Bernanke speaks, the stock market falls. [CNBC]

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  1. blackmage439 says:

    Somebody has to start asking if there was really this much bad or imaginary money out there to warrant this disaster. Did these banks really over-inflate home values this much? Where did all of the money earned really go? Are we now at the mercy of ignorant, over-paid, panicky CEO’s and stock investors?

  2. moore850 says:

    All this, and short selling comes back tomorrow… yay!

  3. pezhore says:

    Is it possible somehow to fire Bernanke? The guy seems to have completely missed the point of being the Fed Chair. Comments like, “We’ve lost control. We cannot stabilize the dollar. We cannot control commodity prices.” [www.corrupt.org] do nothing but inspire fear. Greenspan wasn’t perfect, but at least with him there was the benefit of doubt. Bernanke lays it all out there… We’re fucked.

    (Maybe he could work for The Economist [consumerist.com])

  4. jodark says:

    Seriously. All this idiot does is open his mouth about how crappy things will be, then low and behold it happens. He should shut his mouth until he has something positive to say so that he stops scaring the shit out of people.

    • HooFoot says:

      @jodark: What else is he supposed to do? He would get just as much flack if he kept quiet and pretended that the economy wasn’t tanking.

  5. HRHKingFridayXX says:

    Well we can’t have it both ways. We bitched and moaned about how Greenspan should have said something or at least be honest with us. Now that things are shitty (and everyone knows it), I don’t think we need to be lied to. Also, I would be much more worried if he didn’t say *anything*

  6. pezhore says:

    And the Dow closes at 9,454… down almost 1700 from *last* Monday’s open. But heck! This isn’t bad… we still have over 9,000 points available to lose!

  7. Franklin Comes Alive! says:

    We just need Bernanke and Bush to go hide in a closet somewhere until next January when Bush’s term is up. Every time one of them opens their mouths and talks economy, the market tanks.

    • Bladefist says:

      @Franklin Comes Alive!: Yes! And lets leave congress outside of the closet, because, you know, they are so good at fixing messes!

      • Franklin Comes Alive! says:

        @Bladefist:

        I rarely agree with you, but I’m with you on this one.

        • Bladefist says:

          @Franklin Comes Alive!: I’ve been getting that a lot :)

          I think when it comes to the bailout issue, everyone pretty much agrees (except for the people in office).

          Pretty much all of us got screwed, we can blame each party for making it, and that’s always fun, but in the end, both parties did exactly what we wanted them not to do.

          • Notsewfast says:

            @Bladefist:
            I sit on the other side of the aisle as you (at present), but well put.

            On your first point, I think it was more of a fantasy vs. reality situation there. When Bush talked about the bailout, everyone said ‘we’re saved!’. When the bailout actually passed, everyone realized that a big fat check is not going to fix the problem. While both sides were guilty of adding pork, I don’t attribute these negative moves to those additions.

            Unfortunately, the bailout was needed to prevent this from lasting 5-6 years instead of 1-2, but nobody is happy about it.

            Also, I try to avoid the rhetoric, good to see that on the other side of as well.

            • Bladefist says:

              @Secret Agent Man: I still feel like the bailout is one big guess. I’ve heard of hundreds of economic experts saying it wont help. We all know the bailout amount is a blind guess to the amount needed.

              I wish we could have spent a little more time thinking this out, and had a plan we could all be confident in.

              • papahoth says:

                @Bladefist: Do nothing is not going to help. That is for certain. If Bush talking could make things better, then why wasn’t “mission accomplished?” Do you really believe that the price for oil, set by world demand, really dropped because pinhead said that when it takes at least 10 years for that oil to get to market? Besides the fact that its like saying, your crack addiction is bad. We can make it better though by making more crack so that you don’t have to pay as much. Don’t forget, Bush also said more times than I can count, “the tax cuts are working.” Haven’t heard him say that one recently though. Don’t think he’ll be saying it again.

    • Bladefist says:

      @Franklin Comes Alive!: When Bush talked about removing executive ban on offshore drilling, oil went down. When Bush called for a bailout plan, the market went up. When congress passed the legislation, after adding more pork to it, to fix a mess they created in the first place, the market tanked.