start with the washington post and the uk guardian http://www.washingtonpost.com/wp-srv/business/longterm/blackm/plunge.htm http://www.guardian.co.uk/wtccrash/story/0,,552568,00.html
Yea when I traded on the CME the floor tiles would open like hatches and these guys in Red White and Blue jackets would pop out and start bidding for everything. They all had badges with only one account and their counter party was USA 1 through USA 50 and they all cleared through a clearing firm I never heard of FRB ? They would prop up the markets and then slide back into the hatches in the floor and close the tiles over them. I just assumed it was the PPT. I always wondered why anyone would sell them a single car? If you knew they were the PPT then you knew you would be getting run over like a lazy dog on the freeway. LOL
Let me get this straight, you're saying that an op piece from the Washington Post around 10 years ago proves the FED steps in and buys futures? I gave the WP piece a quick read maybe I missed where it said they had facts that the Fed steps in and buys futures? Did those meetings they talk about post oct 1987 take place? Sure they did thats common fact. One of the faliures of Oct 1987 is communications were a JOKE. Does it say or prove the FED steps in and buys futures? LOL
did i say it does? you're not reading the thread. those were just a primer for the other poster on the acknowledgement of a ppt, working group etc
Okay fair enough... my apologies. The whole concept of the FRB stepping in and buying stock index futures becasue a 1500 dollar SnP index is down 40 to 60 bucks just makes me laugh.
This buying is due to mass short covering panic triggered by timed buying. A large fund detects weakness in sellers, places a lot of buys at once, forces covering, and this covering feeds on itself creating a positive feedback loop.
So the fed trying to prop currency markets is a fact to you but you just cant believe they would do that with stocks? You must have a really strong conviction other than ralfmo. So there really aren't escape hatches in the sp pits? That was funny, I thought that was how it was done.