Local investors await attack’s financial effects
One Basehor resident can understand the amount of destruction caused by a terrorist attack on Tuesday, Sept.11, and awaits for the financial outcome with the loss of the World Trade Center in New York.
Basehor City Council member Julian Espinoza, a partner of the Personal Investment Group of Olathe, a branch office of SunAmerica Securities, attended training sessions at the World Trade Center in January.
Espinoza, a financial planner who is familiar with trends in the stock market as well as the U.S. economy, said he wasn't sure how the loss of the World Trade Center would effect the economy.
"I think it would scare some of the older investors who have retirement funds or someone who is about to retire," Espinoza said. "My advice would be not to panic if you can keep from doing so."
Most experts have speculated about what the loss of the World Trade Center means to the U.S. economy and Espinoza is no different.
Any speculation about what will happen with the economy is exactly that speculation, Espinoza said.
"It is anybody's guess and I don't have a crystal ball, but the market has been violatile lately and this isn't going to help it any," Espinoza said.
However, he said historically the market has shown an ability to recover from a down-trodden period.
Espinoza, who was busy Tuesday fielding calls from worried investors, said his job only gets tougher because of the attack.
"It makes my job tougher trying to keep some of my clients going in the right direction," he said.
Espinoza said he was shocked when he first heard the news of the attack not only at the Trade Center but also the Pentagon in Washington.
"I was completely shocked, sickened and saddened by what happened," Espinoza said. "Those two towers have 40 to 50 thousand employees and 1,200 different businesses. People that I have met were there and knowing they may not have gotten out was tough."
Also destroyed in the Trade Center attack was the largest number of clearing houses in the country.
One of the two planes that crashed into the Trade Center hit into a portion of the building that was above Oppenheimer Funds.
Espinoza, who has associates in the company stationed in the New York office, called the Denver branch to receive an update on the safety of the employees.
"The Denver office said everyone got out ok," Espinoza said. "Part of the Trade Center was evacuated before the second plane hit. The second one hit above their office."
During the course of Tuesday's events, trading was completely shut down but Espinoza said he did notice disruptions in the foreign markets caused by the destruction of the Trade Center.
"The trading was stopped today but there was some drop off in the foreign markets," Espinoza said. "Really the only thing we noticed was a downward trend in the global markets."
When U.S. trading will resume has yet to be announced. Espinoza said no information should be lost due to the loss of the Trade Center. All information kept at the Trade Center had back-up systems at a different locations, he said.
Espinoza said he understood trading could resume as soon as Thursday, Sept. 13.