by David Kranzler
Investment Research Dynamics
“Investors are being infantilized by the relentless Federal Reserve activity…It’s as if the Fed considers them foolish children, unable to rationally set the prices of securities so it must intervene.” – Seth Klarman, Baupost Group
This is indeed the Golden Age of Fraud, with those appointed to manage the system ethically and responsibly leading the charge. The actions at the Fed are conspicuously irresponsible, if not beyond appalling.
Wall Street on Parade posted a report on Friday detailing Jay Powell’s blatant conflict of interests in his dealings as the Fed Chairman in hiring BlackRock to prop up the financial markets. But I almost fell on chair from laughter when I read Powell’s response to a question from the NY Times about the nature of Powell’s four phone calls lasting a total of 90 minutes since March with BlackRock’s CEO, Larry Fink: