Wednesday, November 19, 2008
The PPT - The Plunge Protection Team
Cynical market participants talk about the PPT all the time.
I have no opinion on the matter. Nothing would surprise me.
Plunge Protection Team - The Working Group on Financial Markets (also, President's Working Group on Financial Markets, the Working Group, and colloquially the Plunge Protection Team) was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan.
The Group was established explicitly in response to events in the financial markets surrounding October 19, 1987 ("Black Monday") to give recommendations for legislative and private sector solutions for "enhancing the integrity, efficiency, orderliness, and competitiveness of [United States] financial markets and maintaining investor confidence".
Here's another video of the PPT being discussed on CNBC.
As I have been getting older (wiser?) I've accidentally become more tolerant of the full gamut of *loon* hypotheses.