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Plunge Protection Team
Plunge Protection Team
"Plunge Protection Team" (PPT) was originally the headline for an article in The Washington Post on February 23, 1997, and has since become a colloquial term used by some mainstream publications to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the markets during downturns. Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims “no personal firsthand knowledge”) and John Crudele, have charged the Working Group with going beyond their legal mandate. Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis that the Federal Reserve or U.S. government was supporting the stock market. He stated that "If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else,” and "Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices."
The Working Group on Financial Markets (also, President's Working Group on Financial Markets, the Working Group, and colloquially the Plunge Protection Team) was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan.
A Plunge Protection Team is not just a USA tool, there have been suggestions for instance that China had a PPT of their own operating in 2015.
, January 17th, 2016 at 04:46 AM
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