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In a message dated 10/16/98 1:14:03 AM Eastern Daylight Time,
rraff@xxxxxxxxxxx writes:
For the record this was not my post.
TQuinn
<<
>TQuinn211@xxxxxxx wrote:
>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!
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