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Politics : Ask Michael Burke

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To: BGR who wrote (71702)	12/10/1999 10:33:00 AM
From: Mike M2	Read Replies (1) of 132070

The financial markets are not as free as it appears. When LTCM is not allowed to get its well deserved tough love that is manipulation. The triple rate cuts by the Fed to bail out leveraged speculators is not an example of free markets. Do you question the timing of the last rate cut - late thursday before options expiry? A great deal of money was made buying call options soon to expire worthless. However urgent the situation was the rate cut could have waited until fri or at least Thurs after the close. This was an example of crony capitalism. Mike

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