State Treasurer Weighs In On Debt Crisis
State Treasurer John Kennedy says a lack of confidence with political leadership in the U.S. and Europe led to Monday's huge sell-off on Wall
Street. The Dow posted its biggest drop since 2008 on news that the S&P lowered America's credit rating. But Kennedy says investors are more concerned about the growing debt worldwide and that political leaders in the U.S. and Europe aren't taking the debt crisis seriously.
Kennedy says the 600-point drop on Monday is a sign investors are
looking for the U.S. and financially strapped countries in Europe to do something about spending.
The stock market recovered today, after a wild day of training the Dow
closed 430 points higher. Kennedy says investors would not be as nervous
if the U.S. Government did more to control spending.