No Fed move - stocks fall

Takeaways from Federal Reserve Chairman Ben Bernanke in Jackson Hole, Wyoming: No big infusion from the central bank. He said that the economy has softened and that the Fed could do more if necessary. But for the moment, it's status quo, and the markets are not happy about it, with the Dow down 160 points. Here's the speech.

*If anything, Bernanke was sounding reasonably hopeful, certainly more than many economists. From the NYT:

"With respect to longer-run prospects, however, my own view is more optimistic," Mr. Bernanke said in his prepared remarks. "The growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years." Mr. Bernanke was careful to note that the nation faces significant challenges, including massive unemployment and an unsustainable federal debt. But the speech, being delivered at a policy conference held each August in Grand Teton National Park, marked a return to the Fed's position earlier this year that the Fed has done most of what it can, and that the rest of the government must do more.