Plunge Protection Team issues statement

October 6, 2008
HP-1177

Statement by the President’s Working Group on Financial Markets

Washington, DC-- The President's Working Group on Financial Markets issued the following statement today:

Conditions in U.S. and global financial markets remain extremely strained. The President's Working Group on Financial Markets (PWG) is working with market participants and regulators globally to address the current challenges and restore confidence and stability to financial markets around the world...

http://www.treas.gov/press/releases/hp1177.htm

 

Name "Plunge Protection Team" is an oxomoron should be the Post Plunge Recovery Team (PPRT).

 

They have a mandate, just incompetent. They should have never interfered in the early days and let the market run its course. By interfering, they are just delaying the inevitable and making it much worse.


"What the fuck do we do now?

 

the LACK of such kind of intervention is why we had the great depression.

 

With the current intervention... the end result will probably be a lot worse...

 

I am certain it had nothing to do with the easy-money policies... leading to an inordinate expansion of credit and installment buying and fantastic speculation in the stock market...

Nah... Lets just insist on gazing upon the symptoms... As usual...

 

Very thoughtful response, ehorn!

 

Ben and Hank look good together. They are America's favorite
Government
Sponsored
Elite
Pikers

and I hereby dedicate elitepikers.com to them.

 

It's funny because it's true! The results, however, are no laughing matter.

 

This article would dispute that. It claims intervention prolonged the GD.

http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx?RelNum=5409