"Bernanke: Economic outlook weaker: Fed chairman says financial crisis will dampen economy well into 2009 and hints at future rate cuts; says recent actions by Fed, Treasury should help economy recover." CNN Money
Here is a video link of Bernanke's speech at the National Association of Business Economics conference giving his economic and inflation outlook..
Also to note, the S&P closed below the key 1,000 level today, at 996.23... We need this rate cut, for a possible confidence boost atleast. It seems like forced institutional selling (domestic and international)..
Also check this out, Warren Buffet on Derivatives: Excerpts from the Berkshire Hathaway annual report for 2002. PDF Link