Freudenthal Says Bailout Sent Wrong Message
Laramie, WY – Governor Dave Freudenthal says he thinks the turmoil on Wall Street is the price to be paid for deregulating parts of the financial system.
Freudenthal says the federal government has sent a message by bailing out companies: "If you're really big and it's really messed up, then we'll save you. If you're not all that big, and you're not that messed up, then we ain't gonna save you. You're going to go under. And they say we have to do that because they're too big to fail. Well, I don't know about you, but nobody's come to me and said, Mr. Freudenthal, we'd like to help you with your despair over the decline in value over your 401k."
The governor says he's seen the slowdown at the stores. He says people are buying fewer products and making do with their old cars instead of buying new ones.