A ‘shocker’ in New York city’s stock market: A stock-market ‘shaker’
The stock market is a “shocker” in New Yorkers’ lives, according to a local trading card manufacturer.
“It’s been a real shock,” said David J. Purdy, a card-maker who has built a reputation as one of the city’s best.
“This is something that could have been fixed for a lot of years, so I’m really surprised by it.
The stock is up by $1,200, and the price is up $1.”
Purdy said the stock market has been “the biggest shock to New Yorkers since the dot-com bubble.”
But he said the city has been able to absorb the fallout of the collapse of the dot com economy.
“We’ve had a lot more work done since then than we had in 2009,” Purdy told CBC News.
The city’s Stock Exchange has experienced a drop in orders, but he said it is still one of New York’s most important trading exchanges.
Purity testing has been ramping up, and people have been able see their transactions in real time.
But Purdy doesn’t expect it to be a big hit to the stock.
“I think they’re going to get a lot back, because they’ve had all the other stuff go down,” he said.
The collapse of one of Canada’s most lucrative stocks in 2008 has been the biggest stock-price shock since the stock-exchange crash of the early 1990s.
The Canadian Securities Exchange (CSX) saw its share price fall by more than 40 per cent in less than two years, in the wake of the company’s collapse.
The company has since recovered, but the impact of the 2008 stock-bubble collapse was felt far and wide.
Pensions and benefits cuts have been a big issue for the city, with millions of dollars of benefits wiped out in 2008, Purdy noted.
“A lot of people are still struggling, and a lot are having to find work,” he added.
“People are really struggling to survive.”
The city is now back on track to return to its pre-2008 levels, but Purdy is concerned that the impact will be more limited.
“The big thing is that the economy hasn’t recovered,” he noted.
He said it’s also important that the city is not overly reliant on the federal government.
“Our pension funds, our social-service providers and so on, are not the same as the ones they were before the dotcom bubble, and they haven’t been the same since the crash.”