Bloomberg rationalizes government's commandeering the financial markets


This Scholar Says the Government Should Buy Stocks When They Plunge

By Peter Coy
Bloomberg / Business Week, New York
Friday, November 30, 2018

Last week my Bloomberg colleague Moxy Ying in Hong Kong wrote a fascinating QuickTake headlined, "When Stocks Crash, China Turns to its 'National Team.'"She explained that government-related entities in China, known informally as the national team, step in to buy shares of mainland-based companies on a large scale to stop market routs. "Worry not, Chinese stockholders, the 'national team' is here to (try to) save the day," she wrote.

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Economist Roger E.A. Farmer thinks other nations need to emulate China, and even go beyond it. He has been banging this drum for years, as I have written in previous stories. Now he thinks it's bound to happen. After I emailed him Moxy Ying's story, he wrote back, "Asset price stabilization policies are coming to a central bank near you. It's just a question of when."

Added Farmer: "My best guess is that it will take another stock market crash" to induce governments to actively stabilize their stock markets. "That crash will happen, most likely within the next five years," he added, "but its timing is unpredictable." ...

... For the remainder of the commentary:

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