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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (36055)4/11/2002 12:09:14 AM
From: UnBelievable  Read Replies (4) of 209892
 
Government Intervention Today To Support INDU

From Hahn's corner:

There is an explanation for the big afternoon buy program, which was focused on the Dow Jones Industrial Average. The US Treasury appears to have taken the unusual step of moving a large amount of government pension fund money into the large capitalization blue chip stocks. This was most likely an allocation shift to equities. The timing of this major market manipulation should be investigated by Congress. On the first day following a breakdown in the market indices, our government chose to push big money into equities to avert a market collapse. This government intervention was reported on CNBC. I could not find a news link to prove it. The Treasury is not going to leave tracks linked to something so controversial. The stock market must be in dire straits to require such aggressive “Latin America-type” activity. To “buy-in” to an expensive stock market with the pension funds of government workers is questionable financial management. Not since the days of Clinton and Rubin have we seen this degree of moral hazard conduct. Treasury Secretary O'Neill is now attempting the same old tricks. The difference is...Rubin would have conducted a covert operation. O'Neill's intervention was overt. O'Neill released a statement this morning exuding confidence in the economy in spite of energy price concerns. He knew he was planning to “fix” things.

hahnscorner.com
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