Financial future may depend on response

Local financial experts are calling for an extended hiatus for stock markets and predicting an initial slowdown in the market, which may present buying opportunities in the wake of terrorist attacks in the Eastern United States.

Cliff Maclin, a Carson City-based financial services representative, said for the swiftest possible recovery markets should declare a time-out for investors and the emotional Americans.

"The best thing would be for President Bush to put the financial markets on a recess for a week or even two weeks," Maclin said. "The stock market is controlled by people. Americans need time to get a sense that life goes on and that we will recover."

Maclin said for the financial world the greatest loss will be some of its most influential people who worked in the financial firms inside the World Trade Center towers. After the second World Trade Center tower was hit by a terrorist-orchestrated airplane crash, the stock market closed for the day Tuesday.

"Part of the reason it's a good target is because some of the most powerful, influential people in the world work there," Maclin said. "One of the intentions of the terrorists was to destabilize the economy emotionally."

It is a sentiment echoed by Mike Reed, dean of the business college at the University of Nevada, Reno.

"The finance markets will come back and do what finances do," he said. "They will come back absent a lot of very, very good people, whom we need to remember."

When trading does resume, and stock markets start up again for business, Maclin said there is the possibility of investors pulling money out. But that situation does not have to be all bad for those who remain confident.

"The initial weakness may provide a buying opportunity," he said. Maclin said he will advise his clients to take advantage of the buying opportunity.

As for the long-term prospects for the economy, and a continuation of economic growth - "that will depend on the way our government responds to terrorists." Maclin said a precedent needs to be set.

"They want us to feel like we are not safe to conduct business as usual," he said. "Bush needs to orchestrate a common voice."