Why did Bernanke dodge Grayson's question on whether the government is propping up the stock market with taxpayer money?
I can't imagine. Well, I can, actually. Via the Cunning Realist (considerably shortened):
In February, Grayson submitted various written questions to Bernanke (the full set along with responses is here). This question was first on the list (my bolds):
[GRAYSON:] Has the Federal Reserve--alone or in concert with the Treasury Department or any part of the government--ever taken any action with the purpose or effect of supporting the stock market or an individual stock? ... Has the Federal Reserve, Treasury, or any part of the government ever directed, acted in conjunction with or otherwise engaged a proxy or intermediary--including but not limited to a private sector entity or foreign central bank--with such a purpose or effect? Please respond to both parts of this question. Please note that we are asking you to enumerate each such action, with a description on each occasion of who, what, when, where and why.
This question was designed to prevent another Bernanke dodge. It specifically and explicitly asked him to respond to the proxy/intermediary issue. Here is his complete written response, which Grayson has now received after three months:
[BERNANKE:] The Federal Reserve has not intervened to support the stock market or an individual stock.
OK, what about "Treasury, or any part of the government"? Have they "ever acted to support the market or any individual stock"? And with taxpayer money, too, since it's all our money.
I can't be sure, of course, why Bernanke's dodging the question. But doesn't it make the most sense to think that, yes, in fact, the government is rigging the market so the elite and the banksters profit at our expense?
NOTE Via the Sideshow.