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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: BGR who wrote (72213)10/27/1999 6:33:00 PM
From: Oblomov  Read Replies (1) of 86076
 
BGR,

Maybe you simply have a problem with the term 'manipulation.' It
is obviously a loaded term, since it presupposes that the selfish
motives that we all have are bad. Rather than make a moral judgement
about this phenomenon, let's use the term 'engineering.' If it
is in my interest to engineer the behavior of the indexes, and
I have the means to do so, and doing so is not illegal, then why
shouldn't I do so?

I don't know if there is a conspiracy or not. But I do believe
that the money center banks have grown enlightened about the
negative consequences of a rapid decline in equity prices to
their own business.

Of course, any accusation of at-large 'manipulation' would fail the
test of falsifiability. To accuse an entity of manipulation is to
ascribe a motive where none is clear. And those who believe in
daily instances of manipulation will not likely abandon their views
based on contrary evidence.

Nonetheless, the temptation is obviously there for engineering to
occur. The means clearly exists. As a cynic (in the classical
sense), I can't entirely dismiss the possiblity of at least some
index engineering. Yes, it is ineffective in the long-term, but the
long-term may not be of importance to the parties involved.

AA
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