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Broken Clouds 28° Good Evening

How Greek crisis could affect LI

A lot has been written about the economic tragedy in Greece, of a country swirling around the drain of bankruptcy and having to scare up loans to keep itself going. But what possibly hasn’t been considered is how that far-away drama affects Long Island.

Well, the Greek crisis has battered the stock market (today was an especially bad day), and that makes the problem universal in a way.  “This issue affects everyone,” said Mitchell Goldberg, president of ClientFirst Strategy Inc., a Woodbury investment firm.

But in particular, he said,   "The high net-worth Long Islanders who just started to see their stock market wealth go up may again hold back on spending.”

And the effects could get worse, he said. “Banks start hoarding cash, a major trading partner is hampered, and the term ‘double-dip recession’ takes hold,” he said.

An economic reminder a la John Donne.

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