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Survey paints mixed picture of local reaction to meltdown

Survey paints mixed picture of local reaction to meltdown

Nearly two-thirds of New Yorkers say the economic meltdown is having a serious impact on their house

Nearly two-thirds of New Yorkers say the economic meltdown is having a serious impact on their household, according to a new survey by the Siena Research Institute.

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To view complete survey results, including breakdowns by gender, age, income and political affiliation, click here.

Of the 504 New Yorkers surveyed, 51 percent said they lost a significant amount of money from their retirement account over the past few weeks, while 50 percent said they do not think they'll be able to maintain their current lifestyle. Meanwhile, 59 percent said a global economic depression is imminent, with 56 percent expecting widespread bank failures, 77 percent expecting unemployment to reach near record levels and 45 percent saying these are the worst economic times since the Great Depression.

At the same time, however, 72 percent said the stock market will regain its recent losses, 65 percent said the government bailout will begin to bring the economy back to health soon and 52 percent said the crisis isn’t as bad as some say.

“Today’s mixture of concern and confidence seems confusing, almost dizzying, but that’s exactly how many people feel right now, said Douglas Lonnstrom, professor of statistics and finance at Siena College and founding director of the Siena Research Institute. "New Yorkers know that this crisis is real for the nation and frightening for them personally, but for now, despite the daily drama played out on Wall Street and lived on Main Street, most continue to fight off this financial and emotional vertigo and hope for a strong hand to grab the wheel.”

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