. If you are considering having children, DONT. If you are considering marrying someone that you believe might be a reliable partner but you''re not quite sure, DONT do it. A lot of the stress in life comes from other people making demands from you. If you can keep them out of the obligation box, you can tell them to demand from someone else. If you can isolate or at insulate yourself from demanding people, you''ll feel a lot less stress and you may enjoy watching them flop around trying to get a foothold one somebody else''s energy.
- Reply to this comment
- Prescription Drugs are not the answer, they make the problem worst.
- Reply to this comment
- I KNOW THIS ECONOMY CRISIS HAS BEEN HARD ON ALL OF US. BUT THAT MAN THAT KILLED HIS FAMILY AND THEN KILLED HIMSELF WAS THE WORKS OF SATAN. INSTEAD OF PANIC AND FEAR. THATS WHEN YOU TURN TO PRAYER AND GIVE IT TO JESUS CHRIST. HES OUR PROVIDER. I LOST MY JOB IN JULY 08 AND I STARTED TITHING GIVING TO GOD''S KINGDOM. I ONLY HAD 59 CENTS IN MY ACCOUNT. I WOULD GIVE TO MY CHURCH AND HELPING DAYSTAR CHRISTIAN NETWORK. GOD SAYS WHEN YOU PLANT A SEED FOR ME,I WILL GIVE YOU A HARVEST. NOT UNTIL SOMETHING LEAVES EARTH,WILL GOD POUR OUT A BLESSING FROM HEAVEN. AND BELIEVE WITH FAITH. ONE DAY I WENT INTO MY CHECKING ACCOUNT I HAD OVER $600.00 DOLLARS SITTING THERE PLUS I RECEIVED $20.00 FROM MY MOM FOR MY BIRTHDAY,PLUS WENT TO TACO BELL DROVE UP AT 9:00P.M. IN A PARKING SPACE,GOT OUT OF THE VAN AND A $5.00 DOLLAR BILL WAS LOOKING AT ME NEXT TO MY FEET. I SHOUT TO GOD THANK YOU DEAR JESUS,THANK YOU! I KNOW JESUS WILL HELP ANYONE THAT CALLS ON HIS NAME. YOU DONT HAVE TO KILL YOURSELF OVER MONEY. START THITHING FOR GOD AND SEE WHAT HAPPENS. HE LOVES YOU SO MUCH.
- Reply to this comment
- Duh, let me guess-somebody with a PhD in psychology came up with this brilliant deduction?
What is this where psych guys demand being called "Doctor" and insist on calling everyone else by their first name. You guys are worse than the tooth fairy, seed-faith ministers, and Santa Claus. It only works if you believe.
My apologies to the tooth fairy and Santa Claus-No disrespect meant with the association of your respective professions to the other pseudosciences. - Reply to this comment
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