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TQuinn211@xxxxxxx wrote:
Ah, that bastion of the financial press, the National Enquirer, er New
York Post. If you believe that, I've got a bridge to sell you...It would
have to show up on the balance sheet some place.
This makes no sense. If the Fed was that worried about the markets
(which I think they should be) they would have at least cut the discount
rate on 29-Feb. Interventions do not work unless they are done big time.
Witness the sad history of central bank intervention in the forex
market. All it does is clobber the shorts and give those who were not
short an opportunity to short at a better level. If the Fed wants to
prop up the market, all they need to do is say that they are looking
into LEGAL ways of buying stocks. That'd scare the heck out of anybody
shorting the market.
Caroline Baum just wrote a great piece for Bloomberg News talking about
similarly idiotic conspiracy theories that always crop up in the forex
market and bond pits, the latest of which called for a rate cut over the
weekend following an emergency meeting last week of the Fed.
Watch out for the little green men. If they start buying spooz,
Andromeda's the limit!
Steve
>
> Earl,
>
> Here is a site from a newspaper article that agrees with you.
>
> All the best
>
> Terry Quinn
>
> http://nypostonline.com/business/5459.htm
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