Political Quotes

“The global economy is increasingly interconnected. The current economic crisis may have begun in the United States, but it rapidly spread throughout the world. Now as we stand on the cusp of a sustained economic recovery, we must be mindful of the ripple effects and guard against further threats to our economy. Last Thursday's historic stock market plunge, initially precipitated by Greece's economic uncertainty, must serve as a stark reminder of what happens when you don't have adequate protections in place. Without proper oversight, Madam Speaker, our financial markets are dangerously exposed. In the financial chaos that erupted last Thursday, shares of Accenture swung from $40 to one penny and back to $40. Shares of Procter & Gamble traded for $54 on the New York Stock Exchange but only $39 on the NASDAQ. Those aren't market forces at work. Those are market forces that are broken. Almost 300 trades made under questionable circumstances had to be subsequently canceled by the trading houses. Such wild disparities highlight the dangers of a marketplace left largely to its own devices and the tremendous risk posed to our economy and those who invest in it. The recession of 2007 began in the financial sector. Its effects were widespread. Millions of Americans lost their jobs. Millions more had their homes foreclosed. Millions more lost their retirement savings, college funds, and emergency reserves.”