SubscribeTDI Podcast 112: Manipulating Markets with ETFs
June 8, 2009
Guests: Brett Steenbarger and Michael Greenberger are part of an important discussion regarding both market psychology and market manipulation. A wide range of ideas are floated regarding the equity and commodity markets. Can this be true? Seems like we stepped back in time to last summer when oil hit $140.
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Brett N. Steenbarger, Ph.D. has been actively involved in the financial markets since the late 1970s. He has served as Director of Trader Development for Kingstree Trading, LLC in Chicago and currently consults with traders in a number of professional trading organizations. Visit his site HERE.
He is also Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY. A clinical psychologist and active trader, writer, and researcher for the past 20 years, Brett is the author of Enhancing Trader Performance (Wiley, 2006); The Psychology of Trading (Wiley; 2003); and numerous articles on trading psychology for print and online financial publications.
His book chapters on brief psychotherapy can be found in such reference works as The Psychologist’s Desk Reference (Oxford University Press, 1998), Encyclopedia of Psychotherapy (Academic Press, 2002), Clinical Strategies for Becoming a Master Psychotherapist (Academic Press, 2006), and the forthcoming editions of Kaplan & Sadock’s Comprehensive Textbook of Psychiatry and The Handbook of Clinical Psychology. His co-edited book, The Art and Science of the Brief Psychotherapies (American Psychiatric Publishing, 2004), has been selected as a core training text for psychiatry residency programs.
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Since July 2001, Michael Greenberger has been a professor at the University of Maryland School of Law, where he teaches a course entitled “Futures, Options and Derivatives.”
Professor Greenberger was a partner for more than 20 years in the Washington, D.C. law firm of Shea & Gardner, where he served as lead litigation counsel before courts of law nationwide, including the United States Supreme Court.
In 1997, Professor Greenberger left private practice to become the Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC).
More information, related media, and written testimony can be found at www.michaelgreenberger.com
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Comments
7 Responses to “TDI Podcast 112: Manipulating Markets with ETFs”
Got something to say?
As much as I disliked what the SEC let go on during the Bush years, I think it's nothing to what has been happening the last few months. How many days in a row can JPM goose the market at the end of the day (see Zero Hedge) and the SEC sits idly by? In fact, I'm beginning to wonder, as many others are, if JPM and GS aren't doing this at the request of the Federal Reserve, Treasury, and the administration.
Perhaps it's time to get my money out of the U.S. markets.
If you think it is worse, you weren't paying attention before
The cynic in me has to wonder if neither Republicans or Democrats actually want to stop the speculation in oil (although other commodoties like copper seem to have shot up pretty quickly too.). I feel like Democrats don't want to stop it as gives them a reason to push for fuel efficiency standards and other regulations like maybe carbon taxes. Republicans might not want to stop it as it gives them a reason to push for opening more land up to drillers.
Personally, I'd like to fix the speculation problem and then slap a 1 dollar tax on gas. I'd probably let truckers write off their gas expenses..
So, if I remember correctly I thought there was an 'enron exemption' or something that allowed the price of oil to spike so much. Why is it that the price of copper has shot up so much – like 50-60% in the last few months? Has the move in the price of copper not kept pace with the price of oil? Or are all commodities prices suffering from the same lack of proper government controls?
I think today's American economy is likely to suffer a severe and prolonged recession in the midst of rising commodity prices. This, in my opinion, will greatly be spurred on by the precipitous fall of the dollar. That's right, an inflationary recession! It will be somewhat reminiscent of the 70's but much worse and more painful. Maybe the answer is for the U.S. Treasury to bailout ALL Americans. $100 McDonald hamburgers are soon to come.
I believe it was during this podcast that Andrew commented the May job loss/unemployment numbers were low by 220k due to the government's birth/death number. This was supposed to explain why the job losses came in significantly lower than expected. (If we add the 220k to the 345k reported, then we would have had 565k losses, more in-line with expectations.) However, Andrew's logic doesn't work here, as the birth/death number for April was 226k, virtually unchanged in May. So, if we were assuming 226k net jobs gained in April with the birth/death model and almost the same number in May, the delta is essentially zero, meaning the 345k loss reported by the government remains accurate.
What are they talking about? The policy they want to implement was to ruin the economy few years ago, and now they want to repeat it one again!