The Dow fell 500 points after Fed Chairman Ben Bernanke gave a speech about the state of the economy. If you’re interested, the text of the speech can be found here. [CNBC]
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So the Fed is having the same effect on the economy as Bush does whenever he talks about money?
Maybe they both need to stop talking.
whoever wins this election needs to can this guy, head of the SEC and whoever else was watching shop while people lied, cheated and stole from the American public.
@full.tang.halo: Technically speaking nobody cheated or stole from the American public, by and large. What the banks did was cheat amongst each other, and then got all caught up in the same bursting bubble when the risks they ignored blew up on their face.
It is now, however, that the legislators are thinking of stealing our money to fix the problems the banks caused, so if we were to follow your advice, the next president would have to fire all senators and congressmen including himself.
@Pixelantes Anonymous: Ahh but in the end their cheating and stealing between themselves rolls down to taking it from us.
As for firing all the senator, congressmen, and themselves; that is a brilliant idea. Can you imagine that campaign – Vote for me, cause I will fire them all!!
“At the Economic Club of New York, New York, New York”
I couldn’t concentrate after that line
Stuff like this is why I pay no attention to the stock market. Some dude flapping his lips at a luncheon shouldn’t matter.
@Rhayader:
Well in this case that “dude” happens to be the head of the Federal Reserve, so his statements carry some weight.
That being said, he didn’t say anything most of us don’t already know.
About the same time he gave the speech I had a delicious burrito. Sorry about that, folks, I can’t resist the lure of burritos even though I know it’ll make the indexes fall a few hundred points.
@Applekid: Talk about fiscal (and nutritional) irresponsibility. Time to enact a burrito bailout.
@Applekid: Investor: I’ll buy that burrito for FIVE MILLION DOLLARS!
Other investor: I’LL PAY 10 MILLION!
3rd investor: That burrito isn’t worth 10 million dollars.
First and Second investors: OH NO!
@m4ximusprim3: AIG: I’ll Insure the insurance on that burrito for A BILLION DOLLARS!
Bernanke is a Micheal Bay sized disaster of a Fed Chairman. Every time he opens his mouth, earthquakes and fires errupt in the financial market.
oh come on. the sell-off is just a reflection of the current state of the market – high ups & high downs. what in his speech could have any real effect on the market? he’s just regurgitating everything we’ve seen on the news, read in the papers & heard on the radio over the last 2 weeks. i doubt his speech was as effective as everyone opening up their quarterly 401(k) statements.
complete with the -30% YTD rate of return in mine, i received a neat little “9 tips to survive the market” pamphlet. here’s an excerpt:
ok…that wasn’t an actual excerpt, but if you read what i read, i think you’d agree that these tips are a little mroe useful.
@mac-phisto: That still doesn’t rule out the trusty old rope.
If the politicians would shut up for a bit, this whole problem would resolve itself much more quickly. Of course, that is contrary to their nature. They have to meddle.
I had an econ class with a prof who was a former associate of Bernanke at the fed in Chicago, who was always talking about what a genius this guy was/is. I guess I just don’t see it.
@SpdRacer: It’s real easy for someone to seem like a genius when things are going well.
It’s turning into a game now.
“I bet you my speech could drop more points in the market than your speech”
Call me when the dow hits 6000 because until that happens I am on vacation.
I can’t wait till everyone figures out that every time he holds a conference, the market drops.
You’ll start to hear “In other news, the DOW dropped 400 points on the news that Fed Chairman Ben Bernacke was thinking about maybe talking to someone”
I think it’s bizarre that the market reacts to news that a recession is coming. Cause, you know, it didn’t know that the past few weeks, months, etc…
It’s a tough job to be a fireman. Everyone blames you when you can’t save (most of) a burning house, while few point fingers at the guy who thought it’d be a brilliant idea to stockpile gas cans in the basement. Or at the previous fire chief, who felt that filling, storing then selling these cans sans regulation or oversight was a hallmark of a vibrant economy.
@Trai_Dep: It’s a tough job to be a habitual liar too. This is more why Bernanke and Hank are hated.
@laserjobs: When did he lie?
And while Henry “Heck of a Job” Paulson’s worthy of derision, why Bernanke? Why not Greenspan?
Clearly the solution is to not allow Bernanke to speak.
Dear Mr. Bernanke,
Shhhhhhhhhhhhhhhhhhhh!
Thank You,
The American People
Maybe Ben just needs to keep his mouth shut.