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...1/2-year slide in stock prices that on Friday left the market at a five-year low, Americans are more worried about their financial future than at any other time since the turbulent '70s. They flocked to stocks in the roaring 1990s, only to see $7.7 trillion of paper wealth incinerated. If the scandal and collapse at Enron had been isolated, the nation's deflated sense of opportunity might have been repaired by now. Instead, the lid has been lifted on bogus revenue-generating schemes throughout the energy and telecom industries; earnings deception on an even broader scale; and the frightening...
...including Sears and Ford, have scaled back health-insurance benefits for retirees. A smaller and smaller percentage of Americans (now just 16%) receives guaranteed-benefit pensions from their employers. Americans are more dependent on 401(k) savings plans--in which balances have been shrinking (4% in 2001, to $10.9 trillion) despite record amounts of new investment ($140 billion last year...
...what? Stocks have dropped below their post-Sept. 11 panic levels. Since March 2000, nearly $7 trillion of stock-market value has been destroyed--a chunk of it no doubt coming out of your 401(k). Far from sensing a bottom, sellers kept digging deeper last week, driving the S&P 500 to a level last seen in May 1997. A lot of folks long ago lost the casino's money; whatever they still have in stocks is money they earned on the job. Should you ride out the slide? Or bail...
...fortunes of America Inc. depended on the willingness of the nation's consumers to keep whipping out the plastic even as jobs, bonuses and retirement funds were disappearing by the hour. But not even the consumers' continued spending was enough to prevent U.S. corporations shedding more than $2.5 trillion in market capitalization this year. Consumers have done their bit; now it's up to the investors to keep us afloat...
...Administration is gearing up for its next big energy battle. This week the Environmental Protection Agency will issue a crucial report on a plan to extract natural gas from an area in the Rocky Mountains four times the size of the proposed Arctic refuge site. The Administration says 25 trillion cu. ft. of natural gas is buried in Wyoming's Powder River Basin--enough to supply the U.S. for a year and worth up to $46 billion to energy companies. The Administration wants to green-light the drilling of more than 35,000 new methane wells in the basin...