Posted on 06/22/2010 2:51:50 AM PDT by Scanian
Things are getting interesting in the most important financial topic of our time: Has Washington ever rigged the stock market?
Ben Bernanke recently told a Congressman that the Federal Reserve has not intervened in the stock market. But the Fed chairman dodged the rest of the question from Florida Democrat Alan Grayson: "Has the Federal Reserve -- alone or in concert with the Treasury Department or any part of government -- ever taken any action with the purpose or effect of supporting the stock market or an individual stock?"
A few weeks ago Grayson finally got answers to that and 16 other questions he asked Bernanke in writing back in February. Sources in Grayson's office judged Bernanke's answer to the stock market question as "evasive."
I agree.
Washington is currently considering all sorts of reform to the financial system, including prohibiting Wall Street firms from certain kinds of trading and investments. But hold on -- a big whoa!
(Excerpt) Read more at nypost.com ...
The Congressional Effect Fund seeks to capture the historically
higher returns on Congressional out of session days by primarily
having exposure to price moves of the broad market as measured
by the S & P 500 index on vacation days.
At the very least, the fund manager has stimulated interesting discussion.
Washington is currently considering all sorts of reform to the financial system, including prohibiting certain kinds of trading and investments.
Train wreck ahead.
Not just DC.
The states and municipalities have hundreds of millions, maybe hundreds of billions of dollars of their pension funds, rainy day funds, etc. invested in the market.
They cannot watch their money disappear. People would hang from the trees if that happened.
So it is sounding more and more to me like we will not see the system change.
We will see the “money” change.
On a related topic-Commodities markets:
Rush “what if’d” the concept of the RATs gaming the price of oil to affect election outcomes noting the “coincidental” PPB hikes before the last two elections.
LLS
I know absoulutely nothing about economics but I think what happened in October of 2008 was not natural. If we see the market soar upward 1,000 points or more in a matter of days in October of this year I may feel even stronger about it.
Will someone from the PPT please pickup the green curtosy phone?
Our government is corrupt and corrupt governments manipulate everything. You are correct... and I know economics and I see it clearly.
LLS
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