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PPT
No worries. I’m sure all the Wall Street bankers like Blankfein and Dimon and their firms are perfectly positioned for this
U.S. ‘Plunge Protection Team’ to convene amid Wall Street rout
Ha, as if they didn’t get started months ago? Anyway part of recent news. This has to be “IT”. Its been coming for a long time.
part:
WASHINGTON (Reuters) – The Trump administration is arranging a phone call on Monday with top regulators to discuss financial markets amid a rout on Wall Street.
Treasury Secretary Steven Mnuchin will host the call with the president’s Working Group on Financial Markets, known colloquially as the “Plunge Protection team.”
WASHINGTON HAS A PLUNGE PROTECTION TEAM?
Yes, although it does not deal exclusively with Wall Street panic. The Working Group dates to March 1988 when Washington was still trying to figure out what was behind the “Black Monday” stock market crash of October 1987. Then-President Ronald Reagan created the group to find ways to keep financial markets operating smoothly. The group also met in 2008 during a profound financial crisis and issued recommendations for overhauling banking regulations and rules on mortgage lending. The group, however, does not always meet during a crisis. In 1999, the group issued a report asking Congress to change laws on derivatives markets.
WHY IS THE GROUP MEETING NOW?
Financial markets are not in crisis but lately they have had a very bad run. The benchmark S&P 500 stock index is on pace for its biggest percentage decline in December since the Great Depression. The Treasury Department on Sunday said the Working Group will discuss “coordination efforts to assure normal market operations.” Financial turbulence is not always a sign of trouble in the economy, but Federal Reserve Chairman Jerome Powell, who is a member of the Working Group, said last week that tighter financial conditions were partly behind a downward shift in economic growth expectations.
Ipso
don’t know if this is “it”
Looks like the PPT has sprung to action and are now goosing the SM
Have to see if it sticks this time
Sad news for Germany …. Germanistan
Germany: New Law Banning Child Marriage Declared Unconstitutional
•The ruling, which effectively opens the door to legalizing Sharia-based child marriages in Germany, is one of a growing number of instances in which German courts are – wittingly or unwittingly – promoting the establishment of a parallel Islamic legal system in the country.
Buygold @ 9:56
Is this IT? 🙂
If quoted I will categorically deny having said it!
Death wish=Martial law may be required=to avoid commie/socialist destruction. of america
[in the great wave of immigration from 1870 to 1920-there was no welfare state-immigrants were diverse-not a flood of illiterate latino peasants (for the most part)-to compare the 2 waves is pure propaganda–america was booming then, not bankrupt]
More Immigrants Needed–by Jack Goldstone
In times of economic trouble—and with gross domestic product (GDP) growth still below 2 percent in the United States, today surely qualifies—many Americans instinctively become more cautious about immigration. If we let in more workers, they fret, the newcomers will be a drain on the economy, dragging down wages and gobbling up services.
In fact, precisely the opposite is true. The National Academy of Sciences recently released a comprehensive report finding that immigration has an overall positive impact on economic growth. Moreover, while new immigrants may have a slight depressing effect on the wages of prior immigrants, they have small to no effects on wages and employment for the native-born population.
https://reason.com/archives/2018/07/21/the-us-needs-more-immigrants
Morning Ipso
Glad to see you post this am, I needed some reinforcements, I think Capt. Hook had me lined up in his scope! 🙂
Like you, I’ve been watching markets for longer than I care to remember and I’ve NEVER seen a Christmas eve this ugly for the SM.
I’ve seen it for pm’s, just not the SM.
NEMO @ 3:23
Hello Nemo. Good to see you’re still around.
Merry Christmas to you!
Merry Christmas everyone!
Here’s something odd…
UUP shows the USD down 1.62%
Kitco shows the USD down less than 1/2%
If UUP is right pm’s are underperforming, if not well who the hell knows?
Capt. Hook
Yeah, well I know your sarcasm and heed your warnings so I’ll just layoff the calls for now. NUGT is an option in and of itself…
That being said, it appears that pm’s are a lot closer to a bottom than a top and the DOW has a long way to fall – also appears that the DOW topped in early October, so we’re only 3.5 months into the correction. You’ve always said that pm’s would follow by 6 months. Maybe we’re a little early…maybe not.
But hey, what do I know? I’ve been getting crushed for years now.
Buygold
Yup…it’s a sure thing. We better load up on those SLV and NUGT calls with all the other still too numerous geniuses – no?
Those SLV calls have been a sure thing for so long now only an idiot would take the other side of that trade while continuing to watch the action from their yacht.
Chuckle
Didn’t think they’d do it
but Mnunchin’s call to the PPT made them spring into action
DOW futures were down 240, now only down 60
I guess if anyone doesn’t believe in manipulation of markets, they should now…
Well
if this is the end of the decade long bull run in the SM, there’s still nothing cheaper out there than pm shares
That is, if gold is about to enter a new bull upleg
Hmm…
Woke up about a half hour ago and DOW futures were up 60, now down 140
Could get a little squishy today.
Gold slowly strengthening
Merry Christmas to You all
From Sweden.
As You know, we start a day early up here in the north.
NEMO