Tuesday, January 22, 2008
Full Moon - Monday January 22, A Day in History live
Fed chairman Ben Bernanke's troubled facial expression: "How dreadful has sentiment about the economy and financial system become? If one picture is worth a thousand words, what are two pictures worth?"
Bernanke's testimony before a congressional committee on Thursday reaffirmed the market's worries about the health of the economy. He admitted that the tumbling house prices, increased energy costs, falling consumer spending, increasing unemployment and weak stock market performance were more than likely to drag down US economic growth. Bernanke expressed his support for significant fiscal and monetary stimulus as a pre-emptive strike against a US recession. Despite these pronouncements the stock market plummeted by more than 300 points