The Federal Reserve, Hank Paulson and the rest of those sniveling toadies have revealed themselves for what they are: hack politicians wearing economist hats that nontheless are in it NOT for depositors, but for the bankers, NOT for the payers of subprime mortgages, but for the HOLDERS of subprime mortgages, NOT for the little guy, but for the FAT CAT BUDDIES IN THE BANKING AND BROKERAGE INDUSTRIES. Opening the discount window and buying imploding mortgage paper ONLY HELPS THE BANKS AND BROKERAGES THAT CAUSED THE PROBLEMS IN THE FIRST PLACE.
Brokerages that are heavily and stupidly leveraged (25 to 1 in some cases) were facing a market in turmoil in which their ridiculous hedge funds were going to have to redeem for hideous losses. So naturally Hank Paulson...who was the head of Goldman Sachs please remember...calls up Ben "lapdog" Bernanke around lunchtime on Thursday and says "YOU NEED TO LOWER RATES. THE MARKET IS IMPLODING AND THE BROKERAGES ARE GETTING CRUSHED"
Notice please that the first spike up off the lows occurred around 1 pm. Sellers again starting knocking things down to their previous lows. At 3:15 SOMEONE STARTED BUYING ALL THE FINANCIAL STOCKS IN SIGHT. SOMEONE KNEW SOMETHING. THIS IS A BLATANT EXAMPLE OF ILLEGAL INSIDER TRADING, AND IF THE REGULATORS CARED ONE IOTA ABOUT ACTUALLY ENFORCING SECURITIES LAWS THIS WOULD BE A MAJOR SCANDAL, AND A MAJOR NEWS STORY TO BOOT!!
BUT IT WON'T BE! BECAUSE THE REGULATORS AND THE RATING SERVICES ARE JUST AS CORRUPT AS THE BROKERAGE HOUSES!!!!!!!! NOT TO MENTION THEIR WILLING SHILLS IN THE FINANCIAL NEWS MEDIA!!!!
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