This is a rush transcript from "Your World," June 20, 2013. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: All right, that's what we had today, a big sell-off going on today, better than 550 points in the last two days.
Is this indicative of a bigger trend? Because for the last eight days, these type of triple-digit moves have become more the rule than not.
But, of course, this year, stocks are still up a lot more than they are down.
To House Minority Whip and Maryland Democrat Steny Hoyer on all of this.
As you know, Congressman -- always good to have you. As you know, a lot of this was fueled under the idea that Ben Bernanke is going to take the punchbowl away or at least slow down what has been this rush to keep these guys happy. They're not happy that he is going to start taking the foot off the pedal. What do you think of that?
REP. STENY HOYER, D-MD., HOUSE MINORITY WHIP: Well, I'm not an expert in this area, Neil, but it seems to me that what Director Bernanke was saying is he thinks the economy is doing better, growth, jobs, and that we no longer need the stimulus that he was prepared to give, at least not cutting immediately, but over time.
And the market responded that -- to, frankly, good news as if it were bad news.
HOYER: And it may be bad news for them because he's going to stop putting money into that which has been perhaps inflating the market.
So, beyond that, it is somewhat ironic that Bernanke says the economy is doing pretty well, so we don't have to do so much, and the stock market responds negatively to the message.
CAVUTO: That's actually dead on. And you're right about that.
But what does it say about our environment right now, Congressman, whether it is the Federal Reserve providing the tonic for investors or this idea that if at all doubt the government has got our back, that here's a Fed Chairman to say, well, you seem to be doing OK on your own?
I think it says a lot of about uncertainty. We still have, as you know from my perspective, a federal government, Congress of the United States, that is not giving certainty and confidence to the economy, that we're going to be on a fiscally sustainable, stable path, that we're going to come to compromise, whatever the bills might be, whatever the policies might be, that we will overcome gridlock.
And I think, in that framework, that environment of uncertainty, the Federal Reserve's comments have a greater impact, and shake certainty even further. And people are hedging their bets by getting out, because they're not sure things going to be better.
So I'm one of those, as you know, Neil, that believes very strongly that we need to get our country on a fiscally sustainable path. I talked with Mr. Cantor in our colloquy today about going to conference on the budget documents that been passed so we could come to agreement, and have a bipartisan agreement on at least numbers and some policies.
So, I'm not sure what exactly -- I don't know that I could quantify the impact that has, but there's no doubt in my mind that our failure to come to agreements on whatever the legislation is -- the farm bill failed today because of very partisan additions that were put on by the Republicans.
CAVUTO: Right. Right.
HOYER: We came out of the committee with a bipartisan vote, the majority of Democrats voting for it, the overwhelming majority of Republicans voting for it. Mr. Lucas, the chairman...
CAVUTO: Well, it failed. No, you're right about that.
But do you think the president bears any blame and that all of these scandals, whether of his own doing or the White House's doing, and I guess the investigations will get to the bottom of each and all, that it's cast a pall, that their -- each are their own cases, I grant you, but it does sort of frustrate Americans who think that at the very least he is out to lurch and at worst he is behind this?
HOYER: No, I don't think so, Neil.
I frankly think this lack of confidence, this uncertainty, predates -- I don't call them scandals. I think some people made very bad mistakes and did wrong at the IRS. I don't think it had anything to do with the White House. I, frankly, don't think it had anything do with Washington. There's no proof that the testimony or otherwise that the -- that Washington or the White House were involved in what happened at the IRS. It was wrong. We need to get to the bottom of it.
CAVUTO: To be fair, sir, we do know that at least it was a Washington official in charge of these tax-exempt clearances that was involved.
HOYER: No doubt about it, but she he came in...
CAVUTO: So, I guess what I'm asking you is, what if it's bigger than you think and there's more to it from Washington than you appreciate?
HOYER: What I think is that the three elements that were most talked about, the IRS, the NSA, and the question about the reporters and the phones being tapped...
HOYER: I frankly don't -- in my dealings with the public, I don't get a lot of questions on any of those, very frankly.
I think people are angry about the IRS. I think it's right that they're angry about the IRS. We got to get to the bottom of it and we got to make sure it doesn't happen, period. Just -- what they did was wrong. Let's make no mistake about that.
I think what the American public is most anxious about, most angry about is that the Congress is not working. I don't think it's so much the president is not working. The president is working and he's doing his job. He's...
CAVUTO: Yes, but they also say the health care law is not working, right, that it's delayed, it's getting pricey.
HOYER: Well, no, who says that?