BTW did ya hear about the New Ride they built on Wall street? Its dedicated to the Obama Admin. They call it the "Obama Stock Market Coaster".
Its the fastest and most unique Roller Coaster in the world because it only goes one direction...
Posted on 06/29/2010 1:48:33 PM PDT by Rufus2007
Today’s plunge in the U.S. financial markets is a cause of concern for a lot of people – but according to Rep. Paul Kanjorski, D-Pa., we haven’t seen anything yet if congressional Democrats don’t get their way.
Kanjorski was asked if by CNBC’s “Power Lunch” co-host Tyler Mathisen if financial regulation relied too much on regulators themselves and not the power of law, which Congress has the authority to enact. Kanjorski said he would have preferred a tougher bill. However, call it political expediency, especially as financial regulation legislation has an uncertain fate, but Kanjorski warned if Congress didn’t pass financial regulation – the Dow would drop 1,000-2,000 points.
“I would have had preferred to have more rules, like the Volcker rule or like my amendment – the ‘too big to fail’ rule embedded in the law so it was very clear and it was mandatory,” Kanjorski said on the June 29 broadcast of “Power Lunch.” “That was not accomplishable politically. We didn't get any help to pass this bill from the Republican side, either in the House or in the Senate, and it's interesting that they should complain about it. You know, I wish every one of them would ask the question and also the industry and media, what happens in this country if this bill fails? Do you think 236 points down on the Dow is surprising? Check 1,000 or 2,000 points if we fail to change the ways that caused this problem.”
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
I personally expect it to go down that much or more no matter what they do. Those people are not helping.
And 7000 - 8000 if they DO pass it.
Oh PLEASE!! It’s going down BECAUSE he might pass!
I suppose it would help if these people understood financial markets. But they clearly don’t.
Kanjorski is a lying scumbag!
I’m telling you, if the dems don’t get beaten to a pulp in November I will jump off a cliff.
As with anything these people say, I expect the opposite to occur. So with that reasoning they need to not pass this new set of financial regulations. Indeed they need to get the Government out of the way of business.
It amazes me that these 435 cretins are not behind bars.
Paul Kanjorski, STFU! Take your little threats and stuff ‘em.
and when it goes down 7,000 they will blame it on obstructionist Republicans.
So, the ghost of Fall2008 rises from the ashes.
It has long been rumored that the Financial Masters of the current WH caused the 2008 crash to elect Obaba. I don’t doubt that those unaccountable market manipulators are at it again.
This market will continue to crash until ALL meaningful stops to financial shenanigans are removed from this bill.
You watch and see.
It might drop that far but only because the banks and investment houses won’t be getting their goodies they lobbied so hard for in the bill.
BTW did ya hear about the New Ride they built on Wall street? Its dedicated to the Obama Admin. They call it the "Obama Stock Market Coaster".
Its the fastest and most unique Roller Coaster in the world because it only goes one direction...
LOL. Shove it, fear mongers.
Kanjorski also supported the stimulus that was going to get unemployment down to 8%!
Regulation is not the answer ... Tax cuts are.
Maybe he’s just talking about the “defective” people....
That’s not a prediction, that’s a threat. If we don’t allow them to do what they want they will trash this country.
Hey dumb@$$ congresscritter it is plunging because of the proposed reform.
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