jquery Event.stopPropagation() seems not to work

Am I totally missing what this is supposed to do? I expect that if I call stopPropagation() on an event, handlers for that event won't get triggered on ancestor elements, but the example below isn't working that way (in FireFox 3 at least)..

<script type="text/javascript">
    $("input").live("click", function(event){
        console.log("input click handler called")
        event.stopPropagation()
    });

    $("body").live("click", function(event){
        console.log("body was click handler called. event.isPropagationStopped() returns: " + event.isPropagationStopped());
    })

</script>

 ...

<body>
    <input type="text" >
</body>