ALLARD STATEMENT ON FINANCIAL MARKETS
U.S. Sen. Wayne Allard (R-Colo.), a member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, made the following statement today regarding yesterday's activity on Wall Street in after the weekend events in our nation's financial markets:
"It is clear that we are experiencing a monumental shift in the future of financial markets," said Allard. "While it is reasonable for the government to take steps to mitigate widespread damage to our economy, the functions of the free market are based on risk and reward. Only the rarest of circumstances warrant the federal government or taxpayers simply absorbing the risk in the investing equation. In the end, the responsibility of wise management lies at the feet of executives and boards of directors of individual companies."
"Rough times in the financial markets are not necessarily the result of bad government and Congress should resist the temptation of sweeping reactionary legislation, which generally has a poor track record of actually addressing underlying problems," continued Allard. "I do look forward to holding thorough, careful hearings to better understand the causes of the current difficulties, as well as the most practical and effective ways to prevent them from happening again."
Allard discussed the financial markets this morning as a guest on FOX Business Channel's Money for Breakfast.'