11 Aug 2002
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 11, 2002
Page
1
The Gazette reports a bear market eroding 1990s stock gains for Eastern Iowa retirees. Dow Jones sinks 22 percent from two-year high while Nasdaq falls about 69 percent from its peak, exposing retirement savings in stock based plans to potential life changing losses.
In Iowa retirees reassess stocks as safe bets and adjust budgets. Duane Elsbury of Cedar Rapids laments losses to his 145A and IRA investments while his wife Ruby faces medical costs. Marion resident Lynn Beckmann weighs new wisdom from the market drop and keeps focus on prudent reinvestment.
Robert W. Fisher, 44, of Cedar Rapids, drowned while on a boat near North Liberty. Firefighters and the Johnson County Sheriff’s office searched the calm 60 foot deep river area for about two hours after Fisher vanished as he helped a water skier. An autopsy was planned for Town City.
U S forces in Afghanistan plan a more aggressive strategy to flush out al Qaida remnants along the Afghan Pakistani border. Lt Gen Dan McNeill says troops will widen presence, draw militants into battle this fall and may see higher casualties as smaller groups operate over a larger area in eastern provinces.
In Pine Arizona a drought drought stretches through summer halting events and closing attractions. The OK Corral, Randall House and other businesses report reduced crowds with water shortages and forest closures shrinking tourism. A prolonged drought threatens economy across rural towns and cities.
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