From: fischer@li.serum.kodak.com (Chris Fischer (x39613))
Subject: Re: Fwd: Funny Money Props Up Wall St.
Organization: Clinical Products Division, Eastman Kodak Company
Distribution: usa
Date: Thu, 10 Sep 1992 16:21:40 GMT

In article <1992Sep10.001407.21673@u.washington.edu> ngrjn@milton.u.washington.edu (V Nagarajan) writes:
>From: nyxfer%panix.com@MIZZOU1.missouri.edu (N.Y. Transfer)
>Newsgroups: misc.activism.progressive
>Subject: Funny Money Props Up Wall St.
>Date: 9 Sep 92 22:28:57 GMT
>Article-I.D.: mont.1992Sep9.222857.22840
>Sender: news@mont.cs.missouri.edu
>
>
>Via The NY Transfer News Service ~ All the News that Doesn't Fit
>
>Funny money props up Wall Street
>
>By Andy Stapp
>
>It began with two odd occurrences. On July 28, when prices
>started sliding on Wall Street, the brokerage firm Shearson
>Lehman bought 1,000 stock futures worth $200 million. By the
>closing bell, the Dow had risen 51 points. Then, almost a month
>later Shearson and Goldman Sachs executed another enormous
>transaction, again at the Chicago Mercantile Exchange. Traders
>described the conduct of the two firms as "aggressive" and
>"suspicious."

Traders?  Doesn't sound like a source that can be independently
confirmed.
>
>"Something strange has been happening on days when it looks like
>the stock market is ready to fall apart," the Wall Street Journal
>observed on Aug. 28.
>
>What was going on? Where was the money coming from? Quietly the
>word began to leak out. The U.S. Treasury and Federal Reserve
>Board are shoring up and rigging stock prices. They are using
>taxpayers' money to bail out Wall Street. To disguise this,
>orders have been placed through Goldman Sachs and Shearson Lehman
>Brothers. A spokesperson for Goldman claims he was "not aware of
>any such activity." At Shearson, the official statement read, "As
>a matter of policy, we don't comment on trading activities."
>
>The San Francisco Examiner pointed to the Treasury Department's
>Exchange Stabilization Fund, which has about $30 billion on
>deposit with the Reserve Bank in New York, as the source of the
>funds. The Fed's Open Market Committee is another possible
>reservoir of ready cash.
>

I believe that the Exchange Stabilization fund is for Foriegn
Currency Exchange.

>There's no question that "some entity has been intervening in the
>markets and recklessly buying stock futures when the market's
>heading down," the Republican loyalist New York Post reported

A Republican Loyalist.  Another easy one to confirm.

>Aug. 29. That same morning, the Wall Street Journal asked, "Would
>the Bush administration try to prop up the stock market?" NBC was
>the first TV network to run the story.
>
>Who benefits from this state intervention? Certainly not ordinary
>people, the majority of whom own no stock at all. That's why it's
>being done so secretly. The winners here will be the financiers,
>brokers, money managers, Chief executive officers and hordes of
>financial consultants, along with other major shareholders.
>
>Aren't these the very people who have boasted for years that
>capitalism does well on its own and needs no regulators, no
>police over it, no bureaucrats telling business what to do? They
>call for "smaller government"--buzz words for less spending on
>food stamps, Medicaid, public housing, family assistance and
>unemployment insurance.

Capitalists don't want Government intervention.  I love it when the
market tanks.  More buying opportunities.  IF (and that's a big
IF) Bush is intervening in the market, don't blame it on the
capitalists.  Blame it on the politicians.  We don't want our 
market rigged like the Japanese one.

>
>The Federal Reserve is headed by Allen Greenspan, a right-wing
>Reaganite who has been most vociferous in promoting the policy of

right-wing Reaganite.  I'm sure that you consider this an insult.
A well researched article would also manage to spell his first
name correctly.

>[....] deleted

>(Copyright Workers World Service: Permission to reprint granted
>if source is cited. For more info contact Workers World,46 W. 21
>St., New York, NY 10010; "workers@igc.apc.org".)
>
Workers World Service?  Sounds unbiased to me.



If they're going to attempt some mud slinging, keep it in a 
political group please.  It's bad enough having m.a.p. crap
cross-posted everywhere else.

Come back again when you have some sources we can verify.

-- 
Chris Fischer (fischer@serum.clpd.KODAK.com)
They never even listen to my opinion, why would they make it policy?
"The healthy gum tissue of our liberties are being eaten away by the 
 periodontal disease of government regulation." - D.Barry
Newsgroups: misc.invest