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Bloomberg: Bernanke Admits to Manipulating Stock Prices
"Federal Reserve Chairman Ben S. Bernanke said resuming large-scale asset purchases should boost economic growth through lower borrowing costs and higher stock prices and that concerns about the strategy are “overstated.”
“This approach eased financial conditions in the past and, so far, looks to be effective again,” Bernanke said today in an opinion article for the Washington Post released hours after the Fed announced the $600 billion of Treasury buying through June in a second round of unconventional monetary stimulus."
Let's see....before our economy CRASHED, the stock market hit an all-time high. It got there via ARTIFICIAL INFLATION.
Now, Bernanke believes a dose of the same sickness that got us into this mess will help cure it? WTF?? Not only that, but he's doing it with OUR money!
When are we going to rise up and make this sh1t stop?
Last edited by PatriotsReign; 11-04-2010 at 09:15 AM..
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Re: Bloomberg: Bernanke Admits to Manipulating Stock Prices
Unfortunately, I don't know what will make this kind of thing stop. I haven't read Amity Shlaes' The Forgotten Man, but this whole situation sound eerily similar to some of the main points of this book. From what I understand of it, she argues that the Great Depression was actually a series of economic jumps and dips, caused by the actions and increasing of the Federal Government during that time. I know that many will scoff at that, as the conventional wisdom is that FDR's policies pulled us out the Great Depression. But it would be interesting to see how she constructs her arguments and how she proves them.
I don't know what to think yet, but being a history guy, I do earnestly believe that history repeats itself and that we HAVE to learn from it to improve as a society. If Shlaes' arguments are correct though, there really should be some kind of reigning in (recognizing that some regulations are needed) of this type of manipulation of the market system