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Tylerdurden
04-27-2008, 04:23 AM
An Elite Group Protects the Financial Sector

http://www.washingtonindependent.com/files/washingtonindependent/the-plunge/paulson.jpg Treasury Secretary Henry M. Paulson Jr. (WDCpix)

By kevin Phillips (http://www.washingtonindependent.com/person/15385-phillips) 04/25/2008 | 4 Comments (http://www.washingtonindependent.com/view/the-plunge#acomment)
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 (http://www.washingtonpost.com/wp-srv/business/longterm/blackm/plunge.htm) in 1997 & ndash; quietly observed its 20th birthday on Mar. 18.

http://www.washingtonindependent.com/files/washingtonindependent/folders-pics-icons/Debt.jpg

“Quietly,” in fact, is an understatement. “Semi-secretly” would be more like it. The Working Group, or PPT, is much-pondered but reclusive group that has declined to submit to the federal Freedom of Information Act or to testify in detail before Congress about its activities. This is true even though its current chief, Treasury Secretary Henry M. Paulson Jr. – Federal Reserve Board Chairman Ben Bernanke is another prominent member -- made no secret of revving up its operations after he took took over at Treasury in 2006.

The curious reader will wonder: Just what does the PPT do?

Right now, Congress ought to able to pursue this basic question: Is the PPT a kind of committee for the extra-legal coordination, manipulation and subsidization of financial institutions and markets? Has it been stepping in when free-market forces have become too perilous to profits and asset values -- in financial crisis years like 1998, 2001 and 2007. Has Washington decided to protect the financial sector more than any other element of the U.S. economy?



continued....http://www.washingtonindependent.com/view/the-plunge

Milo Christensen
04-27-2008, 05:53 AM
It's a well documented fact that the Plunge Protection Team was organized shortly after Nestea began their "Take the Nestea Plunge" series of commercials. The PPT was not organized for financial protection but as a response to the high number of spinal cord injuries suffered by a large number of Americans who fell backwards off a wide variety of surfaces onto a wide variety of substrates whilst holding a can of Nestea.

Tylerdurden
04-27-2008, 06:35 AM
It's a well documented fact that the Plunge Protection Team was organized shortly after Nestea began their "Take the Nestea Plunge" series of commercials. The PPT was not organized for financial protection but as a response to the high number of spinal cord injuries suffered by a large number of Americans who fell backwards off a wide variety of surfaces onto a wide variety of substrates whilst holding a can of Nestea.


"Lurking quietly below the surface, I rise to the troll bait.
The stalker in Gray pounces, missing the Mark once again.
I smile and resume lurking until the next troll. ":D

Sweet...Morans R us. And this clown taught kids.

Milo Christensen
04-27-2008, 06:49 AM
My theory is as good as your theory. So there.

Tylerdurden
04-27-2008, 07:02 AM
You really should not goad someone into a battle of wits while unarmed Milo.

Milo Christensen
04-27-2008, 07:06 AM
Wits is it? The Bard said it well:


O that I might entreate your rare wits to be employed in more profitable courses: & let these Apes imitate your past excellence, and never more acquaint them with your admired inventions.

Tylerdurden
04-27-2008, 07:10 AM
Good Milo, now do you have anything intelligent to add or are you just too busy trying to prove that I am stalking you by posting on all my threads:rolleyes: