Writing New York: Posts from the Boroughs and Beyond — 2008-2011 Rotating Header Image

Economic fears hit East Flatbush

Residents of East Flatbush, Brooklyn are concerned about their economic stability as firms on Wall Street continue to fail.

“It’s actually very scary to know that the economy is on a downward spiral,” said Brooklyn College undergraduate Michaella Dauphin.  This fear has been expressed by many.   As St. Francis College student Claude Lyons states, “I don’t know what the future has in store for us.” 

Our economy, and now Wall Street, is deteriorating.  Problems began with rising oil prices.  Then jobs seemed to disappear and the unemployment rate increased.  Now, financial institutes all over Wall Street are going under.

Lehman Brothers and its subsidiary Neuberger Berman filed for bankruptcy.  Savings bank Washington Mutual collapsed and was consequently bought by JP Morgan Chase.  AIG, a general insurance company, received a bailout from Goldman Sachs, an investment banking and securities firm, which saved both companies.

With companies like these failing one after the other, inhabitants of East Flatbush are looking to the upcoming election for help.  According to Claude Lyons, a better president is needed.  America needs someone who can “take charge and do something,”  she said. Upon being asked if there is a possible solution to the problem, Michaella Dauphin said, “Obama.”  When asked to further explain she said, “Obama. Barack Obama. Enough said.”

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