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Dennis wrote:
<chuckle> Sounds like somebody got caught short. My advice, get over it.
<Sh*t happens.
Best answer yet. Thankfully, it wasn't me caught short. But
your comments overlook all those players whose role it is to
make the market for your benefit on a minute by minute
basis everyday, both from the floor and from their terminals.
How exactly is it equitable for them to both provide short
term market liquidity --which they must and do regardless of
the daily and weekly trend--and still heed the warnings you
say that should have kept them out of the market at just
the right time. Nonsense. They got screwed, plain and
simple, and not by any error in their money management.
Nothing in your comments override this point: the Fed Reserve
is a public servant. The "overall economy" as you refer to it
is nothing more than the sum total of all market and consumer
participants. Today, in a surprise move, the Fed exercised its
power over the very participants who bestow that power to
the Fed in the first place, and to their ultimate detriment,
suffered the use of their positions as leverage for the Fed's
purposes at their extreme expense.
Some stops in the Nasdaq were executed a full 300 points higher
today. And there are speculators who won't be around to
"get over it" tomorrow. That any charted institution that acts
as a public servant not take into consideration the very
participants who make market liquidity possible
and more--even leverage its duties against the losses of
those participants' positions--is not serving the economy's
good.
I understand from another post that there is little if anything
in the Fed's charter that directly reflects that such an public
servant role even exists, but that should be viewed as a failing
of the charter, IMHO, and deserves to be levied back upon
the Fed as swift and dramatic a remedy as was perpetrated
by the Fed itself on fair market players all over the country
today.
And personally (since I'm not long :-) I hope you choke
on your positions.
Scheier
DH wrote:
> > I have previously held Mr. Greenspan in fairly high regard, but
> > must reconsider my opinion. This is an example of the Fed
> > playing god. That's not its role.
>
> <chuckle> Sounds like somebody got caught short. My advice, get over it.
> Sh*t happens. Anyone who doubts that Greenspan is the most powerful man
> in the world needs to take a reality pill. His charter is to do the best
> he can for the overall economy. He doesn't owe the short sellers squat.
> Sure, with the benefit of hindsight, they should have started easing
> earlier but better late than never. I've heard the whiners complain that
> the Fed should have done the cut before or after market hours. The price
> spike would have been worse if they did that. It would have locked the
> futures markets limit up and no paper would have been able to trade.
> Better for the average garage trader to let it do its thing and give
> them the option to trade if they wanted to. About the poor market
> makers, they knew the risks when they took the job and they are well
> paid for them. No sympathy here from someone who is more often than not
> a victim of manipulation by the market makers. I'm sure they will be
> doing their best to manipulate the market back down so they can cover
> their positions at the expense of the public. Personally (since I'm long
> :-) I hope they don't succeed.
>
> --
> Dennis
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