http://www.testosteronepit.com/home/2013/6/25/the-smart-money-dumps-everything-thats-not-nailed-down.html
So here’s something that has turned out to be prescient – from David Stockman’s The Great Deformation, Chapter 23. The stock market in 2007 “had been taken over by white-collar financial hoodlums who needed a trading fix every day” but then were “asserting an entitlement” to policy actions “to keep the casino running at full tilt,” he wrote. The Fed stepped in, and by “the second week of October the market was up 10 percent, enabling the S&P 500 to reach its historic peak of 1,565....” On Monday, its intraday low was 1,561. Read.... David Stockman: When The Fed Capitulated To Financial Hoodlums
So here’s something that has turned out to be prescient – from David Stockman’s The Great Deformation, Chapter 23. The stock market in 2007 “had been taken over by white-collar financial hoodlums who needed a trading fix every day” but then were “asserting an entitlement” to policy actions “to keep the casino running at full tilt,” he wrote. The Fed stepped in, and by “the second week of October the market was up 10 percent, enabling the S&P 500 to reach its historic peak of 1,565....” On Monday, its intraday low was 1,561. Read.... David Stockman: When The Fed Capitulated To Financial Hoodlums
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