Some would call it history in the making, while others consider last week one wild, queasy roller-coaster ride. Either way, the stock market dominated the news. While the changes taking place with the stock market, financial and insurance institutions were momentous, there probably won't be much lasting impact felt on the local and regional economy in Washington State or to people's pocketbooks, according to some local economists and financial planners.
"What we saw was a crisis of Wall Street, not of Main Street. If handled properly, the turmoil won't make it down to Main Street," said Michael Parks, editor and publisher of Marple's Pacific Northwest Letter and regular public speaker on the regional economy.
What may happen as a result of the stock market turmoil is a continued tightening of credit, which could slow down the local economy. A more conservative lending atmosphere could mean that some commercial projects won't get funded, or standards may become tighter for those trying to buy a home.
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