Friday, January 25, 2008

"Plunge Protection Team" The debate question that stumped McCain

So what did Ron Paul ask that made McCain babble on, dancing around the question, and ultimately never answered?








Dr. Paul was referring to The President's Working Group on Financial Markets sometimes known as the "Plunge Protection Team". The flashy moniker was dubbed by a Washinton Post copy desk editor to give the group a more sensational nickname.

The Working Group, created by Reagan with Executive Order 12631 in 1988, is an unconstitutionally created secret body who apparently manipulates the stock market in the event of a crash. Much speculation surrounds the group, since it's activities are conducted without oversight.

This is why Dr. Paul mentioned needing more transparency in his question to McCain. He even coached McCain with the correct answer "So you will get rid of them?". Still no answer, just the evasions. An irony is that the Working Group would consist of some of the same people McCain said he would rely on.




Here is an older article about the Working Group, the one where the group got it's nickname:

http://www.washingtonpost.com/wp-srv/business/longterm/blackm/plunge.htm


And another article with more details:

http://www.jasmts.com/library.php?page=protection


Read a recent article describing their "New Deal" plan with President Bush, and the coming crash as a result:

http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=A1YourView&xml=/money/2008/01/07/ccview107.xml

1 comment:

  1. Good writeup on this debate question in US NEWS:

    http://www.usnews.com/blogs/capital-commerce/2008/01/25/mccain-paul-and-the-plunge-protection-team.html

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