Many Americans say unfazed by Wall Street woes

By Carey Gillam

KANSAS CITY, Missouri (Reuters) - Despite the market woes whipsawing Wall Street on Tuesday, the mood of many on Main Street was unfazed as people across the United States said the downturn was overdue and likely to be short-lived.

"I'm not scared," said retiree T.J. Smith, who moved to a Kansas City suburb a year ago from Florida. "I know we've got the most vibrant economy in the world. It will bounce back."

That sense of optimism was shared by young and old alike, and across income levels.

Some saw a steep slide in the stock market or commodity prices as a buying opportunity. Others were grateful for the Federal Reserve's slashing of U.S. interest rates, which could translate into cheaper car and home loans.

"It seems like a good time to buy," said Peter Harper, a 27-year-old student, as he walked into the office of a discount brokerage in midtown New York. "I'm trying to open up a brokerage account right now."

The Dow Jones industrial average dropped more than 3.5 percent on Tuesday morning before stocks staged a partial recovery after the Fed cut rates. The Nasdaq composite index has fallen more than 20 percent from its October peak.

The declines come amid fallout from a crumbling housing market, rising unemployment and recession fears, slowed consumer spending and higher food and energy costs.

Barbara Jarvis, a 44-year-old consultant buying coffee in Euless, Texas, said she was not making any adjustments to her 401K retirement plan despite the drop in value.