The
President’s Working Group on Financial Markets otherwise known as the
Plunge Protection Team is a group that was created following the stock market
crash of 1987 to ensure market confidence and stability. The existence of
this group is not debatable. It was originally created by Ronald Reagan via executive order 12631 to include the Federal Reserve Chairman, the
Treasury Secretary , the Securities and Exchange Commission Chairman and the
Commodity Futures Trading Commission Chairman. George W. Bush has met with
this group on more than one occasion this year to discuss what could be done
in response to the myriad of problems facing the financial markets. This link to the Whitehouse's own Internet site
describes one of those meetings. The bottom line is that in order to fulfill
the group’s mandate of ensuring confidence and stability in the
markets, it becomes necessary to facilitate some sort of intervention in the
market. There is no other way around this and considering the bizarre market
action that we’ve seen lately with the S&P 500 and Dow Jones
Industrial Average spiking up at the end of trading hours with no real
rationale behind the moves, it is logical to look at a group like the Plunge
Protection Team which has the authority and the power to do something like
this.
Of
course that doesn’t apply to corporate controlled media outlets like
CNBC. When guest Scott Nations from Fortress Trading brought up the idea of
this group intervening in the market on the CNBC show Squawk Box, it was
immediately dismissed as an Internet conspiracy theory. It didn’t
matter that the CNBC talking heads had no factual information to dispute what
Mr. Nations was saying, they just said that it was crazy to think that the
government would manipulate the market. The video of the exchange is below
and it is really quite an eye opener to see how uncomfortable the CNBC
reporters look when trying to downplay the significance of the Plunge
Protection Team.
Intervention in the market by the Plunge Protection Team and the
Federal Reserve has been going on for a long time. In fact the gold and
silver markets show all sorts of obvious signs that indicate market
manipulation. Incredibly, wild price swings downward in both the gold and
silver spot prices almost always seem to occur during New York trading hours. This usually
occurs without any sort of real tangible event or news story that would
normally be required to trigger such a sell off. The wild market activity
that Mr. Nations was referring to on his CNBC appearance is just more
evidence of the same type of activity. There is simply no way to explain away
these events occurring unless there is an attempt by powerful interests to
manipulate the markets.
Perhaps
most disturbing about Mr. Nations’ appearance on CNBC is the reaction
of the so called reporters. There was simply no objectivity by these people
indicating their obvious bias. One of the talking heads even made the
comparison of believing that the Plunge Protection Team is manipulating
markets to the equivalent of believing that explosives brought down the Twin Towers.
This was an obvious attempt to mislead the audience back into a mind
controlled false reality. Of course there is a great deal of validity to the
possibility that explosives brought down the Twin Towers and the Plunge
Protection Team manipulating the market which is ironic considering the
negative spin this was supposed to convey to the viewing audience.
The
primary reason behind CNBC’s bias is the fact that their parent company
General Electric has as their Chief Executive Officer a man by the name of Jeffrey Immelt who just happens to
also be a member of the New York Federal Reserve’s board of directors. This proves conclusively that CNBC has a
severe conflict of interest and their coverage of the financial markets and
especially their coverage of the Federal Reserve and Plunge
Protection Team cannot be taken seriously. Are the CNBC talking heads really
going to provide unbiased coverage of the Federal Reserve or the Plunge
Protection Team considering that their CEO plays a key role at the New York
Federal Reserve? The answer is no. These talking heads aren’t going to
go against the best interest of their boss and provide objective and truthful
coverage on an institution and group that benefits off of their biased
coverage. This is just basic common sense.
The
Plunge Protection Team is real and one has to consider their role in all of
this bizarre market activity that has taken place. To dismiss government
intervention as a possibility is ridiculous considering that the Federal
Reserve and the U.S. Treasury have combined already to dump trillions into
the market. The market is a rigged game and anyone who thinks that we have a
free market is living in fantasy land. There should be an investigation into
the Federal Reserve and the Plunge Protection Team but clowns like these CNBC
talking heads are preventing any legitimate discussion on this and other
subjects by discrediting anyone who brings these topics up. Why aren’t
they discussing the End the Fed rallies that are slated to take place this
weekend? A bunch of angry people demanding the end to the Federal Reserve is
a newsworthy item, but apparently they don’t think so because their
boss is part of the corrupt system. It is all a big joke. CNBC’s so
called reporters are nothing more than a bunch of high paid propagandists and
spin artists. They cannot be trusted to provide the truth about anything
related to the Federal Reserve or the Plunge Protection Team.
Lee Rogers
Editor, Funny Money Report
Lee Rogers edits the Funny
Money Report, whose object is to educate people
as to the frauds of our dishonest paper money system and to provide
information on stocks in the precious metal, base metal and assorted hard
asset sectors. You can subscribe to his newsletter by clicking here.
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