Rated
Nov 22 2008
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1 review
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economics, politics
• ustreas.gov
For the past couple of years, I have heard numerous debates about the existence of what has become known as a Plunge Protection Team (PPT). For those who may not be familiar, the PPT is an alleged group of government appointees who exist for the purpose of covert manipulation of the free markets.
One of the main reasons this is such a contraversial issue is that for the government to acknowledge such a group would basically be an admission of unconstitutional activity.
In this article, I believe that Hank Paulson comes about as close to such an acknowledgement as will ever be heard. While he does not specifically call it a PPT by name, he does outline activities of the President's Working Group on Financial Markets (PWG) that sound very much like what has been suspected of for the said PPT. It does not, however, acknowledge that any such activities were executed with prior approval from Congress. In order for the activities of this group to be deemed unconstitutional, it would have to be proven to have taken place without such approval.