"Just Go In There Every Morning"
Signposts on the road to economic -- and eventually national -- madness: mainstream, apparently reasonable market commentators are now openly calling for the government to artificially boost the stock market, without any concern for the practical and moral implications I outlined here. Maybe the only problem here is being behind the curve; many in the trading and asset management community assume this activity is already happening, with risk perceptions and proprietary positions adjusted accordingly.
With appropriate urgency, John Crudele calls this issue "the most important financial topic of our time." It's essential that Congress follows up on Bernanke's blatant refusal to answer questions about this.
With appropriate urgency, John Crudele calls this issue "the most important financial topic of our time." It's essential that Congress follows up on Bernanke's blatant refusal to answer questions about this.
posted by The Cunning Realist at Monday, July 26, 2010
4 Comments:
I'm sure the attempts to "privatize" social security are a big part of this scheme. Easy sell to the tea party rubes, hey, we're getting government out of your retirement. Too bad we can't apply the RICO act to politics.
The belief that the unseen hand does or will support the stock market is widespread and therefore the reality has already been finessed. This belief is crucial to 'confidence'. Then there was the flash crash. So it's complicated.
I fully expect a mini crash this fall. When the perma bid provided by the HF traders and the spastic fingers on the SPY buy button disappears for a time. This will usher in QEII. I could be wrong of course but whatever happens we can be sure that the few will gain and the many will lose, again.
"Government" is the wrong term for what drives the swing moves of the market. It is not the government so much as an empire of banking and finance which is larger than government. Without the "government" however the world as we know it would end. Who wants that? Nobody reading this could possibly be better of if "confidence" is lost.
Omg... You either work for the government or in Finance Rapier. Yes... I mean how will the people get along without propping up the financial empire that is robbing them blind and giving nothing in return. The stock market has been dead for 10 years and the only think that saved the Investment banks was a giant taxpayer backed bailout! This doesn't need to continue. It needs to end. Everyone who works in finance and for the feds needs to except a lower standard of living like every other American allready has. Time for the parasites to go hungry because the host is starving.
Moral implications? When did morality figure in any way into the operation of the stock market?
Create CONSEQUENCES for bad behavior (i.e. a couple of years in Federal Pound You in the Ass Prison) and morality might figure into behavior. But Bernie Madoff is the exception and Joe Cassano is the rule.
Post a Comment
<< Home