The recovery myth
From Zero Hedge:
From remarks by the Dick Fisher of the Dallas Fed:
- The Fed has artificially sustained markets
Thank you for the admission, oh FOMC member. And to think just 4 years ago anyone accusing the Fed of using its “invisible hand” and doing everything in its power to solely focus on the stock market was labeled a “conspiracy theory” crackpot. One wonders what other “conspiracy theories” will be admitted by the Fed as fact in another four short years?
And the sixth comment at this article:
What??!! Stock and equity market prices are not efficiently priced due to the Federal Reserve violating the most basic of its statutory authority!
How much overpricing of stock and equity markets has the Fed violating its statutory authority led to, and what happens when Fed Reserve officials and staff members are called before the Senate to testify as to why they’re illegally tampering with equity (and other markets)?
Will the Congress revoke the Federal Reserve’s charter?
What is the level of distortion in other economic and financial markets due to the Federal Reserve violating the most basic of its statutory authority?
What will happen now that the Federal Reserve will, at a minimum, be forced to cease & desist from violating its charter? Will equity markets and stock prices crash? What about bonds and credit instruments? What about other markets and instruments?
How has this illegal Federal Reserve action affected all other global markets?
Are we now amidst a massive, artificially propped up, sea of asset bubbles, that are prone to crash, now that the Federal Reserve will have to cease & desist from inflating them via methods that violate the plain intent and language of U.S. statute?
WHAT IS GOING TO HAPPEN? HAS CONGRESS YET SUBPOENAED FEDERAL RESERVE OFFICIALS & DOCUMENTS IN RESPONSE TO THIS FUNDAMENTAL, SERIOUS VIOLATION OF U.S. STATUTORY LAW?
WHAT ARE CONGRESS, THE DEPARTMENT OF JUSTICE & THE EXECUTIVE BRANCH OF GOVERNMENT GOING TO DO ABOUT THIS BLATANT VIOLATION OF U.S. CODE?
Consider writing your so-called representative on the subject of justice and fair markets.
Maybe mention the three cent dollar.
Us Austrian types will be here over in the corner, taking our vindication and smiling wanly.
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Connivers connive.
And one of the things they connive to do is discredit everyone who catches them in their conniving.
It’s cold comfort being right, JHo, but I’ll take what I can get.
Thrre is no law, no constitution, no ethos, that can preserve a free people against political leaders who treat duty as a vampire treats a crucifix.
These infractions will be ignored, until something awful happens that can’t be ignored any longer. Just as the subprime mortgage bubble (who couldn’t tell that was a bubble, really?) was ignored until the bottom fell out out. Stocks are bubbling, because where else is there to put all of one’s pretend monies ?
These playah sorts, they look just as far ahead as the next quarter, at most to the end of the fiscal year. Like lemmings, pushing forward, not knowing or caring if there is a cliff ahead. They will just sniff the lemming in front’s ass, and follow blindly full speed ahead.
And the Fed’s playahs? Desperate, sweating, barely able to contain unholy screams of fear. They know what’s coming.
But, FORWARD!
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