13 Nov 2008

Wall Street's oldest broker says don't panic

4:49 pm on 13 November 2008

The oldest stock broker on Wall Street says key problems in the United States must be addressed in order to lift the nation out of the current financial crisis.

Seth Glickenhaus, who is 94, began his first job on Wall Street in 1929 and has lived through the stock market crashes of 1929, 1987 and the latest economic downturn.

And his advice? It never pays to panic.

In an interview with Radio New Zealand on Thursday, Mr Glickenhaus said the world is seeing one of the sharpest declines in history, and US President-elect Barack Obama will have to deal with some major issues to improve the country's economy.

He told Nine to Noon that issues such as public health, alternative energies and replacement of oil must also be addressed.