This was supposed to be a great week for Washington and Wall Street. The administration had leaked in advance that it was going to put a full-court press on for its stimulus and bailout programs. That led to intense anticipatory buying by the stock market bulls.
Monday night’s primetime news conference with President Barack Obama only heightened anticipation ahead of the main events on Tuesday: A big speech from Treasury Secretary Timothy Geithner and testimony before Congress by Federal Reserve Chairman Ben Bernanke.
But shortly after Geithner opened his mouth, stocks began to fall. Then they fell further. By the end of the day, the Dow Jones Industrials had plunged 382 points, or almost 5%.
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