Wall Street needs to reform, Kaptur says

Reported by Rob Wiercinski email
Posted by Kate Oatis email

TOLEDO (WTOL) - The bailout package has failed to bail out the stock market. Congresswoman Marcy Kaptur tells News 11's Rob Wiercinski why she voted "no" on the bailout and what needs to be done to help us out of this quagmire.

Kaptur believes throwing money at a problem isn't the answer. She's advocating Wall Street reform, rather than request a bailout.

Speaking with others about the current stock market mess, News 11 found some are choosing to ride out the storm while others are sitting on the sidelines.

As the U.S. stock market slump continues, this financial adviser says he saw it coming several months ago.

"If you didn't get out of the market, I guess you have to ride it out. We pulled more than 90 percent of our clients assets out of the stock market the first week of January," said Troy Neff with Advanced Retirement Solutions.

A local food vendor says he's keeping his stock market focus on the long term, in hopes of his investments rebounding.

"You don't actually lose money until you sell something that's gone down in value, you don't sell it you don't lose it and it'll come back," said Bret Barrett.

Some are simply holding their breath.

"I'm trying to keep a positive attitude and I'm trying to hope things will turn around and it'll get better soon," said Amy Morris.

Even this Glass City visitor from Australia is worried about the Wall Wtreet woes affecting his portfolio.

"It's a little bit scary to look at the moment the way stocks and everything are going but there's so much potential a lot of opportunity when the people get the education to know what to do with it," said Rob.

Marcy Kaptur says what Wall Street needs is to reform.

"The answer to that is give banks confidence to lend to one another and stop this credit seize up that's going on around the country. The Federal Deposit Insurance Corporation can do that right now with their emergency powers. They've chosen not to do that," Kaptur said.