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Ringing the bell at NASDAQ
Congressman Kevin McCarthy, R-Bakersfield, rang the opening bell at NASDAQ today. McCarthy is on the House Financial Services Committee, which oversees capital markets and financial institutions. He is on a one-day trip to New York to "make Wall Street more aware of housing and energy costs in California communities, and tour trading facilities," according to a press release from his office. You can see more pictures here. McCarthy also talked with Fox Business about housing and gas prices. I couldn't see the video on my computer, but I did find a transcript of his comments. 1 comments from 1 users
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posted by
Bakersfieldbubble
on Jun 16, 2008 at 04:54 PM
"make Wall Street more aware of housing and energy costs..." That is the dumbest thing I have ever heard. What is he going to tell them to make them "more aware". LMFAO!! How about you quit wasting our tax dollars on bogus trips to NY! I would bet his whole family went. Yeah, I am sure he will get things squared away over there. NOT! There are two things that will drop energy prices significantly overnight 1)Have the Fed raise rates by 100 bps and 2) modify the margin requirements currently used by speculators in the commodities markets. Both of these two things would have allowed us to avoid the .com bust and the housing bust. However, McCarthy is too much a part of the machine to actually do anything except meet some people and make them "more aware" of the situation.
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