Reply #103: Who will protect us from plunge protection?

[antigop]

http://en.epochtimes.com/n2/opinion/plunge-protection-team-4223.html

There are many experts who see this happening today as the markets plunge in value with banks going down and very little going up except prices, foreclosures, and unemployment.

Did you know that your government has machinery in place to deal with plunges? It was founded during the heady days of the Reagan Administration.

It was back in l987 when the former movie star in chief signed on to this Executive Order. The “Working Group” it set up was quickly labeled the Plunge Protection Team (PPT).

As the government in effect takes over mortgage giants and wrestles over what to do about the collapse of huge investment banks like Lehman Brothers, with more to come, you know they are on alert 24/7 scrambling to put more fingers in the dyke. (Over the past weekend, the Fed and Treasury Secretary warned the banks to clean up Lehman’s mess or they could be next. As of Sunday, there was no deal and one of American’s oldest investment banks faces liquidation.)

There is a mechanism in place to avoid this type of crisis. In theory! Here are their overt marching orders; the covert mission is still shadowy.