Impact of Wall Street drop hitting Grand Strand consumers - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Impact of Wall Street drop hits Grand Strand consumers

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NEW YORK (AP/WMBF) Not since the financial crisis in 2008 has the Dow Jones industrial average fallen so far, so quickly. Following Monday's drop, both Grand Strand residents and economists are reporting that they're feeling the impact of the decline.

"I'm extremely scared; I think I'm eventually not going to be able to be a stay at home mom anymore," said Jenae Richardson, an investor visiting Myrtle Beach on vacation. "I'm going to have go back to work to rebuild my 401k."

Nearly all agree that what's behind the now seemingly daily 400 point-drops in the Dow is growing concern that the global economy will not get better any time soon. Many may have expected ratings agency Standard and Poor's decision late Friday to downgrade U.S. debt down one notch from top rating AAA for the first time in history.

But some Grand Strand experts are predicting the recent drop on Wall Street could spell big changes for regular consumers.

"People are going to be pulling back, we'll see those saving rates really go up," said Dr. Rob Salvino, a research economist at Coastal Carolina University.

On Tuesday, economists from CCU will be presenting two studies on the economy. One takes place at Myrtle Beach's City Council Meeting at 2 p.m. The other meeting is set to take place inside CCU's Wall College of Business early Tuesday morning.

Copyright 2011 WMBF News All Rights Reserved. The Associated Press contributed to this report.

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