Stock Market Panic Dow Crash 1000 Points Before Fed Steps in to Buy

The Market Oracle ^ | 5-6-2010 | Nadeem Walayat

[Pelham]

“Before Fed Steps in to Buy...”

That’s the tale The Washington Post started during the Reagan era about the ‘Working Group on Financial Markets’, aka ‘the plunge protection team’.

[DoughtyOne]

Thank you. That was an interesting read.

[mylife]

I just learned about it today myself.

[Pelham]

That depends upon what brand of foil you use to make a hat.

It’s illegal for the gov’t to intervene in the market and buy stocks. But the Working Group probably makes some phone calls to encourage someone to buy.

[arthurus]

it is a stealth approach to socialism.

[arthurus]

it is a stealth approach to socialism.

[Freddd]

Now I learned something. I will not read the market oracle articles anymore.

Because this article is lies and propaganda.

[vanilla swirl]

“Using tax dollars to buy stock???? Is this a stock market bailout?”

been doing this awhile now.....
you didn’t know?

[CdMGuy]

This article is pure BS. It comes out of Britain and written by an Arab. What more is there to say?

[HereInTheHeartland]

The Fed set this up after the 87 crash. It has been in place since then I believe.

[mylife]

More from the UK Telegraph.. http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/2782157/Bush-convenes-Plunge-Protection-Team.html

[DoughtyOne]

Thanks. Ambrose Evans-Pritchard is an interesting bird.

He covered all things White Water for the Telegraph back in the 80s.

At one point I remember talking to someone about whether he was a plant or not. I’ve never been real sure about him. He’s pretty good at times, and then at times I sometimes wonder about him.

[DoughtyOne]

Good. And thanks again for the links.

[mylife]

Yup, he was defiantly harsh with Slick Willy and wrote “The Secret Life of Bill Clinton” (1997) which was published by conservative publishing firm Regnery Publishing

[mylife]

One thing is certain. Today’s market plunge was no trading glitch.

World wide markets are sliding.

[dfwgator]

Reagan wasn’t perfect.

[mylife]

And I thought gold was over priced at $800 the oz. LoL

Of course brass and lead will trump gold every time.

[mylife]

No, but he is as close to it as I have seen in my lifetime.

[mylife]

Of course brass and lead will trump gold every time.

Which scares the hell out of me.

The way things are going there could be a world war.

It's happened before.

I never thought I would say this, but Ron Paul may be right about our interests getting too entangled with that of other nations.

[DoughtyOne]

I hadn’t stopped to notice, but it doesn’t surprise me. That hickup on the NYSE wasn’t for nothing.