Equity futures are down hard this morning with the dollar up and bonds up in a reversal of the latest trends:
The /ES is just above the 925 area that has been offering support over the past week. That area would have to fall to get excited about being short, otherwise a trip backup to resistance in the 955 area becomes likely. If 925 falls, 912 is the next lower pivot.
The markets just can’t be allowed to operate on their own, evidently. We have the Japanese yapping up our debt, the Russians yapping up our dollar, and this morning we get little Timmy Geithner just yapping. But the special treat will come when Obama opens his central banker mouth and utters their words that he has been programmed to say.
Those words will sound terrific to the untrained ear. I’m sure he’s going to “reel in the excesses, provide the oversight necessary so that this never happens again, etc., etc.,”
But to my ear, I’ll be hearing how the FED who is the root cause of the majority of the problems is going to be given even greater powers. Not only is the central bank grabbing our money, they want to completely control and monopolize the future as well. Obama is only their pretense.
Obama to present sweeping market overhaul
The president is set to announce the details of a massive reorganization of financial market oversight, according to a published report.
NEW YORK (CNNMoney.com) -- President Barack Obama is set to release on Wednesday the details of his proposed overhaul to how financial markets are regulated, according to a report published in The Wall Street Journal Monday.
The plan would grant the Federal Reserve increased power in the oversight and management of the largest financial companies in the market, according to the paper. It could also affect everything from credit default swaps to how mortgages are underwritten, according to the paper.
The proposal is also proposing another regulatory body, similar to the Federal Deposit Insurance Corp., to oversee consumer-oriented financial products, according to sources.
Once the President unveils the proposal, it would still have to pass Congress before any of the changes would be adopted. Treasury Secretary Timothy Geithner is set to testify about the plan on Capitol Hill on Thursday.
The plan will meet with opposition from parties against giving the government a more heavy hand in the financial marketplace.
The markets (except for derivatives) are already regulated. What they aren’t is FREE, nor are they policed with any REAL oversight.
To me, it’s not that we’re GIVING more power to the Fed… no, the Fed, the central bankers, are simply TAKING it.
And the true rule of law suffers yet another blow as will the debt money slaves who comprise America – its subjects. Playing in markets where the rules are changed constantly, the markets are manipulated, the criminals are in charge, and the rule of law is breaking down is totally a waste of time… Giving the Fed more power is the ultimate insult to the people of our nation.
Eagles – Wasted Time: