Just after the 1987 crash...I was chatting with a trader, and he stopped mid-conversation to take a call, scribbled down a big order, and he turned to me and said, "That's the Fed buying futures." Wow. The Federal Reserve's not supposed to do that.
- Michael Howell, CEO of CrossBorder Capital,
By the way, despite some of Howell's comments - this is NOT capitalism. To me this is far more akin to corporatist fascism. But some people make a ton of money off of corporatist fascism...
The Federal Reserve is above the law.