by David Kranzler
Investment Research Dynamics
I said half-facetiously in early 2004 that if a small nuke detonated in Times Square that the Dow would probably shoot up 200 points. Today I reiterate that assertion with full sincerity. All of the markets, but especially the stock market, are now openly manipulated. The Fed and the Treasury never bother even to tacitly deny it.
Yesterday in our conversation with Paul Craig Roberts, Dr. Roberts rhetorically asked, “why does the Fed operate a massive and highly sophisticated trading desk in New York?” I add to that question, rhetorically of course, why does the U.S. Treasury’s Working Group On Financial Markets office in the same building as the NY Fed in NYC?