Steeve Leesman was interviewing a trader from Fortress, who mentioned that he believed the PPT intervened on 10/10 and 10/28. This got Steve, Joe and Becky all in a tizzy, as they tried to discredit the idea of a PPT being active in the market. Becky goes so far as to say, in effect, that CNBC disavowes the idea of an active PPT. Hmmm, makes you wonder?????
CNBC tries to discredit market action by PPT
- Thread starter trendy
- Start date
There is no PPT. If there is one it 's very recent. It's obvious if there was a PPT the market would not have crashed like it did.
Bush and Bernanke would have done everything to prevent it , because the crash destroyed Mc Cain.
The PPT was an invention of desillusioned bears between 2003-2007.
Bush and Bernanke would have done everything to prevent it , because the crash destroyed Mc Cain.
The PPT was an invention of desillusioned bears between 2003-2007.
Honestly I would be shocked if I was part of upper managment at Fortress listening to this interview. The only shred of credibility this "trader" was hiding behind the Fortress name. His argument was purely that it felt like the PPT was involved.
Specifically he was referencing end of the week S&P trading where he thought it should have crashed. It didn't.... And now since he thinks the market was wrong... and of course he must be right.. he is blaming the PPT. But of course there is no evidence except he has a feeling.
Lets put it this way.. If a daytrader can't make money in this market with some of these type of guys participating in the market, you are in the wrong business.
http://en.wikipedia.org/wiki/Executive_Order_12631
"Market Crisis of 2008
On 06 October 2008, the working group issued a statement indicating that it was taking multiple actions available to it in order to attempt to stabilize the financial system, although purchase of stock shares was not part of the statement."
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The PPT doesn't need to buy stock in individual companies. They step in and buy S&P futures hand over fist creating a natural squeeze and thus forcing up the markets.
Greenspan talks about it in his book. It is not any kind of secret. The PPT does exist and it is widely known the FOMC buys and sells futures in both the Treasury and the S&P markets.
i am surprised at the amount of ignorance on this board sometimes.....
the PPT, aka the president's working group on financial markets, is an actual entity established by reagan in 1988.
while i am not a big fan of wikipedia, the material on the subject they have on them is accurate.
http://en.wikipedia.org/wiki/Executive_Order_12631
the PPT, aka the president's working group on financial markets, is an actual entity established by reagan in 1988.
while i am not a big fan of wikipedia, the material on the subject they have on them is accurate.
http://en.wikipedia.org/wiki/Executive_Order_12631
