The stock market has taken another big hit today reacting to numerous economic headlines like Merrill Lynch Posts Steep 4Q Loss and Novartis 4Q Net Profit Falls 45 Percent, and worse yet a regional Federal Reserve report showed a sharp decline in manufacturing activity and as investors grew concerned that downgrades of key bond insurers could trigger further trouble with souring debt.
But this was the day that Ben Bernanke the Fed Chair reported to congress and tried to pacify the markets with his open mind about shoring up the economy through economic stimulous.
Perhaps it is my imagination, but it seems to me that when Alan Greenspan spoke, for better or worse, he was able to exert a calming influence on Wall Street if that was his intention. When Bernanke attempts the same trick somehow it feels like something is missing.
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