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Ira,
How is it worse? That's an odd thing to say as its actually the best
thing. One of the basic roles of Central banks is to control liquidity
in the money markets and banking system. To sop up excess liquidity and
to provide money when it gets tight. This was especially so back in the
days of dirty float exchange rates where there were often extremes in
overnight cash rates due to currencies being misaligned. To act as
lender of last resort for the banks and provide a solid underlying
foundation which has worked reasonably well for a very long time.
Adrian
> -----Original Message-----
> From: Ira [mailto:mr.ira@xxxxxxxxxxxxx]
> Sent: Wednesday, 19 November 2003 3:27 AM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Re: Fed supporting market
>
>
> I thought that it was aimed at government intervention in the
> markets. It may not be the same as buying futures, it is worse.
> ----- Original Message -----
> From: Dan Goncharoff
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Tuesday, November 18, 2003 7:18 AM
> Subject: Re: [RT] Re: Fed supporting market
>
>
> Providing liquidity to the markets is not the same as
> buying futures, which is the charge leveled in the original message.
>
> Regards
> DanG
>
> Ira wrote:
>
> The fact is it did happen in 1987. The fed told the
> banks to give unlimited credit.
> ----- Original Message -----
> From: Dan Goncharoff
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Tuesday, November 18, 2003 5:21 AM
> Subject: Re: [RT] Re: Fed supporting market
>
>
> Have you ever seen it claimed in a respected source? If
> so, I would be interested in the reference, because I have
> long sought such a mention in the established press, without
> success. AFAIK, it is just foolish gossip.
>
> Regards
> DanG
>
> BobsKC wrote:
>
> It is commonly accepted knowledge in the business world and
> while I most
> certainly have not personally observed the practice, I have
> no recall of
> the White House ever denying it, either. If the market
> tanks, so does
> Bush. Do you not believe that he has the means to prevent this?
>
> Bob
>
>
> At 02:57 PM 11/17/2003 -0800, you wrote:
> This is a strong statement, variations of which I've heard
> many times with no factual support. Is there any support here?
>
> regards,
>
> tbr
> > the Fed has shown in the past how it can hold up
> markets via futures purchases
>
>
>
>
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