Local Leaders React To Stock Market Slide

By: Jeff Allen Email
By: Jeff Allen Email

The national financial crisis continues.

Stocks on Wall Street continued to slide, after the federal government bailed out another major financial company.

How is that going to affect us here in eastern Kentucky?

WYMT's Jeff Allen talked to local legislators who are keeping a close eye on the national financial situation.

They say without a doubt, it's going to have an affect on us here at home.

It's a freefall on Wall Street right now.

On Wednesday, the federal government had to spend billions to bail out another financial company.

Local legislators don't like what they're seeing everyday.

“A big CEO is getting a million dollar buyout and that's if they've done a bad job. The boards need to care more about the workers,” 87th District (D) Representative Rick Nelson said.

Local leaders say it's time to investigate what went wrong.

“Let's back this thing up and walk through it step by step to see how it failed and that's something the people are entitled to,” 30th (R) District Senator Brandon Smith said.

Representative Rick Nelson is afraid the shift in federal funds will leave nothing for eastern Kentucky projects.

“There's so many federal programs that are losing their funding and there's just not enough state or local dollars to pick up for them,” Representative Nelson said.

He says this all could make it harder to get future energy initiatives, like coal to liquid fuel, off the ground.

“We need to spend these precious commodities of our state carefully and get the maximum return,” Senator Smith said.

Senator Smith says the financial problems have made it a buyer's market.

“The people that have been working hard, sitting on their money, now is going to be a wonderful opportunity for them,” Senator Smith said.

He's hopeful that will keep our local economy going during the uncertain times.

Senator Brandon Smith also believes most local banks exercised restraint during the mortgage meltdown, which he says has spared our area some of the brunt of the economic problems.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Jaques on Sep 18, 2008 at 07:33 PM
    friends this is the beginning of commodity lines again, rationing of resources, home schooling, growing/raising/harvesting your own food, and down with the mega houses returning to a simpler time.
  • by Jerry on Sep 18, 2008 at 05:08 AM
    Most folks in Ky.are so poor they don't know what a Stock Market is, or care.
  • by Jessica Location: lex on Sep 18, 2008 at 04:45 AM
    Typical failed republican policies designed for the rich and the sad thing is KY will re-elect them----what are you thinking?
  • by Melissa Location: Kentucky on Sep 18, 2008 at 02:07 AM
    For years Credit Card Companies have been hounding me,sending me cards and offers monthly for years. Unlike most Americans I cut them up and put them in the garbage. It was a very hard thing to do each month, all I had to do was sign and mail it in and I could have anything I wanted or needed. But each month something my Grandparents told me stayed in my mind, they both lived though the Great Depressition. " Work hard,Pay cash for everything,and hang on to the rest of the cash no matter how good the government says things are, and do NOT LIVE like you WANT, LIVE with what you can AFFORD and be happy you got that far with NO DEBTS, What you have will then be YOURS, and you will be beholding to KNOW ONE." In these days and times, I am glad I took there advice and did not take the easy way out by signing for a credit card. I may not have much, but it is mine and it is paid for. Good luck to all, and please learn from this mass!
  • by BC Location: E KY on Sep 17, 2008 at 06:14 PM
    Cut the rest of the world off...We don't need to reach out to them when we're in trouble ourselves. Charge $100 a barrell for anything that goes out of this country.

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