It was also claimed he routinely fed his stock untreated catering waste from local schools and restaurants.
In the winter he fed his stock on hay cut and dried on the mountainside, and for a little extra income, he cut timber from the forest and floated it downriver - just as the Krivecs of Perk Farm do today.
Fed apologists claim that high stock market prices justify the Fed's cooling the economy off.
The market place, at least at present, is deeming the Fed statement as stock and commodity market bullish and U.S. dollar bearish.
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The U.S. and Asian stock markets sputtered in the wake of the Philly Fed report, while European stock markets tried to stabilize following recent selling pressure related to the EU debt crisis in their own back yard.
Then in October that year Chairman Bernanke admitted that the Fed indeed was levitating stock and bond prices.
Alan Greenspan is now at the most critical juncture of his Fed chairmanship since the stock market crash of 1987.
The Fed can stimulate the stock market but may not stimulate business.
And Chairman Bernanke admitted in his press conference yesterday that the Fed is targeting the stock market as a large part of its effort to improve the employment picture.
Because so much of the recovery has depended on the Fed, investors continue to worry that the stock recovery will dry up once the Fed stops pumping money into financial markets.
With the end of Operation Twist, the Fed has largely depleted its stock of short-term Treasuries.
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If they think the Fed is pulling out of the stock market, they sell.
Also in reaction to the mostly as-expected FOMC announcement from the Fed the U.S. stock indexes weakened and the U.S. dollar index rallied modestly.
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As I noted in my column last weekend, the Fed seemed to panic after the stock market plunged in August in its worst August in years, as economic reports continued to worsen.
This time, as hopes grew that the Fed would come to the rescue again, neither oil nor the stock market waited, but began rallying again purely on the hopes for Fed action.
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In 1928, for instance, Fed officials were anxious to curb the stock market boom.
No significant action at all by the Fed Thursday would disappoint many commodity and stock market bulls and could put downside price pressure on many markets, including the precious metals.
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Stock valuations will crumble once the Fed abandons its easy-money policy, they say.
Second, Stiglitz says that the Fed hopes that lowering interest rates will increase stock values and lead to increased consumption among stockholders.
Some believe the stock market could plunge without the Fed's support.
Even though global economies and stock markets had recovered, the Fed did not reverse the rate cuts until June, 1999, and by then it was too late.
The fed chairman's misgivings bring to mind the stock market frenzy of the 1920s and the disastrous aftermath, the great depression.
The stock market was little affected by the Fed release, ahead of a press conference from Bernanke, holding its pre-statement gains.
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Or is it confidence that even if there are problems Fed Chairman Bernanke has the power to hold the stock market up, and will do so?
"The world's stock markets are in meltdown so the Fed came in with an inter-meeting move to try to stop the panic, " Christopher Rupkey, senior economist at Bank of Tokyo-Mitsubishi.
When the U.S. economic recovery stalled a year ago, and the stock market began to tumble, the Fed panicked and kicked the problem down the road with another round of quantitative easing (QE2).
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Analyst Brad Hintz from Sanford Bernstein says this move by Goldman suggests that the company is taking back some of its capital that could have fed bigger trading positions, figuring that its own stock was a better use for the kitty.
When January 1, 2000 came and went without incident, the Fed withdrew the extra money too fast, producing a stock market bust.
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Investors have driven stock prices higher in recent years as the Fed launched bond purchases to lower interest rates and support the U.S. economy.
The big question is, if the economy continues to slow this year, and the stock market continues to decline, will the Fed push the magic button again?
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