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View Full Version : DJIA ~1,000 pt (9+%) Drop Concurrent with Warning from Fed / Bernanke to Congress?!




Sentient Void
05-06-2010, 03:30 PM
I think it's *very* interesting that the moment, today (May 06, 2010) - that the Senate discussed / debated and would seemingly pass the 'Audit the Fed' bill (the bill written by Ron Paul and already passed in the House of Reps.) and Bernanke sent a letter to many congressman essentially saying, "Don't Audit the Fed, or Else!"*... that all of the sudden, there was a supposed 'technical error' that looks to have been originated by Citigroup*...

Citigroup is *SIGNIFICANT* because it was & is a MAJOR contributor (as well as founder of, in 1913) and part of the Federal Reserve*. The market jumped back immediately after it dropped the amount due to Citigroup's potential 'technical error' (700 pts, not considering overall drop of stock market).

I say... something *very fishy* is going on! Was that a blatant execution of Bernanke's / the Fed's threat to the market???? This *needs* to be looked into further!

More stuff on this is developing, but *if* this is all true, then that is a *lot* of very coincidental evidence that would lead me to believe that our economy is legitimately being held hostage.

Thoughts???

PS - Some people are trying to say that the drop was due to the crisis in Greece & the EU - but the crisis has been going on for weeks, and also the market was in the process of dropping(-) ~350 pts as is, and closed at ~ -350 pts anyways. The market has also been dropping at least partly due to Greece for the past few days (almost 7% of a drop altogether). The ~1,000 point drop has to have been caused by the 'technical error'.



* Sources (in order)...

Bernanke's / The Fed's 'warning' :
http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html?m od=WSJ_hpp_MIDDLETopStories#articleTabs=comments

Citigroup was a major initial contributor to (in 1913), and is still a major part of, The Federal Reserve:
http://en.wikipedia.org/wiki/Citigroup#Citicorp

Citigroup Potential Cause for Drop:
http://www.foxbusiness.com/story/markets/market-overview/errant-trade-caused-market-plunge--sources/

NOTE: Oddly enough, that article about Citigroup being the cause was just deleted from FOX Business... but I've got another couple good sources for it, regardless...

http://uk.reuters.com/article/idUKN0623401120100506 and http://www.dailyfinance.com/story/investing/did-a-citigroup-traders-error-add-to-market-collapse/19467905/

DJIA 1,000 pt (9+%) drop, then immediate rebound:
http://www.foxbusiness.com/story/markets/futures-rise-days-losses/

pcosmar
05-06-2010, 03:34 PM
YouTube - Ron Paul: Greece is just the beginning! (http://www.youtube.com/watch?v=lAeO6jLUc4Q)

moostraks
05-06-2010, 03:55 PM
Interesting series of events. I think this video sums it up:

YouTube - Dominearth (http://www.youtube.com/watch?v=3jMBNesc-8k&feature=related)

Sentient Void
05-06-2010, 04:22 PM
Does anyone out there in the RPF happen to know (and even better, if you have a youtube video(s) ) if members in congress did in fact cave in and gut the 'Audit the Fed' bill - and if they did... exactly what time it happened? Were they all mostly for it initially, then changed their position on gutting it?

Also, what time exactly did the market start to plummet towards that 1,000 point drop?

Sentient Void
05-06-2010, 05:02 PM
NOTE: Oddly enough, that article about Citigroup being the cause was just deleted from FOX Business... but I've got another good source for it, regardless...

http://uk.reuters.com/article/idUKN0623401120100506 and http://www.dailyfinance.com/story/investing/did-a-citigroup-traders-error-add-to-market-collapse/19467905/

legion
05-06-2010, 05:39 PM
You are probably partially correct. This was probably the Federal Reserve stress testing the market to determine its strength and a message to congress. Anyways, they did a negative step input and the market bounced back almost immediately. I take this to be a very bullish sign, but it also means they will probably start raising interest rates soon.