Friday, August 5, 2011

Economic Euronews And More

and while you slept - Asian markets tanked too.

Yeah, and happy birthday Mr. President...

Looks like a job for the Plunge Protection Team.

That's most likely now in the play book - surely you recall the PPT:
Plunge Protection Team also known as the President's Working Group on financial markets which operates via Executive Order 12631 (signed by Reagan on March 18, 1988). The PPT name came from an article in the Washington Post in 1997.

For further edification on the issue please read these two pieces:

"Goldman Sachs and the Code of Gold"

"Effecting Success: Coordination On Cross-Cutting Issues" which says: The PWG is a forum for the coordination of Federal financial regulation across markets. It brings together the leaders of the Federal financial regulatory agencies, including the Secretary of the Treasury, who chairs the group, and the chairs of the Federal Reserve Board, the CFTC, and the SEC. In addition to the four primary financial regulators, regular staff meetings of the PWG also include staff members from the National Economic Council (NEC), the Council of Economic Advisors, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Bank of New York, and the Office of Thrift Supervision (OTS).
They basically manipulate the market during a "crisis".

And do you remember Ron Paul and his question about PPT during the presidential debates? (Clearly McCain was clueless)

Well, all I can say is today and next week should be very interesting in the world of finance and the economy.

You might want to check this out too - 1929 and today - sobering parallels - because the parallels are truly sobering.