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Pam and Russ Martens: These stock patterns are impossible without manipulation SEC ignores

Section: Daily Dispatches

Despite their longstanding heroic work, even the Martenses haven't yet realized that market manipulation conducted by or at the behest of the U.S. government is fully authorized by the Gold Reserve Act of 1934 as amended since then. The law gives market-rigging power to the U.S. Treasury Department's Exchange Stabilization Fund, which can use the New York Fed or any investment house as its broker.

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By Pam Martens and Russ Martens
Wall Street on Parade
Monday, May 9, 2022

Beginning in November 2008, the Federal Reserve was allowed by Congress to manipulate the U.S. bond market through purchases of bonds with money it creates at the flick of an electronic button. The Fed calls this "quantitative easing" or QE. 

Beginning on September 17, 2019 -- when overnight lending rates on repo (repo means repurchase agreements between financial institutions) touched 10% instead of the 2.5% that the Fed wanted the market to be at -- the Fed began providing repo loans at "administered rates." It did that by jumping into the repo market with both feet, proceeding to make trillions of dollars in cumulative loans to trading houses on Wall Street, at interest rates as low as 0.10% by the spring of 2020.

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During 2020 the Fed also artificially propped up money market mutual funds, commercial paper, exchange-traded funds, and the corporate bond market with emergency lending facilities it created. The Fed did not need a vote in Congress to create those bailout programs. It needed only the permission of Steve Mnuchin, Donald Trump's wily treasury secretary.  

Wall Street On Parade has been witnessing a new pattern in the stock market for several months now where the market plunges at the open and then shortly thereafter, on no major news, turns on a dime and spikes higher. 

This suggests one of two things to us: 1) either the New York Fed is manipulating stock trading out of its second office close to the futures markets in Chicago; or 2) big money at Wall Street trading houses and/or hedge funds is doing it. Either way, the Securities and Exchange Commission and the Justice Department have not nipped this activity in the bud. ...

... For the remainder of the analysis:

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