good dig SMoneym now store somewhere so it can be shown when necessary:) <<A secretive committee - the Working Group on Financial Markets, dubbed 'the plunge protection team' - includes bankers as well as representatives of the New York Stock Exchange, Nasdaq and the US Treasury. It is ready to co-ordinate intervention by the Federal Reserve on an unprecedented scale.
The Fed, supported by the banks, will buy equities from mutual funds and other institutional sellers if there is evidence of panic selling in the wake of last week's carnage.>> regards this PPT being brought into being was largely from the aftermath of 1987 i suspect.
BTW, 9/17/2001 to 9/21/2001 would have been a lot worse except for massive PPT action;, but this is the rare case that i think it was justified as they were countering an extraordinary and unnatural emergency.
Fed gave Mutual Funds a blank check no interest loans to cover costs of redemptions without having to sell stock, i think, i read somewhere that came to 100billion dollars.
BTW, Dr. Marc Faber thinks Greenspan/Fed made a longterm major mistake in their decision to bail out LTC.
He also believes these constant propping actions by the Fed are leading to a disaster in the longterm. He feels the intense preoccupation with the now is creating a potential abyss down the road.
He said at th beginning of this year, "i don't no when it will happen, 2002 or even 2004, but it will happen, a disaster."
He sees Greenspan as a wild gambler that is selling out the future to a disaster rather than just let the market find it's level and then naturally start it's recovery.
He is very clear that he using the word disaster in it's proper sense, in his opinion(He also says the set-up for the disaster, the massive bubble, were also a result of Greenspan policy.
To say the least, Dr. Marc Faber is not a Greenspan fan nor a fan of PPT. Max |
