BEGALA:   Welcome back to CROSSFIRE. A wave of late buying didn't quite save the markets from further embarrassing the Bush White House today. Nasdaq closed up slightly but the Dow industrials were down yet again. Is there any hope this current administration can inspire even the slightest bit of investor confidence? In the CROSSFIRE, Representatives Peter King and Nita Lowey, both of New York.  
NOVAK:   Nita Lowey, I don't get frightened by many things, but I'm scared to death. Because I see members of Congress -- professional politicians who have never done useful work. They only thing they know how to do is raise money and throw mud. Suddenly they are restructuring the corporate structure of America, which is the envy of the world. That's scary, isn't it? 
LOWEY:   Just a minute, Bob Novak. I'm a mother of three children. I'm a grandmother of six. I think that's pretty solid work. What do you all think about that?    And I'm honored to have the privilege to serve in the Congress of the United States and work with my good colleague, Pete King. And in fact, are you saying that everything is fine out there? The fact that the stock market is at a five-year low, investors are... 
NOVAK:   It's scary when people like you are telling American businessmen how to act. 
LOWEY:   Well, we should just let the Tycos and WorldComs keep issuing statements, $3.9 billion. I want to tell you, Bob, I ran into Tony in White Plains, who lost his life saving. Owns a little shop. 
NOVAK:   Oh. 
LOWEY:   He's not going to be able to retire. 
NOVAK:   Can I get my violin out? 
LOWEY:   You sure should. But Tyco and WorldCom are going to go off with their hundreds of millions of dollars because they didn't give a damn. Frankly, I think we need some regulations. You shouldn't be able to lie and you shouldn't be able to issue false statements. There has to be integrity. 
KING:   I agree with Nita and so does President Bush. But, Paul... 
BEGALA:   Back when President Bush went to give his much ballyhooed speech on Wall Street on Tuesday, ever-helpful White House aides told the "Washington Post" before the speech they were hoping for a stock market rally. The market dropped 50 points in the 27 minutes he spoke. And since he began that speech, it's down 469 points. If I were writing headlines for the "New York Post," it would be "Investors to Bush: 'Shut Up.'" I mean, how does this guy inspire confidence when he's tanking the markets every time he opens his mouth? 
KING:   The same way he inspired confidence in the country over the last year. It was going to happen. This is a nine-inning game. And you don't judge anything by what happens in the top of the first or the bottom of the second or the top of the third. The fact is that I am confident, within the next several months, you will see the economy coming back strong. And also, one of the reasons why the Dow is continuing to go down is because of the constant partisan fighting on Capitol Hill. Once a bill is passed and signed, which will be, I believe, before the end of July, Bob may be unhappy, but I think the American people will see that solid steps have been taken. And you're going to see a combination of a Senate and a House bill, probably closer to the Senate bill. 
NOVAK:   Pete, I wish I had as much faith in economists as you do. I want to thank you for being with us, Peter King. 
KING:   Thank you, Bob. 
NOVAK:   Nita Lowey. 
LOWEY:   Thanks, Bob. 
BEGALA:   Thank you very much. Nice to have you. 
NOVAK:   Remember the war on terrorism? Airline pilots sure do. And Congress may give them a weapon that will help. Later, should swearing in public land you in jail? And our quote of the day is from an actress who should have spoken up 10 years ago.
