Stocks plunged on Tuesday afternoon - shedding 200 points in the final hour of trading alone - despite reassurances from the chairman of the Federal Reserve, Ben S. Bernanke, that the central bank was prepared to lower interest rates, words that many investors had said they were waiting to hear.
Seriously, it is almost as if a double standard is at work here. I mean, the Dow plunging couldn't possibly be because of the policies pursued by Bernanke, could they? Those were clearly the words that investors wanted to hear. So, there is no way that is the cause.
The temporary defeat of the bailout, however, was to cause for the Dow plunging last Monday. If you don't believe the media, just go to their source: Henry Paulson. Bush administration officials are always right.
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