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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