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An A+ on the stress test
(FORTUNE Magazine) – Everyone who thought the stock market crash would launch a hail of despondent investors from rooftops, take heart. Doctors say they are amazed at how calmly market players have handled the crisis. One violent act -- the shooting of two Merrill Lynch executives by a shattered Miami investor -- wasn't repeated elsewhere, though the incident prompted the brokerage house to place armed guards at some other offices. The Pacific Stock Exchange did not request an increased suicide watch on the Golden Gate Bridge, despite reports to the contrary. And the New York Stock Exchange reported no major medical problems. One well-known market forecaster, Shearson Lehman Brothers' Elaine Garzarelli, 36, called an ambulance when she feared a heart attack coming on. It wasn't that serious, the paramedics told her. Just anxiety. ''It's been remarkable,'' says Dr. Edward Hallowell, a psychiatrist who teaches at Harvard Medical School. ''I thought a lot of people would be freaking out.'' Hallowell and William Grace, a Merrill Lynch broker in Washington, are writing a book called What Are You Worth? Coming to Terms With Your Feelings About Money. Hallowell calls the post-crash sanity ''very heartening. People seem to have a more even hand on their feelings about money than I had thought.'' Why no wild panic? Dr. Richard Firestone, a Manhattan psychoanalyst with many financial-community clients, says most active investors he treats are denying a crisis, figuring they can trade their way out. Passive investors are more upset. ''I encourage them to get out of their numbness and let the panic come over them as much as possible,'' he says. ''Then unexpected solutions start appearing. They might realize that personal relationships, not just money, are important.'' Dr. Abraham Zaleznik, a psychoanalyst who teaches the ''Social Psychology of Management'' at Harvard B-school, says Wall Street's woes could actually reduce stress in the long run. Basically, he says, ''having it all'' has meant ''wanting more'' to many. If they have less money, they reduce their expectations. ''The nagging chase diminishes, and they sleep better,'' he says. |
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