Return to Transcripts main page

CNN Live Saturday

Some Investors Choose to Ride Out Hard Times

Aired July 20, 2002 - 17:07   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: Some investors riding the downward slide are trying to catch their breath this weekend. Others say they don't have that luxury. Here's Washington correspondent Kathleen Koch.

(BEGIN VIDEOTAPE)

KATHLEEN KOCH, CNN CORRESPONDENT (voice-over): It hasn't been smooth sailing for anyone with money in the stock market. Still, some investors like Mike Paulik aren't ready to jump ship.

MIKE PAULIK, INVESTOR: Like everybody else I'm down, but if I had money to put to work, I'm going to put it to work early next week.

I think if I don't, I'll probably miss the upside.

KOCH: Scott Sheridan, who sells boat tours at the Potomac, is also staying the course.

SCOTT SHERIDAN: I don't think anybody is getting good news. I think on Thursday or Friday they said there was not one stock that had gone up, so I'm just letting it ride, and I'm diversified enough that I think it's going to be not too bad.

KOCH: Some financial experts agree.

UNIDENTIFIED MALE: At least if they're in their 30s, early 40s, certainly if they're in their 20s, this is actually great news. I know I this sounds bizarre, but it's great news for them, because what it means is that stocks are on sale.

KOCH: But those getting closer to retirement age are worried.

TONI SIMPKINS, INVESTOR: I just stopped looking at my statements when they come in, and expect to be working a lot longer.

UNIDENTIFIED FEMALE: We haven't taken a vacation, which really upsets my children. But -- because we go on a vacation every summer.

UNIDENTIFIED FEMALE: It's frightening to think that you could be flat broke in a week's time.

KOCH: And others back the call from the head of the Securities and Exchange Commission for jail time for corporate executives who lie to investors, spurring the latest downturn.

PAMELA WALKER, INVESTOR: I agree with that, as I read the daily paper and look at the different companies, and the, you know, the fraud and dishonesty and those kinds of things that have been going on in companies. I would say, yes, hard time.

KOCH: But though half of all Americans are invested in the stock market, half, like Wayne Alexander, aren't -- a happier half after Friday's plunge.

WAYNE ALEXANDER: I don't even know what happened. God's truth. Don't know what happened and don't care.

KOCH: Kathleen Koch, CNN, Washington.

(END VIDEOTAPE)

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com