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Ira,
You're a well balanced and well educated person....therefore you should
have no problem providing reference to the statements you made below.
Such as what do you mean by unlimited credit? We all know central banks
can print money...so what?
Who went bankrupt? The Fed?
Equity futures have only been around since early 80's so are you saying
the fed went bankrupt sometime in the past 20 years???
If they went to buy futures to make the market go up to help them from
bankruptcy you must also be saying that their stock portfolio which you
say they held was also a significant part of their assets??? Can you
present a balance sheet please showing this in the relenvant year?
This would be a fascinating insight for me, as it would show one of the
most extraordinary events of the 20th century, with barely a murmur in
the press about it, and show something radically different from every
central bank balance sheet around the world.
Adrian
> -----Original Message-----
> From: Ira [mailto:mr.ira@xxxxxxxxxxxxx]
> Sent: Wednesday, 19 November 2003 6:05 PM
> To: realtraders@xxxxxxxxxxxxxxx
> Subject: Re: [RT] Re: Fed supporting market
>
>
> What do you think they did with the unlimited credit when
> they were bankrupt? They went out and bought futures and
> stock to support the market and increase the value of their
> portfolios.
> ----- Original Message -----
> From: Dan Goncharoff
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Tuesday, November 18, 2003 8:43 AM
> Subject: Re: [RT] Re: Fed supporting market
>
>
> Why is the Fed providing liquidity at a time of high risk,
> when free markets may otherwise no longer function properly
> in the short term, be worse than a branch of the government
> making an active decision to buy futures. Providing liquidity
> allows the market to function; buying futures favors one side
> of the market over the other. In my view, buying futures is
> as bad as selling futures -- it means the government is taking sides.
>
> Ensuring the proper functioning of the market is one of the
> stated functions of the financial markets is one of the
> purposes of the Fed.
>
> Regards
> DanG
>
> Ira wrote:
>
> 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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