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Originally posted by warpboost
the best scene in the movie showing it is when Nicholas Cage's character watchs a guy shooting an AK and he hears a cash register sound everytime he fires it
Paulson's other Job as Wall St. Plunge Protector
Back during a stock market crisis in 1989, a guy named Robert Heller - who had just left the Federal Reserve Board - suggested that the government rig the stock market in times of dire emergency.
Over the next few years people like me ... suspected that Heller's plan was indeed in effect. Whenever the stock market was in trouble someone seemed to ride to the rescue.
Often it was a Wall Street firm that seemed more courageous than fiscally responsible. Often it appeared to be Goldman Sachs, which just happens to be where Paulson and former Clinton Treasury Secretary Robert Rubin worked.
Did the U.S. Treasury actually have an allocation of money to carry out what Heller had suggested - that is, throwing fresh investment cash in front of a falling market until it stopped declining? For a while I thought something called the Currency Stabilization Fund - which actually exists at the U.S. Treasury but is meant for currency stability - was the slush fund used for this venture. I was told by people who claimed to know that this part of the theory wasn't so.
That's the way the standoff stayed until 1997 when - at the height of the Last of the Great Bubbles - someone in government decided it wanted the world to know that there was someone actually paying attention in case Wall Street could not handle its own problems.
The Working Group on Financial Markets - affectionately known as the Plunge Protection Team - suddenly came out of the closet.
Today - with the stock market acting skittish again - the future Treasury Secretary should get ready to go to bat for PPTeam as soon as possible.
Under The Radar or Behind Black Curtains?
Monday, June 12, 2006
The potential implications of this are nothing short of “astounding.” It raises questions like; exactly what constitutes national security? Would the deteriorating financial position of a public financial concern [like J.P. Morgan or Goldman Sachs?] engaged in the trade of crude oil, natural gas, 48 Trillion Dollar Derivatives books or precious metals be considered “in the national interest?”
70-Minutes In The Dark
However, and although a potentially innocent event, the interesting thing about Tuesday’s computer malfunction is that it persisted without being recognized for 70-minutes! The question to ask, naturally enough, is what on earth was going on during this 70-minute interval?
70-Minutes In The Dark
What is most puzzling about this incident is not that a tech-guy at Dow Jones Indexes may have went out to catch a movie in the middle of a trading-day, but that the media and regulatory bodies have failed to try and aggressively investigate whether anyone profited excessively during the 70-minute period.
NO FREEDOM OF INFO ON PLUNGE PROTECTION TEAM
...One of the "lessons learned and the way ahead," according to this presentation, is to "process and respond to Mr. Crudele's requests ASAP."
It's now more than a month since that meeting and I still haven't received documents or even an official letter. I guess ASAP might mean something other than "as soon as possible" in government lingo - perhaps "as soon as pigsfly."
For those of you who haven't been following this saga, let me fill you in...
It is 2 o'clock on a hypothetical Monday afternoon, and the Dow Jones industrial average has plummeted 664 points, on top of a 847-point slide the previous week. The chairman of the New York Stock Exchange has called the White House chief of staff and asked permission to close the world's most important stock market. By law, only the president can authorize a shutdown of U.S. financial markets. In the Oval Office, the president confers with the members of his Working Group on Financial Markets -- the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission.