Kevin Phillips - The Plunge Protection Team (An Elite Group Protects the Financial Sector)

[Phred42]

When Phillips speaks - we should ALL be listening- intently!


Kevin Phillips

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

The Plunge Protection Team

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 quietly observed its 20th birthday on Mar. 18.

"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?

[SammyWinstonJack]

1. K&R

[DJ13]

2. The PPT is a Welfare Program for the wealthy

Rich people arent allowed to lose anymore.

Everyone else who has to suffer to support the wealthiest people never having enough profits.

[Phred42]

3. Bingo!

[Dr.Phool]

4. I agree. When Kevin Phillips speaks, listen up.

One of the few who knows what he's talking about, and calls 'em like he sees 'em.

[smiley_glad_hands]

5. Our economy is driven by the wealth at the top, not the labor at the bottom.

It makes sense that one could rationalize this group as protecting America (at the detriment to the taxpaying poor and middle class).

[AlCzervik]

6. Kevin Phillips wrote one of the best imo books about the Bush Family, "American Dynasty"

he knows his stuff.

[formercia]

7. If it's illegal, the taxpayer won't be responsible for the loss

to the Fed.

The taxpayers already owe the private bankers that own the Fed. Trillions. Let them add another Trillion or so before they go under.

Fuck the Fed.

[Phred42]

9. The Fed will just "print" more money and stick US with the debt - no problem for them.

Here's a video that will explain it.

Fiat Empire- Why the Federal Reserve Violates the U.S. Constitution
http://www.kirkusobscura.com/index.php?option=com_seyret&task=videodirectlink&Itemid=41&id=3

Want to Learn Something about the Federal Reserve System and why it's evil?
This Award-winning documentary was inspired by the book. Ok Ron Paul is in small parts of this. Paul is correct about the Fed and banking systems and Iraq. He's wrong about almost everything else. Even a broken clock is correct twice per day.

[Zynx]

8. Contrary to opinion on this board, the government does not shore up the stock market on a daily

basis. If it did, I sure as hell haven't seen evidence of it as since 2000 we have had as many if not more major sell offs in the stock market than in virtually any comparable period in history.

As for recent measures to secure the stability of CREDIT markets, not equity(stock), I am all in favor. A total collapse of U.S. credit markets would cause a depression. No doubt about it.

[Phred42]

10. You didn't read the Phillips article did you