Monday, October 06, 2008
It's about time the President's Working Group on Financial Markets, better known in some circles as the Plunge Protection Team, dusted off their operators manual, turned on their computers, and got to work. They just issued this press release.
It goes on about "important new authorities" to go along with "existing authorities".
That's all well and good, but it's results that matter and I think we all know what they have to do at the moment - get that stock market turned around and headed north again.
For all the talk about market intervention in recent years, the PPT has been noticeably absent since the credit crisis took a turn for the worse a month or two ago and, to be honest, some of us are starting to think that the PPT doesn't exist at all - that the President's Working Group on Financial Markets is just one more ineffectual government group full of highly paid bureuacrats.
Come on PPT!
We need you more than ever right now!