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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Robert Douglas who wrote (1058)	11/30/1998 2:19:00 PM
From: Greg Jung	Read Replies (1) of 3536

Absurdity? What do you suppose the 1/4 point cut was designed to do? It was timed at 3:45 the thursday prior to friday expiratoin. This was not an accident and it had a direct and very large impact on the (just then closing) derivatives book of hedge funds directed by brokerages. Furthermore, word of such a bailout probability, or the deduction of such, was the probable impetus to an end-of-day upsurge in the price of financials' such as JPM, MER on Oct 8. It takes six months for the real effects of a rate cut to work through the system, rate cuts have already been assumed for future actions. AG and Co have been actively pumping money at the system and the main target is to prop the equity market as well as re-liquify the bond mkt. The whole psycological spiral starts at the stock market. Also the donation to bail out LTCM wasn't a Fed intervention? I doubt you would find many that would disagree with that passage, at least the second part. The relentless desire to pigeonhole AG has hard core Ann Ryand (sp) may be dated, afiak, since the "greenspeak" he's used is too opaque to get much of a message of his own thought process. Greg

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