Recession Reaches Nantucket Island
Spencer Antle had too many clothes in his warehouse. Boxes piled up when stores stopped buying his polos and pants. So he opened his own store on Nantucket Island as CBS News Correspondent Mark Strassmann reports.
That meant a small electrical job. Installing lights, fixtures, and wiring for Kevin Gould.
Gould's a Nantucket electrician. And like his wife Carolyn, he's worried.
"At this point being a working class person on Nantucket is hard," he said.
Blue-collar families here rely on work from Nantucket's wealthy summer residents.
But Gould's one-man operation is down about two thirds, from 21 calls a week, to 7 calls a week.
"Just trying to keep thing going. Support your family. Making sure the bills are paid. It's a challenge," said Gould
They've cut $300 from monthly spending. Dining out four times a month is over. And on the home menu, less fresh fish -- it's too expensive.
"Instead of having fish four times a month, we have it a couple of times a month," said his wife Carolyn.
That means fewer trips to fish markets like Sayle's Seafood -- a wholesale and retail business Charlie Sayles started in 1968.
A two pound lobster that used to sell between $8.50 to $10 per pound now sells for $6.50 per pound.
Sayles sells conch and other seafood to fancy restaurants across America. But sales at Sayles are off $140,000 a month and employees have felt it.
"We cut the hours back. That's most of what we did. Cut the hours back 30 percent," said Sayles.
And because this fish market is hurting, its suppliers are also struggling.
Fisherman Bill Blount motors though harbor fog on one engine. His other one had just died - like the market for ground fish.
In three weeks last month, the price per pound of yellow-tail and large cod plunged.
Blount switched to scallops.
"All I can do is work harder," said Blount.
He works harder, and smarter. He motors out when tides are fair to save gas, his big expense. But he's $500,000 in debt. And his American Dream now: to die without owing any money.
"I think God puts in our heart, in each of us something we really enjoy doing. If you find that, you'll be a happy man. Where you get rich or not is something else," said Blount.
Blount needs ice to keep his scallops fresh. To save money, he re-uses that ice. And now spends $1,000 a year less at Crystal Ice in New Bedford, Massachusetts.
The ice house mostly sells to fishing boats. At $56 a ton its business is melting. So manager Rob Hicks had to let four guys go.
It's a family-owned ice house -- that also sells in Warwick, Rhode Island to Louis Manzoni. He turns a block of ice into a piece of art. But his ice sculpture business has gone cold. There are fewer weddings and corporate functions.
"People have the money. But they're a little more cautious. They don't know how bad tomorrow or next week is gonna get," said Manzoni.
He buys half the blocks of ice he did a year ago. And works harder and longer, for less.
But like so many people in this recession, all he can do is chip away.
