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Potential Investors Lack Confidence, Have Optimism

Aired July 22, 2002 - 14:03   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.
KYRA PHILLIPS, CNN ANCHOR: We are going to Jason Carroll, I am told, in New York. All right. Well, now, the Dow is down -3. Well, just for a moment, we saw a great little pop there, Jason. I understand you're on the streets -- hello, I think we have got everything all together now, Jason. Talking with investors...

JASON CARROLL, CNN CORRESPONDENT: You got it together.

PHILLIPS: We got it together. Did you see that? The numbers popped for just seconds there.

CARROLL: It has been an up and down day, which is sort of how things have been going for us out here as well. Right in the middle of Times Square, as I said before, we are in the shadow of the Nasdaq. It is having sort of an up and down day as well. We have been getting the vibe from people out here on the street, talking to them, what they think about the market, what they think about the whole corporate scandal that has been going on. Let's speak to some of the people who I met just a few moments ago. We have got Christopher Gimbrowski (ph). We have Denise Berens (ph), and we also have Diane Domingez (ph). All three of them here, we have been chatting just a little bit about the markets. Ladies first, let's start right down here. Give a sense of what you have thinking lately about everything that has been going on between Enron and WorldCom.

UNIDENTIFIED FEMALE: Overall, I would say it's sad with everything going on, especially after last year. You know, you always try to look at the bright side of things. So, doesn't help today what's happening in the market, but hopefully things will recover, and we can try to enjoy the rest of the summer, actually. I'm glad I have my money in the bank. I can tell you that.

CARROLL: But what about money in stocks? Have you invested at all in stocks?

UNIDENTIFIED FEMALE: Not as much as my colleagues and friends and my family and my brother.

CARROLL: Let's move over to you, Denise (ph). Denise (ph), some of your thoughts in terms of investing. A lot of people, obviously, wanting to pull their money out of stocks. Where do you stand?

UNIDENTIFIED FEMALE: I don't -- I'm in the same boat as Diane (ph) as well. I don't have as much invested in stocks, probably because I didn't always have the money, and right now I'm very glad I didn't. But it is very scary. You know, if things don't start to pick up now to see and wonder where we are going to go, it's a little disturbing. I don't know.

CARROLL: Christopher (ph), we were talking a little bit earlier about the whole boom and bust type of theory that's been going on. Give your sense of where you stand in terms of how the market has been performing?

UNIDENTIFIED MALE: Where do I stand? I think that it's part of a general reappraisal of how long Americans are going to invest for. I think people with dotcom and all that started investing for the short term. Now they might think more toward the long term. Me, I'm just holding on like a drowning man to a twig, and hoping that everything keeps on going my way, and that I don't lose any more money than I have already lost.

CARROLL: I am curious, and I am going to poll the three of you here, just a quick sort of poll here. What do you think about investing for the future? Where do you stand in terms of that? I mean, this is what a lot of people are looking at. They are looking at people like you, in your 20's. What are you going to do with your money?

UNIDENTIFIED FEMALE: Property.

UNIDENTIFIED FEMALE: Property. Real estate.

CARROLL: A lot of people have been doing that.

UNIDENTIFIED FEMALE: Trying to get some money.

CARROLL: Me too.

UNIDENTIFIED FEMALE: I don't have a whole lot of it to invest right now. That's the problem. If I did, I could probably talk to you a little more about that.

CARROLL: Christopher (ph), how about that? You are going to keep your money in stocks, what are you going to do?

UNIDENTIFIED MALE: I think I am going to go conservative for the long run, nothing special, nothing too dynamic, but a little bit of mobility.

CARROLL: All right. And final question, very quickly. Optimistic, pessimistic, unsure? Where do you stand?

UNIDENTIFIED FEMALE: I am an eternal optimist, so I am going to hope that it gets better. I don't want to see it get any worse right now, and I don't really want to imagine that, but I guess just have to take it one day at a time right now.

CARROLL: OK.

UNIDENTIFIED FEMALE: Definitely optimistic. All the time. Glass is always half full.

CARROLL: All right. Two votes for optimism. Christopher (ph), where do you stand?

UNIDENTIFIED MALE: I think -- I think it is going to be three votes, although I am going to tell you that I think I am going to become more devout.

CARROLL: You see, this is why I love New York. Everyone is optimistic here. This is why you have to come to the city. All right, the three of you, thank you so very much for joining us.

So once again, Kyra, up and down day at the markets, but three optimists out here, and basically that is what we have been hearing, even though a lot of people have been pulling their money out.

Today, some people are saying -- some are cautious, but many of the folks that I have been coming across are saying, Look, this is just a part of what the markets do, and we are going to be optimistic about the future -- Kyra.

PHILLIPS: All right. Jason Carroll, good news. Thank you so much.

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