Also in this playlist...
This transcript is automatically generated
Are joining the company again is congressman -- got a New Jersey because when god is on the committee that is investigating those -- very sultan market plunge which Josh you'll we all remember.
Our congressman -- -- being back with us today appreciate it -- let's suppose that all my soul foolish.
Sold accent you -- three cents a share on Thursday afternoon in the middle of the plunge in the panic.
Should I get my money back well should I have to live with the consequences.
I think the exchange you'll say that you'll have to you should really get your money back because as with a -- -- Where I arbitrage and arbitrary action that was going on that as we sit here right now we all site nobody really knows what happens and that's what congress is gonna look into the sleeping figure out what I expected to happen -- of knowledge that there's enormous amount of nervousness here because he could happen again.
What safeguards can you put in to stop it happening again.
But that and actually that you know the worst safeguards in place to some extent you have similar activity back in 87 when you saw this activity occur but that the exchanges even with the dramatic drop that we -- in this.
The current best Thursday they didn't click in.
That -- ironically I think some of those safeguards actually.
It make it's moving the -- because of safeguards -- the New York Stock Exchange apparently worked.
Those circuit breakers worked in those sell orders went to other exchanges looking for action and that's -- -- stocks plunged because there were no buyers when I'm concerned about is because all of the demonization Donald Washington are we gonna announce C.
Heavy restrictions on trading are we gonna get rid -- high frequency trading.
What's going to be done in the name of the average person that level the playing field -- here's.
Yet here's the absurdity that I if that's too strong a word maybe not the coming out of -- Dodd's mouth on this on the one hand he said.
He believes that the markets -- -- regulators already have the authority to deal with the situation in the past and going forward as well.
But on the other hand he says and that maybe congress needs to step in and -- the financial service reform bill that's.
Basically dead in the center right Harrison was slowly moved slowly moving through -- and right now to give them even more authority so which is it do we really need to push things through ball or to give the authority ordered.
I I have to move the subject -- it to be at the European bailouts prepared the -- -- commits an uncapped unlimited amount of American dollars for the gonna go over that about about the European.
I feel about that well I know that our congressman Mike Pence has -- sent a letter to the administration saying.
We should be holed up giving any of our tax dollars to the IN NAFTA should not strictly tax dollars -- -- IMF money sure sign that money isn't to extend the IMF is going to be bailing them out right now disturbing.
Just coming into this segment beforehand you're saying that a lot of this money is really not going at the ballot grief that could -- the European banks and European banks of course that the US investors into it so at the end of the day maybe it is taxpayers but I think at the end that the true end of the day -- American taxpayers are opposed any more bailouts.
Our dollars and all you.
That yes I'm opposed to he wouldn't tell -- I I would not do within the -- if Europe wants to stand up and do what they have to do over there.
Fine let them do it in America we have to do right we have to do -- -- I don't know people -- -- -- got god it was a pleasure thanks so much for joining us.
Filter by section