Bernanke to speak at 10am Eastern. Effect on DOW/Market?

[rockjoa]

http://money.cnn.com/2008/10/20/markets/stockswatch/index.htm?postversion=2008102005

"Eyes on the economy: Fed chairman Bernanke is due to testify about the economic outlook and financial markets at a House panel at 10 a.m. ET.

Also at 10 a.m. ET, the Conference Board is scheduled to release its report on leading economic indicators for September. This broad, general reading on the economy is expected to have slipped 0.3%, according to a consensus of economists from Briefing.com, compared to a 0.5% decline the prior month."


What effect do you think it will have?

I expect more rollercoastering? It is currently up 80, I expected more before the speech but I guess investors are getting annoyed by them manipulating the market.

 

[rockjoa]

Currently streaming on cnn.com, third stream. Not talking yet

http://www.cnn.com/

Hearing evil laughing in the background like at the passing bailout vote.

 

[nodope0695]

Hmmm...If I wanted to watch fiction, I'd be at TV Land....

 

[rockjoa]

Currently lined up grabbing notes, dow up to 180, just in case he generates magic beans.

 

[rockjoa]

Live any second, started

 

[rockjoa]

Watching the DOW fluctuate live as they are talking. Reminds me of the futurama episode futurestock.

 

[slacker921]

eh.. they apparently didn't watch Hugh Hendry
http://www.bloomberg.com/avp/avp.ht...//media2.bloomberg.com/cache/vJRGEwtqBFQM.asf
or decided to blow him off. Dow is up 221.

 

[rockjoa]

dow currently holding at 200, talking about cooperation with other world banks.

 

[rockjoa]

I don't understand too much of what he is saying but sum it up as more socialism.

 

[rockjoa]

Dow dropped to 140. Sounds like more of the same.

 

[rockjoa]

Talking about passing a fiscal package, aka they want more money/control.

 

[rockjoa]

Package wants more access to credit, urghhh!!! that's why we are in this mess!!!!!

 

[rockjoa]

Questioned asked how can we get more money into the market? Basically said we need more help for banks/risky homeowners


I wonder why people are not buying overpriced houses? Hmm, maybe the market should decide. Or they could do more of the same

 

[avix123]

http://cspan.org/Watch/C-SPAN_wm.aspx

 

[Sarge]

Ben suggested lending Freddie and Fannie more money. Has he totally lost it?

Do another bailout? We are history.

What about cutting government big time? He will not mention that one.

 

[rockjoa]

This is very annoying I misinterpreted the term "Testify".

There are congressmen there, is Ron Paul there?

 

[rockjoa]

Cutting of govt programs is completely out of the question like overseas funding. There are certain things that are not talked about. Mccain and Obama said they would cut, but not what.

 

[Sarge]

When we are bankrupt, they will not be able to support any government programs.

 

[rockjoa]

When we are bankrupt, they will not be able to support any government programs.

Why not? we have been bankrupt for a quite a while now, just living in denial. We have dollar holding nations at gunpoint, and a magic money machine.

 

[rockjoa]

Bernanke states again we will make profits off our investments. That has to be one of the biggest lies of the decade.