Looking for that money tree - WALB.com, Albany News, Weather, Sports

Looking for that money tree

Posted: Updated:

By Karen Cohilas - bio | email

June 27, 2008

ALBANY, GA (WALB) - The price of oil hit a new record Friday, sending the stock market into a frenzy. Continued speculation of fuel prices and housing market woes have contributed to the wild ride your stocks are taking on the market. But the economy isn't just affecting those with money tied up in investments, and folks who are short on cash, are trying to find some anywhere they can.

It's the place where dreams come true. "I'm going to Disney World," said little Aaliyah Wright.  Unfortunately, paying for the trip can be a nightmare. "Because of the cost of gas," said Sarah Mack, "everyone is trying to get every little thing that they can. It's a quick way, I guess." A quick way to make a few bucks. From yard sales, to setting up a sales booth on the side of the road.

Merilyn McCray doesn't dabble in stocks.  She says, "No and I wouldn't want to 'cause it's like this gas and it goes down and you could lose everything." So instead, she stocks up with Avon and hopes she'll have customers to help her pay the bills. "Well," she said, "we all hope it will get better."

Darton College Economics professor Aaron Johnson says the only thing to fear in the economy, is sometimes fear itself. He said, "A lot of it is driven by consumer fear. The other aspect we look at is inflation expectations."

And if there is inflation of speculation. "There's questions as to whether this is ethical, as to whether this is being driven by something that's not based on supply and demand." Driving the stock market down, as the prices you pay for goods, continue to rise.

Today the Down Jones industrial average closed down more than one hundred points. That's after a fall of more than 300 points yesterday.