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Greenburgh Assemblyman: Wealthy Behind Market Drop

GREENBURGH, N.Y. - Many people will again see a chunk of their investments and retirement funds evaporate after the stock market plunged more than 4 percent Thursday, the biggest drop since the 2008 financial crisis.

Assemblyman Thomas J. Abinanti said his Greenburgh constituents will also be hurt and that the concentration of wealth caused the current instability.

“That’s what happens when you put all the money of society in the hands of a handful of people,” he said.

Dorothy Jerron-Quarshie, who lives in the Greenburgh neighborhood of Orchard Hill, also blamed the wealthy, in particular the bankers.

“They are sitting on millions and people are suffering,” she said.

Abinanti said Thursday’s 512 point plunge reflected the country's economic reality.

“It’s just an indication that we have a very weak economy because jobs are not being produced,” Abinanti said.

For Yonkers resident Jay Riggs, the delay in the nation's debt deal had a negative effect on the markets. Riggs just graduated from Berkeley College in White Plains and is feeling the shortage of jobs. Sporting a tie after attending two job interviews Thursday, he said he still hoped to get hired, but the market drop will just make it more difficult.

“When things like that happens, it’s even harder for people to find jobs or even maintain jobs,” he said.

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