Apparently, Ben Bernanke Wasn’t Very Convincing
He went to Capitol Hill today and talked about the need for an economic stimulus package, and the stock market fell 300 points anyway:
Federal Reserve chief Ben S. Bernanke told lawmakers today it is “critically important” that any economic stimulus package take effect quickly if it is to help ward off recession, and the White House announced that President Bush would make a speech Friday laying out his criteria for such a program.
Despite Bernanke’s comments, the flow of disappointing economic news today sent Wall Street lower. The Dow Jones industrial average dropped 307, or about 2.5 percent, to close at 12,159. The Nasdaq composite index was down about 48 points at 2,347, a loss of 2 percent, and the Standard & Poor’s 500 index fell 40 points to 1,333, 2.9 percent.
I guess Ben doesn’t really have a golden tongue does he ?