Posted on 07/08/2010 8:51:43 AM PDT by TigerLikesRooster
CNBC Guest Says Absent Plunge Protection Team Stepping In, Market Would Fall; Wien, Kernan Disgusted
Submitted by Tyler Durden on 07/08/2010 08:44 -0500
A highly amusing exchange occurred earlier on CNBC when guest Damon Vickers of Nine Points Capital had an unexpected moment of truthiness and turned some heads when he said that "unless the plunge protection team comes in over the next couple of days, the markets are looking very dicey here." When a disgusted Joe Kernan asks if Vickers was making a joke about the PPT, the response is "absolutely not - it's common knowledge that the government steps in and does things to step on the gas and buy stock here and there." To which Byron Wien has a strong retort: "I don't believe it." All that and much more in the clip below. In the meantime, the market is sure having a field day with stocks as once again bad news are discarded and the smallest glimmer of positivity serves as a springboard for yet another ramping short covering spree.
(Excerpt) Read more at zerohedge.com ...
See here
The question is what does it actually do.
As far as what it actually does, here is one example of the accusations against it.
I don’t believe any PPT “saved” us from anything, but I believe there is substantial evidence that the Sept. 2008(15th or 18th?) bond crash was an organized reality!
You don’t have a recall of $550 BILLION in U.S. Treasuries, over a 2 hour period, without some level of orchistration.
I believe that Bush then received some very bad advice on how to deal with the problem. I further believe that the subject “bad advice” came from “instructions” from those involved in executing the bond recall.
Just goes to show that the market is too big to fail. If there is no downside risk in investing in the market, then, I guess, I had better jump back in. Uncle Sam is there to protect me and my wealth. I shall never again live in fear that the value of my stock portfolio will drop...
This is why the FED wants what it does off the books. I think the Fed steps in and buys spiders, pushes the market back up, gives people a short term feeling that all is not lost.
Today was truly a bizare day on CNBC.
The MENTIONED the remaining free agent basketball player may go to miami because......FLORIDA HAS NO INCOME TAX and this would mean an additional 4 million in his pocket.
Then the MSNBC talkers reacted like they have violated a censorship rule. The responded like taxes were really important in a crisis.
I like DEBKA!
They are too busy watching porn....=.=
Apparently! Nothing much else to watch over there!
bookmark
bm
Here is an actual Video of the Market being manipulated.
You have to get past the guys voice, but it clearly shows blatant illegal activity as contracts are bid on and instantly retracted
http://www.youtube.com/watch?v=xOr5suFJ6-k
“This is why the FED wants what it does off the books. I think the Fed steps in and buys spiders, pushes the market back up, gives people a short term feeling that all is not lost.”
That’s about right. Actually, with the removal of Glass-Steagall, the investment banks now are merged with traditional deposit banks, essentially giving them access to the Fed, and money backed ultimately by taxpayers. So it’s really not the Fed that is doing the market manipulation, but they provide the funds to investment banks that can move the market. Especially when investment banks can leverage those funds 30:1.
The real issue is transparency. As you point out, that is why the Fed is against opening their books. As my wife says about transparency: “Those that have nothing to hide, hide nothing.” Obviously, the Fed has something to hide.
Yes, never mind which company is leading the world in innovation, technology or just a dern good idea.
The key to investing now is to find the companies’ stock that would bruise a politician’s ego should it not succeed.
Here is: Executive Order 12631—Working Group on Financial Markets
Source: The provisions of Executive Order 12631 of Mar. 18, 1988, appear at 53 FR 9421, 3 CFR, 1988 Comp., p. 559, unless otherwise noted.
By virtue of the authority vested in me as President by the Constitution and laws of the United States of America, and in order to establish a Working Group on Financial Markets, it is hereby ordered as follows:
Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading Commission, or her designee.
(b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.
Sec. 2. Purposes and Functions. (a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation’s financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.
Sec. 3. Administration. (a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group such information as it may require for the purpose of carrying out this Order.
(b) Members of the Working Group shall serve without additional compensation for their work on the Working Group.
(c) To the extent permitted by law and subject to the availability of funds therefore, the Department of the Treasury shall provide the Working Group with such administrative and support services as may be necessary for the performance of its functions.
From the Reagan Library;
Executive Order 12631 — Working Group on Financial Markets
March 18, 1988
By virtue of the authority vested in me as President by the Constitution and laws of the United States of America, and in order to establish a Working Group on Financial Markets, it is hereby ordered as follows:
Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:
(1) the Secretary of the Treasury, or his designee;
(2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;
(3) the Chairman of the Securities and Exchange Commission, or his designee; and
(4) the Chairman of the Commodity Futures Trading Commission, or her designee.
(b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.
Sec. 2. Purposes and Functions. (a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation’s financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.
Sec. 3. Administration. (a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group such information as it may require for the purpose of carrying out this Order.
(b) Members of the Working Group shall serve without additional compensation for their work on the Working Group.
(c) To the extent permitted by law and subject to the availability of funds therefor, the Department of the Treasury shall provide the Working Group with such administrative and support services as may be necessary for the performance of its functions.
Ronald Reagan
The White House,
March 18, 1988.
[Filed with the Office of the Federal Register, 11:23 a.m., March 21, 1988]
His "firm" - Nine Points Capital - apparently has a single employee: himself.
He spends most of his time opining on cable TV.
He is good friends with noted conspiracy theorist Alex Jones.
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