"An Inadequate Answer"
Readers here will recognize the subject of John Crudele's latest column. If not, see question 15 on this list.
I've already noted briefly that Bernanke's answer doesn't cut it (and I owe another post on this) and Crudele explains why. This is a critical issue for many reasons, and Bernanke's conspicuously incomplete response begs for some congressional follow-up.
More on this soon.
I've already noted briefly that Bernanke's answer doesn't cut it (and I owe another post on this) and Crudele explains why. This is a critical issue for many reasons, and Bernanke's conspicuously incomplete response begs for some congressional follow-up.
posted by The Cunning Realist at Tuesday, December 22, 2009
12 Comments:
That's one of those previously off limits questions.
The underlying belief is enough. Belief that the invisible hand will support the market. Still, what about the final plunge to the lows last Feb/March?
It is an almost known fact that the Fed/Treasury probably through proxies stepped into the MMI pit at the CBT to stop the 87 crash. From this springs all theories.
Back to early March. If one assumes constant manipulation then why did they let it go so low? Who said enough? Why then?
The futures pits have lost influence big time with ever more massive instant off floor HF trading. Making manipulation a far far more complex task.
Thinking about this stuff too much is a mistake. There is plenty of liquidity for now to keep equities rising. That liquidity has been provided by the Fed and the worlds central banks. Everything else is just fluff or down the rabbit hole. Of course the stock market is manipulated. An entire monetary and financial system has been built to funnel liquidity into the financial sphere. Don't make it more complicated than that.
Anyone catch Geithner's interview on NPR last night? He refused to answer the question as to whether he was too chummy with Wall Street and specifically the handful of largest banks. My eyes were already bugging out of my head as he categorically declared that there would never be a second financial crisis. We haven't fixed what caused the meltdown in the first place and a year later he's still cheerleading that the government will do whatever is necessary to support the existing financial system. High times at the pig trough.
Lol... Its always high living when you have a direct line to the tax payer teet! So far the elite's gamble has paid off. The American populance is so docile they haven't shot one wall street banker yet. Everyday I check the headlines...hoping we can finally start clearing away some of this waste. My Remington sits quietly in the corner...waiting for its time.
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ALOHA !!
It all boils down to the C WORD ... C-O-N-F-I-D-E-N-C-E!! Markets and currencies collapse without it. It's perception! As currencies fail then markets and hard assets supplant the actual currency itself as those who hold the failing currency seek a "store of value", something other than issuing more debt and producing more paper derivatives.
Right now our money is only backed by the "human condition" and the egos of Bernanke and Geithner. This always translates to debt and more debt. Debt issuance is daily at the US Treasury. There is more to US DEBT than just the "marketable" variety of debt.
Bernanke and Geithner are but purveyors of that debt. It is in their best interest to reassure and promote CONFIDENCE no matter what your eyes and ears tell you the truth is.
I believe that 99% of American citizens suffer from Stockholm Syndrome when it comes to the US FED and US DEBT.
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Yeah there's where the lies is find it, because if you made a plan you should think about everything...
Thanks, nice post.
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