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Barney Frank: "Artificial Depression" In Market Due To Uncertainty, Not Decline In Economy

Barney Frank: Well, first, those who want to read the market as an indicator should have been the most enthusiastic supporters of the Obama administration -- since the market doubled from March of 2009 when the President was first taking over until a couple weeks ago. I don’t remember people saying, “Well look at the market; how wonderful Obama must be.” Secondly, I think what you’re seeing now is an artificial depression of the market because of the uncertainty. I believe that it does not reflect the erosion of fundamentals. In fact, I think the economy has been doing reasonably well, particularly our economy compared with the rest of the world. There’s some uncertainty about Europe. It’s important for us to deal with the tax and sequestration issues. I think once we have done those, this drop will come back up. This is an understandable reaction to the uncertainty, not a serious sign of a decline in the economy.

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