John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Moominoid who wrote (9154)	3/23/2008 3:29:05 AM
From: John Pitera	Read Replies (1) of 33421

The connection is that the link you provided for Federal Reserve audits indicates that they don't engage in a full audit. and to distill it into 1 sentence: (3) transactions made under the direction of the Federal Open Market Committee; or the FED has just expanded this facility to absorb and provide liquidity for all these CDO's and other "assets" from non banks such as LEH and GS. which goes to show how profound and powerful FOMC and related FED Security Purchasing ability is. It is by law almost unlimited during times of extreme market distress. So when you say that we have an auditing of the FED and yet it is not by law authorized to examine and audit the portion of the banking enterprise where 80% of the activity is occurring, what are you really trying to sell us on? And I support the FED in what they are doing. A huge credit collapse is not going to make for a more cohesive society. just don't give me grief about why I've been talking about inflation on here for 8 years.( and I know you. MM have not) John

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