When Helicopter Ben became the fed chairman, I had hopes he would be different from Alan Bubblespan. But it seems as if he is worse than Greenspan. It is not a secret anymore that the fed cut rates because they were worried about a plunge in the stock market.
Now it seems the plunge was due to Societe Generale SA liquidating their positions.
So the stock market plunge was aided by liquidation of these positions. The fed was duped into a 75 basis rate cut!
1 comment:
Welcome Back ! Yes indeed, Ben and company will insure that Wall Street is greased better than a pig at pig catching contest. Unfortunately, it won't work, and will only lead further mass devaluation of the dollar and commodity inflation.
When pigs fly, cover your head !!!!
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