Posted by kyhayman on January 22, 2010 at 06:25:49 from (75.104.128.55):
In Reply to: Stock Market posted by tlak on January 22, 2010 at 06:08:01:
I dont think its manipulated a great deal by what they 'want it to say', but I think the role of the investment bank (regardless of what name they use now they are the same thing) has had profound effects on the market. They speculate with trillions of dollars of fund money and borrowed money which creates and deflates bubbles at will. With an investment horizon measured in minutes these banks are manipulating the real economy at the speed of a computer keyboard.
The funadmentals arent there for the Dow over 10,000. Earnings are too low, unemployment is over 10%, etc. The fundamentals arent there for commodity prices to be where they are. Copper, maybe but not gold or oil. The free money policy of the current Fed is fueling speculation in these more risky vehicles.
I'd promote restoring the 'brick wall' between banking and investment/trading. Yes, I said it and I admit I was wrong before when I favored allowing banks into the investment business. What we have created is a 'financial trust' not unlike the steel, coffee, and petroleum trusts of the early 1900's
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