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Former Dallas Fed head Richard Fisher admitted they rigged the market
Zerohedge reports: [zerohedge.com]
In perhaps the most shocking of mea culpas seen in modern financial history, former Dallas Fed head Richard Fisher unleashed some seriously uncomfortable truthiness during a 5-minute confessional interview on CNBC. While talking heads attempt to blame China for recent US market volatility, Fisher explains "It is not China," it is The Fed that is at fault: "What The Fed did, and I was part of it, was front-loaded an enormous rally market rally in order to create a wealth effect... and an uncomfortable digestive period is likely now."
It is not the point if they are crooks or if it is illegal (it is) or if they will or will not go to prison one day.
The point is artificially inflated markets always crash to test the previous bottom (and usually overshoot somewhat). I think 5000 DOW is likely.
