The "PPT" is a slang term for the Fed Working Group and it was signed into official existence by Ronald Reagan after the 1987 crash. From that point on the Fed had official ability to work with market participants to avoid another crash of that magnitude. We have had large point losses since then, but nothing even approaching that kind of percentage loss. Also, if they took a loss the congress would never hear about it because it would be no different than the losses the Fed takes in the currency markets. When the fed is involved it is all funny money.
The S&P is only off -42 points from Monday's close. PPT may look at the markets when S&P drops another -100 points or so from here. No cause for concern, just normal market reaction to Greenspan's reality check