Mar

4

 It's unusual for a President to give a buy tip on stocks, but he did. The Japanese government has threatened to buy stocks as well, a thumb in the dyke so to speak. Do you think the mythical "plunge protection" team might be getting ready? I wonder if this is the usual jawboning or something else.

On another subject, I watched The Seven Samurai by Akira Kurosawa for the umpteenth time. The phrase that really jumped out at me was, "If you only defend you will lose." The other interesting aspect was the counting of the deaths of the bandits, one by one. Kind of like these continuing down days. They must be getting desperate.

George Parkanyi replies:

Oh yeah? What's he buying? (Thinking out loud: How many stocks out there have the name Lincoln or Roosevelt in them? Franklin? BEN! … nahh, it can't be that easy …)

This is not unprecedented. Not two years after taking over taking over Hong Kong, the Chinese government bought Hong Kong blue chips (and probably took a few shorts out back to shoot for good measure) to shore up the market during the Asian crisis. It worked; the market rebounded shortly thereafter and they gradually sold off the positions. (They kept the up-tick rule for a while, but only for sentimental reasons.)

I wish I could print money to buy stocks. But people on the whole seem to be purists, and react negatively when I try, for example, to add zeroes to a $10 bill at the check-out counter.


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