/biz/ - Business & Finance

>>54089955
You want the real reason? It is the same reason they tried to Pump it in 1929 they need people to retain confidence in the market that even if the banks are collapsing stocks are safe.

>On October 24, "Black Thursday", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on the ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf.

JP Morgan successfully did it in 1907. Sometimes it works sometimes it doesn't.
With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other "blue chip" stocks. The tactic was similar to one that had ended the Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day.

>>54050907
None of them are ACTUALLY to big to fail. But if you need to know JP Morgan is the Boss Nigger of banks. When people say 08 bail out what they really mean is JP Morgan bough out all the failing banks. Funny enough one of the main reasons the FED was even created was due to the Panic of 1907 which JP Morgan himself bailed out the banks.

Here is another one from a previous banking crisis.
>When the chaos began to shake the confidence of New York's banks, the city's most famous banker was out of town. J. P. Morgan, the eponymous president of J.P. Morgan & Co., was attending a church convention in Richmond, Virginia. Morgan was not only the city's wealthiest and most well-connected banker, but he had experience with other similar financial crises—he had helped rescue the U.S. Treasury during the Panic of 1893.

The pain will continue until JP Morgan says there has been enough pain.