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We had today a big sell off going on today better than 500 up fifty points in the last two days.
Is this indicative of a bigger trend because for the last eight days.
Are these sent to triple digit moves have become more the rules -- -- not.
But of course this -- Sox are still up a lot more of -- they aren't town.
Two house minority whip and Maryland Democrats anywhere -- all of this as you know congress and always good at it.
As you know a lot of this was -- -- idea that Ben Bernanke is gonna take the punch bowl away or at least slow down what's been.
This -- to keep these guys happy they're not happy that he's he's gonna start.
You know thinking -- the foot off the cattle what do you think of that.
Well I'm not an.
An expert in this area -- but it seems to me.
Director Bernanke was saying is he thinks the economies.
And that we no longer need the stimulus that he was prepared to give at least.
Not cutting immediately but over time.
And the market responded that.
Two to frankly good news as if -- were bad news now -- may be bad news for them because he's gonna stop.
Putting money into that which has been perhaps.
Inflating the market.
I'm beyond that.
It is somewhat ironic that Bernanke says what the economy is doing pretty well also will have to do so much -- the stock market responds negatively to to that message.
That's actually dead on -- -- -- -- and you're right about that but what does it say about our environment right now congressman whether.
It is the Federal Reserve providing the tonic for investors.
Or this idea that you know if they -- out the government Scott's got our back out.
That that hears it Fed Chairman to say well you know you seemed to be doing okay on your round.
Now I think it says a lot of that on certain -- We still have you know from my perspective.
Federal government congress the United States that's not giving certainty and confidence.
To the economy that we're going to be on -- fiscally sustainable.
That would not come to a compromise.
Whatever the bills might be whatever the policies might be that we will overcome gridlock.
And I think in that framework that environment of uncertainty.
Have a greater impact in and -- shake certainly.
Even further and people -- Our hedging their bets by -- now because they're not sure things are going to be better.
I'm one of those as you know -- that believes very strongly that we need to get our country on a fiscally sustainable path I talked with.
-- -- -- -- -- -- About going to a conference on the budget.
Documents that have been they -- so we can come to agreement and then have a bipartisan agreement.
On at least numbers.
And some policy so.
I'm not sure what exactly.
Well I can quantify the impact that has but there's no doubt in my mind.
That our failure to come to agreements.
Whatever the legislation is farm bill failed apparent -- of very partisan.
Additions that were put on by the Republicans.
We came out of the committee with a bipartisan vote the majority of Democrats voting -- The overwhelming majority of Republicans voting for mr.
Lucas the chairman and mr.
Hotel at one dollar and Iran about that but -- -- -- the president bears any blame -- that all of these scandals whether on his own doing or the White House is doing and I guess.
The investigations we'll get to the bottom of beats at all.
That it's -- and cast a Pall on the -- there.
That was featured in an Iran cases I grant you but it does sort of frustrate Americans who think that at the very least he's -- alliance and at worst he's behind that.
No I don't think so -- Frankly think this lack of confidence this uncertainty.
I don't -- -- I think some people.
Made very bad mistakes.
And did wrong at the IRS -- -- -- and in doing the White House I frankly don't think of that.
I mean you -- Washington there's no proof that.
Testimony or otherwise that.
That Washington or the White House were involved and you know what happened the -- But we'll handle it not a bad -- -- -- with a lot of parents are we do know that at least it was you know -- of Washington to talk officially charged.
Of these tax exempt playgrounds and out of that was it involves us so I guess what and ask you isn't what it gets bigger than -- thing.
And there's more to it from watching -- -- you appreciate.
I am what I think is that the three elements the word most talked about.
And the then there's the question about the -- reporters and the phones ring tapped.
I frankly don't want him in my dealings with the public.
I don't get a lot of questions on any of those very frankly I think people are angry about the IRS I think it's right that they're angry about the IRS.
We've got to get to the bottom of it we gotta make sure it doesn't happen period that that's what they did was wrong.
But make no mistake about that.
I think what the American public is most anxious about most angry about.
Is that the congress is not working I don't think it's a much the president saw -- the president is -- he's doing his job is.
Well they also say the health care -- not working right that it it's delayed wasn't any surprise seeing that they're well aware -- that we just know that that it will -- it could be delayed we do know that.
Even senator Harry Reid Max Baucus have been among those saying that it could be more money.
That a lot of people looking at -- say wait a minute we might have.
Turkey here -- and I don't I don't know what we're certainly -- -- saying it might be Turkey we are saying this is a complex.
Piece of legislation deals with health care giving it was -- and -- thought congress and more complex guitar.
I think we've had less cooperation and implementation and then that's making it more difficult you -- I -- everybody is correct.
Well yeah because we need to fund it adequately.
You know we have a cost now one point six billion dollars about.
CBO says in the first ten years we're gonna that's of benefits that this tenure cost.
That we're gonna -- 200 billion and a trillion dollars in the second ten years I don't know whether those figures are exact.
But when you're talking about 1% 2% cost of implementation.
That's not that's.
That's less frankly than the a prescription drug bill under bush in terms of percentage there was less.
One man's law what is taught us about the fact that he's frustrated by this we got to revisit this he wasn't all about Republicans got -- -- about.
Hey this thing -- ended up to be more problematic than we knew and and it -- there's no doubt that that no doubt.
-- that this is a very complex piece of legislation dealing with 18% of our economy right and -- so it's a tough I mean.
I'm not sure I agree -- maximum.
In his characterization of it but having said that would no doubt it's complex and one of the problems has been.
It was adopted on the theory that we would cooperate and implementation.
And then when he's not a case where do you see everything -- you know we got to sell today not I'm with you I don't that's made by.
One day or a couple of days as an ominous of warning for everyone but but obviously markets are rattled folks are rattled us.
But how what do you say to common down.
Let me tell -- First of all.
The reason Bernanke said what is that is because his perception is the Federal Reserve perception is the economy's doing pretty well so every -- I don't know.
That some will chill out and -- -- they weren't secondly I would say tomorrow that Republican and democratic colleagues.
If that if we got together we passed a budget we passed appropriations bills in some kind of bipartisan fashion.
So that the congress was working -- the people would know about it ex -- a provision I think there would feel a lot better about what's happening.
In their country and in their economy Steny -- thank you very very real good seeing you again.
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