Bush Press Conference to address Concerns about the Economy - Updated
Actually, from the quick little blurb from the WSJ this morning, it sounds more like President Bush will use the opportunity of terrified markets to push for ...
more oil drilling.
The press conference will start at 10:20 a.m. Mr. Bush is expected to press Democrats in Congress hard on the need for more oil exploration, particularly in the Outer Continental Shelf. He's also likely to criticize Congress for failing to move on most annual spending bills.
Stay tuned. (and more updates below the fold)
In other WSJ news about the markets this morning...
About forty minutes before the start of trading, Dow Jones Industrial Average futures fell 106 points to 10929. S&P 500 futures skidded 12 to 1216.30, and Nasdaq 100 futures lost 8.5 to 1794. Futures trading doesn't always accurately predict early market moves after the opening bell.
Regulators' move to seize IndyMac Bancorp has left investors wondering how many more banks might be on the brink ...1
Update: Just now, the WSJ published Bernanke's testimony this morning which indicates the printing presses will remain on full power -- and dollars will be dropped from helicopters 2 over the roofs of banks and all other financial institutions deemed too big to let fail (notice that small taxpaying individuals are allowed to fail -- left and right).
WASHINGTON -- Federal Reserve Chairman Ben Bernanke on Tuesday warned the U.S. economy faces "numerous difficulties," suggesting those risks remain his top priority despite a significant upward revision to the Fed's 2008 growth forecast.
Mr. Bernanke also dwelled on an "unusually uncertain" inflation outlook, and cautioned that the Fed is watching for any sign that higher energy and commodity prices are becoming embedded in wages and expectations.
Second update: From the WSJ's Bush Presses Lawmakers to Act On Mortgage Giants, Offshore Ban, Bush's points:
- lawmakers should quickly pass legislation to prop up mortgage giants Fannie Mae and Freddie Mac.*
- the nation's financial system is "basically sound"
- Democratics should lift a ban on offshore drilling
- "It's been a difficult time for many American families."
- the nation's economy continues to grow, if slowly.**
- U.S. depositors should not worry because their deposits are insured by the government up to $100,000.
* Methinks he protests too much, see Plunge Protection Team and The Wheels Are Coming Off -- hat tip to Carol White.
**The reason it grows, is because the numbers are cooked. The reason it grows slowly is because even the cooked numbers can't outpace the real situation on the ground.
1Fears About Banks Sink Futures A Wall Street Journal News roundup.
2 Bernanke Focuses on Growth Risks, Inflation in Congressional Testimony by Brian Blackstone for the WSJ