AN OASIS IN A WORLD OF HACKS, HUSTLERS, AND HIRED SPIN
posted by The Cunning Realist at Tuesday, June 22, 2010
It seems somewhat rude not to provide a link along with a mention of your blog.
The intervention is surely for the most part a very subtle thing. One would expect if it wasn't, if the mechanisms were institutionalized, that dozens and dozens inside the Treasury and the Fed and the SEC and wherever would know about it and people talk. The belief that there is intervention is probably just as effective as intervention except in the most extreme cases. The first being in the MMI during the 87 crash which is fact and got this ball rolling. And any intervention aimed at short term movements has to originate in the futures and options and perhaps other derivative markets. When the big bids start flowing in an air pocket who doesn't think it could be the invisible hand and then be tempted to hitch a ride?It could be just winks and nods among the big boys who after all are the Feds and Treasuries partners.If Ben came out and issued clear, unequivocal, point by point answers to every detailed question imaginable denying any direct, indirect or magical intervention the markets would be greatly destabilized in my opinion. The rumor serves a valuable service. The post inaugural swoon in 09 when everyone knew loose accounting for the big banks was coming, and when QE was a sure thing and the cognoscenti were aware AIG was being backstopped in full made no sense. The plunge to 666 was essentially engineered, with winks and nods.
ALOHA!!I'm confused, as how do you go from this "very subtle thing" ...The intervention is surely for the most part a very subtle thing.... to this?The plunge to 666 was essentially engineered, with winks and nods.Someone's 401k paid for those "winks and nods" right? What is the subtlety in that?Aggressive nationalism is the necessary derivative of the policies of interventionism and national planning.Ludwig Von Mises, Human Action(1949)Does the US Treasury own shares in US companies? Is the Pope the Pope? The US Treasury may as well take out DiTres mortgage ads on TV! What's next used GM cars on the White House lawn with the little glitter flags along the fence at Pennsylvania Ave? Maybe one of those bouncy blow-up caricatures of Obama blowing up and down in the wind like his "campaign promises".Where are the "boiler room" whistle blowers at the US FED and the US Treasury? Is the penalty death? Congressional aides ... hello? Isn't it time to punch out yet? Choke me with all your perfectly righteous patriotic halos!! Talk about legacies ...
Off topic:TCR, is it on purpose that you don't maintain an archive, nor a search function for your blog?I have been a frequent reader of this blog over the past couple of years and would like to be able to retrieve some of the great posts that I remember (for instance, in the context of recent statements by Krugman and Soros targeted at Germany's fiscal policy), how can I do that?Thanks!
RI, try the search engine in the top left corner.
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I am a New York City resident in my forties, an investment professional, and a conservative. I have an MBA from Columbia University.