Fox News "Your World" - Transcript
FOX NEWS CHANNEL "YOUR WORLD" INTERVIEW WITH REP. FRANK PALLONE (D-NJ) INTERVIEWER: NEIL CAVUTO
SUBJECT: MARKET'S REACTION TO GOVERNMENT INTERVENTION
Copyright ©2009 by Federal News Service, Inc., Suite 500, 1000 Vermont Avenue, NW, Washington, DC 20005, USA. Federal News Service is a private firm not affiliated with the federal government. No portion of this transcript may be copied, sold or retransmitted without the written authority of Federal News Service, Inc. Copyright is not claimed as to any part of the original work prepared by a United States government officer or employee as a part of that person's official duties. For information on subscribing to the FNS Internet Service, please email to firstname.lastname@example.org or call (202)347-1400.
MR. CAVUTO: Reaction as well now from New York (sic) Democratic Congressman Frank Pallone.
Congressman, thank you for waiting around. New Jersey, I should say. I apologize, Congressman. What do you make of the market's reaction, not only today where we now have gone back to around 11-year lows but really steadily, not only through the end of the last presidency but the beginning of this one, that anytime the government tries to step in to help or do something, the market just keeps selling off?
REP. PALLONE: Well, I think that the market is just a function of the fact that the recession continues to worsen. I don't think it's a reaction, necessarily, to anything that President Obama has done today or in the last few weeks. I think the problem is, you know, we continue -- people are still not buying, you know, the housing market is a problem, unemployment continues to go up. And so generally speaking, the recession continues, and we haven't reached bottom yet.
MR. CAVUTO: But Congressman, aren't you surprised that normally when we get prescriptions that look favorable or advantageous or something that could potentially reverse that, the markets move up on that. Now they've done just the opposite.
REP. PALLONE: Well, I think that the idea --
MR. CAVUTO: I want to be fair. This has happened under the last president and this president.
REP. PALLONE: I understand.
MR. CAVUTO: Is it the market's way of saying, look, you can make a bad situation worse, Congress, and you are?
REP. PALLONE: But the problem is that the market, I think, is not just responding to what we do in Washington but also to what's happening around the world. And the fact of the matter is that, you know, the problems of the recession continue to deepen. I think if you listen to President Obama and what he just said in this fiscal summit, he's saying, look, we're trying to do certain things now, but you've got to understand that, you know, they may not have an immediate impact. I mean, obviously, the fear factor is there. We want to overcome it by taking certain actions in Washington. And every day and every week, you know, he tries to address different aspects of this recession. But we can't kid ourselves into saying that, you know, it's not likely to get worse before it gets better. And it's worldwide. So I think that's really what the market is responding to.
MR. CAVUTO: Congressman, thank you very much.