by Karl Denninger
The Fraud Brigade got a really good reception today from your TAX CHEATING TREASURY SECRETARY, who said exactly nothing about holding to account those who created this mess, nor did he offer anything specific to fix it; the market judged it to be a PR STUNT just like your speech last night:
Nice - straight down 300 DOW points.
Oh by the way, someone was running a rumor on the floor of the pit right in front of the speech that Geithner was going to announce the abolition of The Fed during his speech. I'm sure that helped incite the panic and make sure that the selloff was nuclear-powered.
Will there be an investigation, subpoenas and indictments over that obviously-fraudulent rumor intended to capitalize on Geithner's speech which was traded to great profit by those who knew about it in advance?
And yes they did folks - here's the /ES 1 minute chart which shows a clear counter-trend spike as people set up into the speech - or was it the rumor they set up into?
Of course there won't be an investigation, indictments, or jailtime.
Good luck Mr. President.
From the action in the market today it appears this may be the start of a repeat of September and October.
YOU OWN THIS ONE OBAMA; AMERICANS WILL REMEMBER WHO COST THEM HALF OF THE REMAINDER OF THEIR 401ks, AND THAT A BIG PART OF THE INITIATION OF THIS MOVE WAS BASED ON A FALSE AND FRAUDULENT RUMOR.
