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.

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.]

No comments: