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The Plunge Protection Team is on the job
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.
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!
4 comments:
On CNBC they're talking about how you have to get "defensive" right now and stick with consumer staples and health care stocks.
Wouldn't a better defensive position be cash? How can these people be talking about buying any stock right now?
I cannot believe that they have not already been hard at work.
Problem is, with falling employment and earnings, no amount of money is going to keep the markets propped up.
We need policy changes that create jobs, not money for the bankers pockets...they are already overflowing with the several 10's of trillions they just looted.
Sorry but you are dead wrong that the PPT has not been working. Realistically with market conditions being what they have since late '07..the DOW should have been under 10 a long time ago..the only reason it went there today was the fact that the PPT doesn't control the Global Market..I suspect that our PPT will be contacting is conterparts throughout the world in the next 48 hours..let's not be surprised if after Wed the DOW surprising goes back up! I would then rename it the WPPTU(World Plunger Protection Team United!)
uh, no PPT ?
then what happened at 10:45am, then again at 2:45pm, yesterday, when every North American index "v"-ed upward after a strong decline.
overlay the daily TSX, DJAI, S&P, Nasdaq, whatever over each other, and they look like the same graph ! the turning points are in exactly the same times.
the boyz are working, no doubt about it
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