Saturday, 26 April 2008

The Plunge Protection Team- An Elite Group Protects the Financial Sector

Some people foolishly think that Washington's recent high-profile effort to steer, subsidize and protect the American financial sector is the beginning of something new -- a revolutionary development.

It isn't. Consider that the President's Working Group on Financial Markets – nicknamed “the Plunge Protection Team” by The Washington Post in 1997 & ndash; quietly observed its 20th birthday on Mar. 18.
http://www.washingtonindependent.com/view/the-plunge

We will see how effective the PPT is during the next few months as more bank losses are announced. There are plenty more disasters in the offing.


[Posted at the SpookyWeather blog, April 26th, 2008.]

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