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CNBC Guest Says Absent Plunge Protection Team Stepping In, Market Would Fall; Wien, Kernan Disgusted

Tyler Durden's picture


A highly amusing exchange occurred earlier on CNBC when guest Damon Vickers of Nine Points Capital had an unexpected moment of truthiness and turned some heads when he said that "unless the plunge protection team comes in over the next couple of days, the markets are looking very dicey here." When a disgusted Joe Kernan asks if Vickers was making a joke about the PPT, the response is "absolutely not - it's common knowledge that the government steps in and does things to step on the gas and buy stock here and there." To which Byron Wien has a strong retort: "I don't believe it." All that and much more in the clip below. In the meantime, the market is sure having a field day with stocks as once again bad news are discarded and the smallest glimmer of positivity serves as a springboard for yet another ramping short covering spree.


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Thu, 07/08/2010 - 09:46 | 458139 homersimpson
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Is someone out there who manages billions really dumb enough to believe that a PPT does not exist? Unbelievable.

Thu, 07/08/2010 - 09:49 | 458145 mikla
mikla's picture


He probably attended an Ivy League.

Thu, 07/08/2010 - 10:23 | 458235 Cognitive Dissonance
Cognitive Dissonance's picture

Moral cowards always have the ability to ignore anything that would force them to grow some balls. Let's start calling this what it really is folks. We dance around the politically incorrect subject all the time because we're afraid of being called moral cowards ourselves.

Either we stand up to this shit or we shuffle away while making excuses. The time is here. Where do you stand? Do we meet every moral coward with a challenge or do we sugar coat it in order to have "civil discourse". Of course, this means we must also grow some balls.

Am I asking too much?

Thu, 07/08/2010 - 10:55 | 458294 B9K9
B9K9's picture

CD, it's done. Imagine a wealthy single-parent who has 4th stage cancer. There are charlatans promoting miracle additives, and other hustlers trying to divert attention while looting the property.

Amongst the din, there might perhaps be a few responsible individuals who are beginning to make preparations for the children: food, shelter, security, education, health, etc. (Some might even be attempting to manage the estate in an orderly process, but the looming chaos will overwhelm their efforts.)

The time for talk is over - the astute realize it's time to begin dealing with what is to come. Cut the deficit, impose austerity & default/deny/delay both hard/sort liabilities (debt, SS, Medi, etc), the comes apart; implement QE X.0, and the end comes anyway, just in a different form.

The social compact is broken - not many people recognize this, but what it means is that it's all over. Best to begin preparing.

Thu, 07/08/2010 - 11:07 | 458330 Cognitive Dissonance
Cognitive Dissonance's picture

"The social compact is broken - not many people recognize this, but what it means is that it's all over. Best to begin preparing."

And as long as we enable the denial, the denial will continue. I've already taken care of all I can within my family. And for the longest time I tried to keep peace by not pushing reality upon anyone in my family.

But over the past 4 months, I've been doing precisely that. I'm not deliberately hurting feelings but rather just speaking bluntly. A family member wanted to borrow money, I said no and told her I was getting ready for the collapse and can't spare what won't be paid back. That shocked a number of people. Another wanted me to spend some money with other family members to send our mother on an extended vacation. I gave the same answer. Shocked some more. And mom was applauding me. Another wanted investment advice and I told him to get out of the market because it's rigged. That pissed him off but at least he had the balls to ask more questions before pulling the covers over his head and cutting off contact with me.

I'm not trying to hurt anyone be neither am I going to avoid hurting others simply because I'm speaking truth. I will no longer enable others to live peacefully in denial by my silence. That doesn't mean I will go out of my way to speak truth. But neither does it mean I will avoid speaking truth. I will no longer hold my tongue because others are covering their eyes. And I see a lot of it here on ZH. People talk the talk but don't walk the walk.

Thu, 07/08/2010 - 11:33 | 458367 B9K9
B9K9's picture

I applaud your efforts; however, mine are directed more towards actionable results. I no longer waste my time dropping hints, discussing issues, and/or responding to questions/inquiries (other than bland, "Yes, it does seem rather bad, doesn't it? types of replies).

Instead, I've gone back to my original roots in scale organization. Denninger is right - we're gonna have 50m+ in relief camps. And no, the "government" will barely be involved. What will the (lack of) organization look like? How will the collection, storage & delivery of basic food staples be managed? Who will provide supplemental K-12 education? (Ex: Hawaii was on a 4-day school week all last year.) What about security?

I'm preparing for a non-Mad Max world somewhat akin to the 30s where we still had functioning local communities. I'm positioning myself to be a central cog in this type of environment and am willing to lend my organizational skills to replicate these networks in other regions.

If we do have Mad Max, then it will all be for naught. You have to make estimates for probabilities - I can only assume the American spirit is still alive in the citizen individuals who have been (temporarily) defeated by the enemy.

Thu, 07/08/2010 - 11:45 | 458396 Cognitive Dissonance
Cognitive Dissonance's picture

We are on the same page, just different paragraphs. "We" need both of our efforts.

"I can only assume the American spirit is still alive in the citizen individuals who have been (temporarily) defeated by the enemy."

From my point of view, I believe this may be a shaky assumption because it supposes that after the initial shock, many will rediscover this spirit. Sure, there will be the usual 5 or 10% who will immediately land on their feet. But the vast majority of American citizens worship the grocery store because that's where their food comes from. Or they worship their kitchen faucet because that's where their water comes from. And so on. When these are removed or diminished, the social economic system will fall into a state of shock and this will lead to terrible hardship.

We can't look to isolated economic or environmental disasters (hurricane, tornado, flood etc) as examples of how people will act because there is always one presumption, that outside the affected area, things are "normal" and this will not be the case in a total collapse. So my prescription is to work locally on building community by example. That's all I can do for now so that's what I'm trying to do. My efforts can be scaled up and can also work under a non Mad Max as well as a Mad Max situation.

At least I hope so. No one will ever know for sure until the moment arrives. Anyway, thank you for putting your back where your mouth is.

Thu, 07/08/2010 - 12:54 | 458542 LeBalance
LeBalance's picture

There is a sweet grand tapestry filled with as many universes as people, exactly so.  And each universe (person) has a direction that they wish to go.  It is definitely not the one you would choose in many cases.  As a result we have "emotions" over the obviousness that things are not as we would like.  This emotion is an issue for the one having the emotion.  They are the one who does not allow the tapestry to be as it is.  They wish the tapestry were as they would weave it.  Well, there is a thread dedicated to you in the tapestry.  It is your sacred journey thread.  But to say that the tapestry must contain completely other threads than it has....Well, it is just you having emotion (attachment to non-reality) and that is detrimental to yourself.

So in the spirit of self care, be kind to your self and realise that the tapestry is going where it needs to go and that your thread (the only one you can play) is also.

This is not saying, "Don't act."  It is saying act within your self, if others come to speak to you or are interesting in your way then share a small amount.

I apologize for my imprecise thoughts.

Thu, 07/08/2010 - 13:32 | 458560 Cognitive Dissonance
Cognitive Dissonance's picture


I'm not talking about seeking people out and trying to change their views. If you read my post above again, you will find I talked about people seeking me out. In each case they were asking something of me and in each case they wanted me to help them remain in the delusion they maintained.

Only then do I refuse to do so. This is not about me pushing my will and views upon others without their consent. I'm talking about not remaining silent when approached. No where did I say I'm seeking out people to pummel with my opinions.

Also, please see my post below directed towards "arnoldsimage".

Thu, 07/08/2010 - 15:33 | 458915 Cathartes Aura
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The universe is uncaused, like a net of jewels in which each is only the reflection of all the others in a fantastic interrelated harmony without end.

~ Ramesh Balsekar

great truth in your post LeBalance, I heard you.

Thu, 07/08/2010 - 11:32 | 458373 WaterWings
WaterWings's picture

But neither does it mean I will avoid speaking truth.

Indeed this is when fear becomes truly debilitating in my view. I have succumbed to this somewhat after hours of conversation with various friends and family. They have become comfortable because their knee-jerk reactions tend toward the, "Well what do you expect me to do!", instead of attempting to reason and ponder possible outcomes, has quieted me. "Oh you are still worrying about all that? There's nothing you can do about it, so move on." You can always explain it much better than I can, CD, but the resistance and negativity from them, shooting the messenger (me), is too overwhelming. A twisted side in me wants to proclaim, "I told you so!" but that will only be sorrowful. I can only hope something will click inside them before it's too late to even acquire life-saving supplies or at least invest their cash into something that is useful and tangible.

Bravo! for your strength, CD. It is not wasted on us here.

Thu, 07/08/2010 - 11:49 | 458401 B9K9
B9K9's picture

Three suggestions for you & CogDis:

  • Look into joining your local district/city/county FEMA organization. Don't laugh, no FEMA won't be there to help when the SHTF, but existing networks of volunteers are already staffed. These are your neighbors who already have an orientation towards organization & action.
  • Get involved with a charitable organization(s) (be it faith-based or secular) that is already involved in food collection/distribution. Again, right now they get their funds from HUD and other gov't support programs, but the important point is that  volunteers are already self-selected for organization & action. These are the people you want to know.
  • Look into the local ward/precinct political organization of your respective district/city/county. Again, when the SHTF, there won't really be much of an effective political network (or it won't have much of an impact), but the contacts you make will put you in the orbit of people who gravitate towards organization & action.

Here's an easy way to diagram our future needs & opportunities. Simply draw a line down a piece of paper and label the left column "present" and the right column "future". Now, go down the present column and write down everything you observe in our current society: central, prohibition(s) [drugs, etc], police, fire, health care, welfare, food, education, elderly support, etc.

Next, go down the right column and write down what you think will act as suitable substitutes. You might be surprised how similar your list will look to the laws & social organization of pre-WWII America. This is where we are headed: back to local communities with minimal central authority and a much more relaxed approach to civil liberties (it doesn't matter if it's due to either lack of police funding or true laissez faire attitudes).

The time for talk is over.

Thu, 07/08/2010 - 12:51 | 458532 Marla And Me
Marla And Me's picture

B9K9 and CogDis,

I thought you two would appreciate this topic

Notice that the last act before one frees him/herself is the "extinction burst".  It doesn't bode well for our collective when the curtain is lifted and the true nature of this monstrosity is in plain view for all to see.  Be well.

Thu, 07/08/2010 - 13:18 | 458602 Cognitive Dissonance
Cognitive Dissonance's picture

Thank you. I have a special category in my Internet browser favorites for those "must visit daily sites" that I rarely add to for fear it would quickly grow to unmanageable size.

I just added this web site.

Thu, 07/08/2010 - 14:58 | 458800 WaterWings
WaterWings's picture

Ah, very salient points! Very actionable!

Although, I don't want to share my canned food. ;-)

Thu, 07/08/2010 - 12:13 | 458444 arnoldsimage
arnoldsimage's picture

i can relate cd. now... when my neighbors see me walking towards their house, they quickly go back in and close the door. they view me as the harbinger of bad news.

Thu, 07/08/2010 - 13:01 | 458551 Cognitive Dissonance
Cognitive Dissonance's picture

I've experienced the same thing. You simply cannot instill moral courage where it doesn't exisit. It must be found or created by those who lack it.

What will be even more difficult for you and I and many others will be when they come to our house asking for help. The initial tendency will be to lash out in anger and frustration. But you and I will make compatriots for life and develop fierce loyalty in them if we do just the opposite and help them when we could kick them instead.

This is why I constantly work on myself. Because there will come a time when I will need to draw upon all my strength and courage precisely when I will want to surrender to the insanity. You and I and many others will be building a new world soon. We must find the courage to lead by example rather than by word.

Thu, 07/08/2010 - 13:40 | 458650 glenlloyd
glenlloyd's picture

ditto, it's gotten to the point that I just don't say anything anymore.

I figure they'll eventually realize that the future doesn't look so good.

Fri, 08/19/2011 - 08:27 | 1576535 mediahuset
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Thu, 07/08/2010 - 10:24 | 458236 Ripped Chunk
Ripped Chunk's picture

Byron has a great hair stylist.

Thu, 07/08/2010 - 12:22 | 458460 septicshock
septicshock's picture


was it just me or did he call ZH "squirrly and crazy?"

Thu, 07/08/2010 - 09:51 | 458147 Snidley Whipsnae
Snidley Whipsnae's picture

The bobble heads on tv have to attempt to discredit anyone that dares speak truth... It probably isn't spelled out in their job description but they know what they must do to stay employed...

Thu, 07/08/2010 - 10:07 | 458187 NOTW777
NOTW777's picture

i'm sure lying with a smile is required

Thu, 07/08/2010 - 09:57 | 458161 docj
docj's picture

Oh, he knows.  Of course he knows.

But the first rule of PPT is you don't talk about PPT, right?

Thu, 07/08/2010 - 10:19 | 458220 buzzsaw99
buzzsaw99's picture


Thu, 07/08/2010 - 10:27 | 458226 WaterWings
WaterWings's picture


An individual with integrity assumes, to his disadvantage, that other individuals will acknowledge the most obvious of circumstances. Meaningful exchange is halted, and clueless sheeple get more confoozled; cheering for those that tell them what they want to hear.

We're headed for a major crash; those on the outside can only speculate when. There may be more important events on the horizon anyway: war, mass evacuations/dislocation, "terrorist" attacks.

I doubt we'll see gold actually exchanged at $5,000 and/or the DJIA below 5,000 - that could only happen in a vacuum in my view - more disruptive events will take center stage.

Thu, 07/08/2010 - 10:42 | 458272 -1Delta
-1Delta's picture

exactly or the squid will come after you

Thu, 07/08/2010 - 12:18 | 458458 ejmoosa
ejmoosa's picture

Or you may just think that you are smarther than everyone else, and that is why the markets rise when you say buy....


To admit other powers are involved is to admit that you might just not be as smart as you hoped you would be.  Who wants to admit that?

Thu, 07/08/2010 - 10:06 | 458182 tj3
tj3's picture

No, he's smart enough to know his "office." You know, like the care ew all take in our internet posts and the ability we have to manage what personal information is known to others. Yeah, he's dumb.

Thu, 07/08/2010 - 10:11 | 458198 Cursive
Cursive's picture

Kernan and MCC were laughing about how ineffective the PPT was in 2008.  Why is this argument ever given any credence?  It is an open policy of the FOMC to intervene in the U.S. bond market.  Furthermore, it has long been an open policy of the BOJ that it will buy equities.  How'd that work out for the BOJ and Nikkei index?  I can't be that hard for an "educated" person to believe these "conspiracy theories".

Thu, 07/08/2010 - 10:39 | 458255 homersimpson
homersimpson's picture

(comment removed by poster)

Thu, 07/08/2010 - 12:41 | 458244 doublethink
doublethink's picture


The dude needs to discover the inter tubes.


Market Manipulation Live (translated by Mole)



Thu, 07/08/2010 - 11:44 | 458393 Calculated_Risk
Calculated_Risk's picture
1st RULE: You do not talk about PPT.

2nd RULE: You DO NOT talk about PPT.

Thu, 07/08/2010 - 09:52 | 458149 Cleanclog
Cleanclog's picture

He must have a PhD from a "decent" university, thus is qualified to toss fire retardant on the concept of PPT, where of course our musings are invalid.

Thu, 07/08/2010 - 11:41 | 458387 Rainman
Rainman's picture

Never ever will a mainstream financial news network admit to the market's invisible hand. PPT's primary mission is sustaining the morphine drip for the pension funds and insurance companies. These are the main beneficiaries of the prop and they will be defended by any subversive means....or it's game over.

CNBS spends all day hashing and rehashing theories and trends. How many viewers would stick around to listen to their bullshit if they knew for sure the fix was on ???

It's not like these talking heads can migrate their talents to the Home Shopping Network.

Thu, 07/08/2010 - 09:53 | 458153 the not so migh...
the not so mighty maximiza's picture

My GOD!  , the truth is spoken on CNBC,  we can't have that,  you will never see him as a guest again.

Thu, 07/08/2010 - 10:17 | 458214 Fish Gone Bad
Fish Gone Bad's picture


Thu, 07/08/2010 - 10:37 | 458261 Problem Is
Problem Is's picture

"My GOD!  , the truth is spoken on CNBC..."

And the truth was promptly ridiculed and rejected as the Cue Ball smiled at the abusurdities of his own fabrications...

Or the Cue Ball was smiling and thinking...
"IF ONLY I STILL HAD HAIR, I could be boning this brunette..."

Thu, 07/08/2010 - 14:13 | 458703 still kicking
still kicking's picture

He was probably drug out into the alley and shot after that segment.

Thu, 07/08/2010 - 09:54 | 458154 Rogerwilco
Rogerwilco's picture

Well, one of their stated primary goals is "price stability". Somebody has to be the perfect citizen in this world of ignorant bloggers and malcontents. Oh and BTW, the chocolate ration has been increased by 25% -- rejoice comrades, rejoice!

Thu, 07/08/2010 - 09:58 | 458162 Teaser
Teaser's picture

So, this is one those "Squirrily crazy websites"?

Thu, 07/08/2010 - 10:07 | 458185 tj3
tj3's picture


Thu, 07/08/2010 - 09:58 | 458164 Pladizow
Pladizow's picture

You down with PPT? - Yeah you know me.

Thu, 07/08/2010 - 10:08 | 458189 tj3
tj3's picture

hey, don't bogart that PPT man.

Thu, 07/08/2010 - 10:43 | 458275 TuesdayBen
TuesdayBen's picture

Thanks for sticking that song in my head all day

Thu, 07/08/2010 - 10:48 | 458287 aheady
aheady's picture

funny funny

Thu, 07/08/2010 - 09:58 | 458165 citizens_of_the...
citizens_of_the_world's picture

Clicking on the video didn't work for me, but this link works:

Thu, 07/08/2010 - 10:21 | 458225 Cursive
Cursive's picture

Probably the funniest thing is the guy referred to in-studio guest Byron Wein as Wilber Ross.  All Ross could do was make a comment about bald guys.  They do seem like brothers or cousins.

Thu, 07/08/2010 - 09:59 | 458166 primefool
primefool's picture

No one knows anything. Information is garbled. Fraud and mis-information is the norm.

So - it boils down to belief. Do you believe? Byron does'nt.

Thu, 07/08/2010 - 10:59 | 458309 anony
anony's picture

I don't imagine any wealthy investor is going to say anything, Especially, what he believes that does not support his book, the one he owns, the one he plans on dumping, the one he's short and the one he plans on buying.

They haven't "any obligation to tell us truth", and that comes straight from the Talmud.  

Thu, 07/08/2010 - 10:00 | 458168 Scooby Dooby Doo
Scooby Dooby Doo's picture


Thu, 07/08/2010 - 10:03 | 458172 docj
docj's picture

Actual CNN money headline right now:


Stocks rally as investors cheer reports

Investors?  Really?  Isn't retail investing accounting for something like 5% of trades these days?  So what "investors" are around to "cheer" these "reports", eh?

More evidence that the Bureau of Making Shit Up extends well into the "private" sector, no doubt.


Thu, 07/08/2010 - 10:24 | 458233 Tinsu
Tinsu's picture

Wait, investors are cheerin' and buyin'.  What's up with this --> "ICI Reports Ninth Sequential Equity Fund Outflow In A Row" per the ZH home page.

More evidence that the Bureau of Making Shit Up extends well into the "private" sector, no doubt x 2

Thu, 07/08/2010 - 10:02 | 458174 whopper
whopper's picture

Joe Kernan makes me want to spew. It is funny , watch the european version of squack box and it is really good. The american version is for idiots.

Thu, 07/08/2010 - 10:04 | 458177 primefool
primefool's picture

Hey - its a business. Gotta have product appropriate for the audiences.No point playing Beethoven's Late Quartets to a crowd baying for some southern rock - eh?

Thu, 07/08/2010 - 10:40 | 458266 wang
wang's picture

watch Bloomberg TV far from perfect but compared to the trash at CNBS (and its available free on line)

Thu, 07/08/2010 - 10:05 | 458178 Cursive
Cursive's picture

"I see it all the time on some of the squirreliest, craziest websites."

- Joe Kernan


If Joe Kernan was on fire, I wouldn't piss on him.

Thu, 07/08/2010 - 10:09 | 458194 tj3
tj3's picture

not even in his mouth?

Thu, 07/08/2010 - 10:14 | 458206 Cursive
Cursive's picture

Hell, I wouldn't even use MCC as a rescue fire blanket.

Thu, 07/08/2010 - 11:12 | 458346 Cpl Hicks
Cpl Hicks's picture

I'd use her as a personal flotation device, in the event of a water landing, you know..

Thu, 07/08/2010 - 12:39 | 458501 carbonmutant
carbonmutant's picture


Thu, 07/08/2010 - 12:54 | 458543 Boilermaker
Boilermaker's picture

I wouldn't give the guy a warm cup of sweat from my ball sack if he was dying of thirst.

That guy is a massive elitist dong.

Thu, 07/08/2010 - 10:06 | 458179 bingaling
bingaling's picture

  All three of them knew what the plunge protection team was none of them wnated to go out on a limb and say yes it is a possibility that for national security reasons the gov't might intervene in markets . All of that aside Nine points capital guy was right on and made a great argument as to why someone who is in the market should cash out on this so called rally. Seems the other speaker was calling for the markets to go sideways for a long time .

Thu, 07/08/2010 - 10:14 | 458208 primefool
primefool's picture

Look - this is all not so mysterious. The so called PPT is actually formally called " the Presidents Working Group On the Financial markets". It was set up shortly after the crash of 1987 assisted by various professors from Harvard and so on. Objective - to prevent crashes of that kind. Since then Iam sure it has evolved into a much more sophisticated and multi-dimensional entity - particularly since our former Treasury sec publicly stated that it was one of his priorities.

having said that - Iam confident that most of the wierd , dysfunctional volatility in the markets is actually not caused by the PPT but rather by hedge funds. hedge Funds are strange skittish creature. They have no permanent capital and live ( or die) ona week to week basis . They get stopped out of they lose 5%. The hedge fund is like playing poker with $5 in your pocket against warren buffet. The hedgies are the ultimate suckers in today's markets. And they are hurting YTD and vulnerable ( gold- Down, Long Treasury yields - Down, stocks- Down). So expect more wild, desperate trading until they are all carried off the field- one by one.

Thu, 07/08/2010 - 10:52 | 458296 SDRII
SDRII's picture

Yeah those mutual fund arbers turned ES 2am hedge funders stroke currency traders

Thu, 07/08/2010 - 10:06 | 458181 NOTW777
NOTW777's picture

shocked. LOL that they let vickers on. have they not seen his previous appearances?

Thu, 07/08/2010 - 10:06 | 458184 Overpowered By Funk
Overpowered By Funk's picture

They'll find this guy duct taped, and rolled up in a dirty flea ridden carpet floating in the East River.

Thu, 07/08/2010 - 10:17 | 458216 Cursive
Cursive's picture

LOL.  It's a good thing he was appearing via link from Seattle.  That helps his credibility in my view.  I can hear the CNBC control room snickering about this "granola ursine" getting some airtime.

Thu, 07/08/2010 - 10:08 | 458188 johngaltfla
johngaltfla's picture

The reaction of the Bubblevisionistas was funnier than the actual comment. IF any moron DOESN'T think that Treasury owned or loaned banksters or AIG are not buying or selling stocks or index futures, then they deserve the ass whuppin the markets give them in either direction. Hell, it's been obvious to any idiot who reads the TIC report that we've been laundering the Treausries via the Caribbean for 5 years now. Manipulation is just part of the game; playing it with the whores moving in the right direction is the key to a profit.

Thu, 07/08/2010 - 10:11 | 458192 Crab Cake
Crab Cake's picture

Reflation never has been, nor ever will be, possible without the (accounting) realization that many many assets are deeply underwater.

When realized, in an accounting sense, these losses will require inflation/hyperinflation, depression, or stagflation/hyperstagflation to normalize.

If you are thinking outside the box you could see some sort of major world conflict, that would lay bare an opportunity for greater shall we say "globalization" politically and economically.  [That's if the world as we know it isn't destroyed in the process, of course.] I like to think of it as the default in a fire scenario.

Any way you cut it, if you take a step back for the long view, the next generation (25 years) faces untold risks up to and including heightened chances of an extinction level event of a manmade nature.  It's going to be a bumpy ride, and I see risks of major wars, social collapse, economic collapse, and civil war all at decent sized probabilities for the US over the next couple of decades. 

Thu, 07/08/2010 - 11:12 | 458343 Wyndtunnel
Wyndtunnel's picture

Rolland Emmerich should just start making documentaries.... It would save him a lot on special effects.

Thu, 07/08/2010 - 10:09 | 458193 LePetomane
LePetomane's picture

Byron: Fire?  What fire. I see only smoke!

Thu, 07/08/2010 - 10:11 | 458199 Ripped Chunk
Ripped Chunk's picture

The man knocking on the front door to explain that your house is on fire.

Thu, 07/08/2010 - 10:11 | 458200 Tarheel
Tarheel's picture

Honesty on CNBC is usually welcomed by some bumper music

Thu, 07/08/2010 - 10:15 | 458201 hedgeless_horseman
hedgeless_horseman's picture

Please, Joe, list each and every name of the senior United States Treasury and Federal Reserve Bank employees/appointees that have been asked, on the record, if the market is occasionally propped up by government-directed activity.  Has Ron Paul had the balls to ask this?

You are supposedly a journalist, Joe, so it should not be too hard to confirm your disbelief.  One would think that someone at the supposed leader in fincancial news would be able to ask the question of Tim, Ben, and Barry.  For some reason, however, it NEVER comes up.  Why the conspiracy theory?

Thu, 07/08/2010 - 10:21 | 458219 Crab Cake
Crab Cake's picture

He's not a journalist, but you know that.  Joe is a propagandist, a yellow bullish provocateur. 

Questions?  He gets told what the news is, and he gives it to the people.  That's all he does.  Questions?

Did you not note Joe's skillful use of deflective gestures such as scratching at his head in puzzlement, or his use of vocal artistry to fit in the phrase "conspiracy theory."  The moment PPT was mentioned he went into full protection/discredit mode.

Thu, 07/08/2010 - 10:13 | 458205 crzyhun
crzyhun's picture

Sorry- but yesterday came out of no where. Friday late day spike was what?? PPT is on the books as a verifiable group. Now how it is implemented, welllllll that is another matter. They are the masked operators that 'f' with your trade/plans. Hate conspiracies like mad, but....

Prove to me that they do not exist.

Thu, 07/08/2010 - 10:20 | 458223 Crab Cake
Crab Cake's picture

Proving they don't exist would require a forensic accounting of the Fed system, and the too big too fails, and fat chance that ever happening.

Thu, 07/08/2010 - 10:15 | 458209 ietalon
ietalon's picture

"I see it all the time on some of the squirreliest, craziest websites."

- Joe Kernan

This is one of Joe's better remarks.

His is a likable guy except when he speaks. It is suprising that he is still with G. E. since they have changed over to the Pretty Women staffing. It must be hard to find people to continue to talk this stuff. Kernan, Cramer and Kudlow, Inc. Bareassters

Thu, 07/08/2010 - 10:34 | 458253 FEDbuster
FEDbuster's picture

Like a college cheerleading team, they have a few male members with the big megaphones to shout cheers to the fans in the stands.  Meanwhile the girls shake their tits to entertain the fans when the game gets boring.  RobotTrader has a nice article on this above titled "New Looks".

Thu, 07/08/2010 - 10:57 | 458305 Problem Is
Problem Is's picture

Hey... The "Texan" George Bush was a cheerleader at his all male Connecticut prep school...

Funny how "Texans" like the Bushes grew up in Greenwich Ct....

I don't know who shook their tits at an all male Connecticut prep school while Bush lead cheers...

But I sure know Bush is a financial genius... Look at his legacy... Our economy.

Thu, 07/08/2010 - 11:09 | 458338 JLee2027
JLee2027's picture

Flagged as "Bush Derangement Syndrome" and junked.

Thu, 07/08/2010 - 19:57 | 459629 FEDbuster
FEDbuster's picture

Seems to be spreading faster than the swine flu.  My 70 year old mother emailed me that "it's starting to look like the 30's all over again.  Thanks to George Bush."  It's funny how many people still cling to the right/left, republican/democrate blame game.

Thu, 07/08/2010 - 11:11 | 458342 Johnny Bravo
Johnny Bravo's picture

I used to have a picture of him cheering as my avatar for the longest time until about a week ago.

Thu, 07/08/2010 - 11:36 | 458381 Rusty Shorts
Rusty Shorts's picture

 - so now, you have a self portrait as your avatar eh.

Thu, 07/08/2010 - 11:30 | 458369 RockyRacoon
RockyRacoon's picture

Dennis Kneale appears to have been benched.  Useless commentary combined with a blind opinion seems to be the reason.  Look out Kernan!

Thu, 07/08/2010 - 10:15 | 458211 Headbanger
Headbanger's picture

Thanks TD, that made my day! Kernan is still such an ass kissing douche bag.

Thu, 07/08/2010 - 10:17 | 458215 deepsouthdoug
deepsouthdoug's picture

What crazy finance blogs was Joe talking about?  ;-)

Thu, 07/08/2010 - 11:00 | 458313 Rainman
Rainman's picture

washington post

Thu, 07/08/2010 - 10:18 | 458218 Young
Young's picture

Why do you think the FED does not want to be audited... "Hey Ron! Look what we found in these records over here! Forty gazillion shares and futures traded in june-july"

Thu, 07/08/2010 - 10:46 | 458281 -1Delta
-1Delta's picture

ooh and i found a few 10yrs and SPYs in June and July too 

Thu, 07/08/2010 - 10:19 | 458221 kingwallop
kingwallop's picture

They cut him on "realignment of global currencies".........

Thu, 07/08/2010 - 10:20 | 458222 A Nanny Moose
A Nanny Moose's picture

Where is the "Emergency Broadcast System" when you need them?

Thu, 07/08/2010 - 10:21 | 458224 lynnybee
lynnybee's picture

"WATCH THE EUROPEAN VERSION OF SQUAWKBOX, IT IS REALLY GOOD"  .... I noticed that, too !  The viewer gets a better interview & their guests are allowed to speak unrestrained . .... does anyone know why this is so ?

Thu, 07/08/2010 - 10:33 | 458250 primefool
primefool's picture

Why? Because the Europeans dont get finance. They actually take it seriously - think its some kinda branch of engineering. Physics.!

The americans on the other hand have long since given up - they are heavily medicated and just looking for some titillation - a few laughs. Some fireworks . A war now and then.

Thats why.

Thu, 07/08/2010 - 10:22 | 458227 buzzsaw99
buzzsaw99's picture

He's actually cheering for the invisible handjob. PPT! PPT! PPT!

Thu, 07/08/2010 - 10:36 | 458259 FEDbuster
FEDbuster's picture

We all love the "happy ending".

Thu, 07/08/2010 - 12:15 | 458447 Cognitive Dissonance
Cognitive Dissonance's picture

Or at least the hoped for climax. 

Thu, 07/08/2010 - 10:22 | 458228 tmftdoyle
tmftdoyle's picture

byron wein now works for blackrock, one of the ppt's market agents. As the firm's hood ornament, it is unlikely that he actually knows what goes on there generally, much less with respect to the specific issues of market support.

Thu, 07/08/2010 - 10:22 | 458229 Running on Empty
Running on Empty's picture

Kernan is such an asshole, he's an embarrassment to stuttering fools.

Thu, 07/08/2010 - 10:42 | 458271 Problem Is
Problem Is's picture

Kernan makes Dennis "Dickweed" Kneale look credible and informed...

Well on the CNBC ship of fools... who is the more foolish? Cramer the Clown? Or the fools that follow him....

Thu, 07/08/2010 - 10:22 | 458230 Careless Whisper
Careless Whisper's picture

government steps in

correction: the banking cartel known as the federal reserve bank steps in

Thu, 07/08/2010 - 10:22 | 458231 Chemba
Chemba's picture

With all of the other interference in once-free markets by our socialist State, I think it's a tad naive to think that the State is not interefering in equity markets, either directly through the purchase of SPX futures or indirectly through other asset purchases.

Thu, 07/08/2010 - 10:23 | 458232 CitizenPete
CitizenPete's picture

Does anyone notice any overlap between todays Au price drop and yesterdays?

Thu, 07/08/2010 - 10:28 | 458241 whopper
whopper's picture

same bat time , same bat channel........right at 8:47 am. Right after Ben takes his morning dump, he feels kind of frisky and says " ah, what the hell...lets trash gold again".


Thu, 07/08/2010 - 11:00 | 458316 IE
IE's picture

It could be intervention... but could it also not be forced liquidation (deflation working behind the scenes, in spite of the bullish market veneer)? 

Thu, 07/08/2010 - 11:11 | 458339 IE
IE's picture

Well, I just looked and they're only trashing paper gold.  PHYS is steady.  Telling.

Thu, 07/08/2010 - 11:13 | 458349 Johnny Bravo
Johnny Bravo's picture

Yeah, it's steady because there's another conspiracy theorist retail investor that will "buy the dips."

LOL at goldbugs.

Thu, 07/08/2010 - 11:25 | 458365 IE
IE's picture

Well - your picture is appropriate, anyway.

Thu, 07/08/2010 - 11:35 | 458379 CitizenPete
CitizenPete's picture


Thu, 07/08/2010 - 10:26 | 458239 nevadan
nevadan's picture

This from one of those crazy conspiracy theorists.  It has been posted on ZH before but is worth the repeat.  It pretty well settles the matter for me.

Thu, 07/08/2010 - 10:31 | 458247 Joe Sixpack
Joe Sixpack's picture

ZH = "squirreliest, craziest website"

Thu, 07/08/2010 - 12:00 | 458420 Calculated_Risk
Calculated_Risk's picture

Sounds like it should be on a shirt or mug..

Thu, 07/08/2010 - 10:35 | 458256 WALLSTREETPRO

Come on folks ... Joe Kernan is an idiot.  If he actually knew anything about taking risk and managing money he would be at a fund and not on TV defending the ponzi ...  I know someone quite well who used to be a regular guest speaker and I brought up many items he should introduce for discussion and he said unequivocally that CNBC carefully monitors the topics and that it is there to cheer on bull markets.  It's the Jim Jones of the financial world ... everyone drink the Kool-Aid and buy stocks - but, I assume you all know this so why waste time reporting on these people ... 


Thu, 07/08/2010 - 10:38 | 458263 the grateful un...
the grateful unemployed's picture

kernan gives golf a bad name.  speak reason to propaganda and you get laughed at every time. on the counter intuitive bullish side, the lack of liquidity is the very thing which feeds the market melt up, old wives tale #1, volume is the weapon of the bull.

Thu, 07/08/2010 - 10:40 | 458265 John McCloy
John McCloy's picture
  • Nationalized transportation with Amtrak? Check
  • Nationalized agricultural industry with subsidies? Check
  • Nationalized housing with Fannie & Freddie? Check
  • Nationalized medical care? check
  • Nationalized postal service? check?
  • Nationalized newspapers with new taxes and regulations to force out threat of independent bloggers and newspapers? check
  • Nationalized banks? Well basically all large banks and even hedgefund Goldman are now semi-nationalized since they are reliant upon Federal transfusion to stay alive.

  Let us present to you the Nationalized stock market ladies and gentleman and soon energy. It is much easier to extract rights and alter the political basis of a country if done very slowly and peacefull over a longer period of time. This makes the likelihood of resistance far more muted.

  Yup Mr. Kernan. All a large conspiracy and to answer your question about the flash crash not only was the Fed involved they caused it to move political legislation regarding Federal Audit & bank cap size. You know the same kind of legislation that prevents us from actually seeing the PROOF of SPY intervention.

Thu, 07/08/2010 - 10:46 | 458277 Problem Is
Problem Is's picture

The TBTF Banks nationalized (purchased) the US government...

  • Corporate Welfare at tax payer expense (Obummer Care)? Check.
  • TBTF Permenant tax payer bailouts to insure bonuses? Check.
  • Corporate owned governance? Check.
Thu, 07/08/2010 - 10:52 | 458293 John McCloy
John McCloy's picture

  I am going to love this next market collapse in the coming weeks. Nobody has any faith in the market any longer. The ramps and cash worked last year when there were a record level of shorts sitting there unaware that the government was going to unleash the hounds on the market but now the simulus is gone and the data will only deteriorate while the market after all the coordinated propaganda and trillions have the market barely over 10k and jobs a decade away from returning.

They do not have the money necessary to keep the markets up and the only thing worse than allowing the GS vampire in your home is inviting the Federal Govt in your door and the banks did that to survive and soon the politics will turn against them in a way they never foresaw. The government will now drain all the blood out of the banks over the years until they are worthless.

Thu, 07/08/2010 - 11:04 | 458322 Problem Is
Problem Is's picture

The Banks ARE Worthless, Now, As We Speak
GS staffs the US government... well the important parts... and TBTF ordered their bought and bribed politicians to pressure FASB to toss accounting rules out the window so TBTF would not have to report assets as worthless... 

Your cart is before your horse. The oligarchy owns and runs the government for their benefit.

Not the other way around.

Thu, 07/08/2010 - 11:14 | 458351 JLee2027
JLee2027's picture

But you just said above that Bush ran the economy and everything was his fault. Which is it, Bush or Goldman Sachs?

Thu, 07/08/2010 - 11:21 | 458360 Cpl Hicks
Cpl Hicks's picture

Hey, he's just doin' his best to put the 'squirreliest' into the mix here!

Thu, 07/08/2010 - 14:29 | 458740 faustian bargain
faustian bargain's picture

It's a co-dependent relationship. The horse is in the cart. Painting the government as a hapless patsy is a dangerous way to see the world.

Thu, 07/08/2010 - 10:42 | 458268 topshelfstuff
topshelfstuff's picture

I believe the reason why the reaction from any Puppetized Financial Media person, so all of the CNBC regulars, must act as though the existence of the PPT can only come from a wacky conspiracy theorist, has more to do with the implication that this would/could easily show Trading with "Insider Knowledge", especially since the PPT includes the Big they have to proclaim its absolutely a fable. This despite the fact that its easily affirmed, just under the "Official " Title: The President's Working Group.

below are some pastes following 9/11 when making the Market go up was equated to being a Patriotic Duty reaction:

The US Federal Reserve and Wall Street's powerful investment banks are preparing to spend billions of dollars to support the US stock market, which opens this week for the first time since last Tuesday's terrorist attacks on New York and Washington.

A secretive committee - the Working Group on Financial Markets, dubbed 'the plunge protection team' - includes bankers as well as representatives of the New York Stock Exchange, Nasdaq and the US Treasury. It is ready to co-ordinate intervention by the Federal Reserve on an unprecedented scale.

The Fed, supported by the banks, will buy equities from mutual funds and other institutional sellers if there is evidence of panic selling in the wake of last week's carnage.


The 'plunge protection team' was established by a special executive order issued by former President Ronald Reagan in 1989. It is known to include senior bankers at leading Wall Street institutions such as Merrill Lynch and Goldman Sachs.


Thu, 07/08/2010 - 10:50 | 458292 TheJudge2012
TheJudge2012's picture

If they believe it then they have to tell their clients they're investing in a rigged market.

Thu, 07/08/2010 - 10:58 | 458306 Porkbellytrader
Porkbellytrader's picture

Nice 50 pct retrace on the hourly, from the on the 1130-1000...I think it is time to sell....

Thu, 07/08/2010 - 10:59 | 458310 Arseclown
Arseclown's picture

Don't look behind the big curtain...nothing to see here...

Stalin would have been proud of the propaganda machine that has developed in our "free" country

Thu, 07/08/2010 - 11:00 | 458315 Waterfallsparkles
Waterfallsparkles's picture

When ever I am long the Market and it is dropping, I put on my Ruby Slippers, click them three times and say "I BELIEVE IN PPT, I BELIEVE IN PPT, I BELIEVE IN PPT.

Thu, 07/08/2010 - 12:12 | 458443 Windemup
Windemup's picture


 about those slippers, they were silver.

Thu, 07/08/2010 - 11:06 | 458327 juwes
juwes's picture

es goes flat into opex next week.  No put holders will ever be rewarded if the PPT can help it.

Thu, 07/08/2010 - 11:08 | 458333 septicshock
septicshock's picture

wow, just wow... they let this shit unchecked and this sound bite air... someone messed up at the studio.

Thu, 07/08/2010 - 11:11 | 458341 Kreditanstalt
Kreditanstalt's picture

Ha-ha-ha...!  Eat dirt.  The expected rally is failing today.

Thu, 07/08/2010 - 11:16 | 458356 Gargamel
Gargamel's picture

What do you guys make of this video of the ppt caught in action?

Thu, 07/08/2010 - 12:04 | 458424 the grateful un...
the grateful unemployed's picture

The PPT comes out around options expiration, which is like their full moon. What's going on here? Some buyers and sellers of size are trying to gauge the market. If any of those large orders were to execute it would take up all the visible orders. In the stock market this is why they do block trades. If you had a 100k shares to move in a stock that only trades 25K a day, and you want to get it done without altering the price.

Until the offers which flash up there and are pulled, actually execute their influence on the market is small, other than to serve as a warning to buyers (or sellers if the big numbers flash on the bid side) that there is some size outstanding. If for instance you see a couple thousand offered, you drop your bid, because the seller has volume enough to overwhelm the buy side orders and drive the price lower.. Several thousand, and only a few hundred bids showing. Why do this? Traders in these futures keep super tight stops, and the big boys want to hit the stop losses on the other side. 

its all about fear and loathing.

Thu, 07/08/2010 - 11:25 | 458364 chancee
chancee's picture

And CNBC doesn't understand why their ratings are down?  Kernan = Clueless.

Thu, 07/08/2010 - 11:31 | 458371 SheepDog-One
SheepDog-One's picture

'Whats this PPT Plunge Protection Team you speak of, whaaaaaaaa'??  Are you talking about the Chupacabra or Georgia Skunk Ape? We know nothing of this 'PPT' you speak of...just on X-Files or squirrelly websites full of kooks....of course its just a natural buyer and seller market with no manipulation! DOW 10K, SP 1050 is the naturally agreed upon price for all buyers and sellers its all Goldilocks perfection!'

'OOPS we got 'breaking economic data...SEE YA'!!

Thu, 07/08/2010 - 14:02 | 458685 JLee2027
JLee2027's picture

"I triple guarantee you, there are no American soldiers in Baghdad."

Thu, 07/08/2010 - 11:54 | 458411 Dr Hackenbush
Dr Hackenbush's picture

There must have been some smart spankings for Vernan and crew... A couple weeks ago they were openly discussing PPT on Quack Sox.


Thu, 07/08/2010 - 12:00 | 458419 digalert
digalert's picture

I miss the markets opening on a clear downtrend. Then within 30 minutes, for no good reason, the rockets hit full burn taking the market to a positive close.

Thu, 07/08/2010 - 12:25 | 458463 ejmoosa
ejmoosa's picture

We could all do the PPT a big favor and trade only SPY.  This way they only have to follow and manipulate one item.



Thu, 07/08/2010 - 12:37 | 458497 JR
JR's picture

Excellent demonstration here of how the media protects the oligarch-controlled financial system.  Joe Kernan either doesn’t know or pretends not to know what most larger investors do know, that the government is a major controller of the equity markets.

Thu, 07/08/2010 - 12:42 | 458511 Mr C-E-O
Mr C-E-O's picture

as a noob, I'd like to know what 'PPT' stands for...

Thu, 07/08/2010 - 13:40 | 458600 JR
JR's picture

Dubbed the Plunge Protection Team by, according to Wikipedia, a copywriter crafting a headline for the initial Washington Post article:

Executive Order 12631 -- Working Group on Financial Markets

March 18, 1988

By virtue of the authority vested in me as President by the Constitution and laws of the United States of America, and in order to establish a Working Group on Financial Markets, it is hereby ordered as follows:

Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:

 (1) the Secretary of the Treasury, or his designee;

 (2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;

 (3) the Chairman of the Securities and Exchange Commission, or his designee; and

 (4) the Chairman of the Commodity Futures Trading Commission, or her designee.

 (b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.

 Sec. 2. Purposes and Functions. (a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:

 (1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and

 (2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.

 (b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.

(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.

Sec. 3. Administration. (a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group such information as it may require for the purpose of carrying out this Order.

(b) Members of the Working Group shall serve without additional compensation for their work on the Working Group.

(c) To the extent permitted by law and subject to the availability of funds therefore, the Department of the Treasury shall provide the Working Group with such administrative and support services as may be necessary for the performance of its functions.

Ronald Reagan

The White House,

March 18, 1988.

[Filed with the Office of the Federal Register, 11:23 a.m., March 21, 1988]Working Group on Financial Markets

Thu, 07/08/2010 - 12:46 | 458522 Gordon Freeman
Gordon Freeman's picture

Am I the only one who thinks Wien is one of the most evil-looking people on earth?  I mean, he just oozes malevolence--I wouldn't even want to be in the same room with him.

As to his honesty about the PPT, well, see the first point...

Tue, 07/13/2010 - 12:18 | 466417 McNooder
McNooder's picture

I've worked with the man. He's a mean bastard.

Thu, 07/08/2010 - 12:47 | 458527 carbonmutant
carbonmutant's picture

CNBC believes that the economy is so fragile they have to hid the truth of what it take to keep the market propped up on a daily basis.

All part of doing God's work...

Thu, 07/08/2010 - 13:08 | 458572 jkruffin
jkruffin's picture

I liked it when they said a few weeks ago on Squawk Box, when all the bad data was pouring in, and the markets were crapping out, that they own no stocks, nor have any interests in any companies, if they work there.  ROFLMAO

They actually think people believe that crap?

Thu, 07/08/2010 - 14:12 | 458702 traderjoe
traderjoe's picture

I actually believe that the lowly mouthpieces own no stock but GE, or perhaps some fixed stock allocation in a 401(k). It would be vastly more important for the powers-to-be to have the channel APPEAR legitimate than to create the perception of such a simple-to-find-out conflict of interest. 

Thu, 07/08/2010 - 13:25 | 458621 JR
JR's picture

This is worth a reread, IMHO, from Lux Fiat posted on Sat, 10/24/2009 - 17:12
#109740 on ZH’s “
Guest Post: The Manhattan Project: Did Bernanke Use The Monetary Nuclear Option?”:

Surprised there was no reference to former Fed Reserve member Robert Heller's Oct. 1989 article in the WSJ indicating that the Fed was capable of manipulating the market during a crisis.

Or to the following Mar 2007 article by Mike Whitney that was amazingly prescient, and that I archived when looking into the issue a while back -

A few excerpts that are of interest:

"As the NY Post's John Crudele said, “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.”

Crudele is right; the market is being manipulated.

This may explain why the Federal Reserve mysteriously decided to stop publishing its M-3 report. Since the Fed is the “main resource” for buying averages in the futures market “the money is injected into markets via the New York Fed's Repo desk, which easily showed up in the M-3…. Without the useful resource of M-3”, Robert McHugh, Ph.D.says, “we need to find other tools to monitor when the PPT is likely to intervene, and kill shorts”.

  What? So by abolishing the M-3, the Federal Reserve has removed its greasy fingerprints from the smoking gun of market meddling?

  It appears so."

"Risk, over-exposure, cheap money, shaky loans, a falling dollar, low reserves and a confidence deficit; these are the crumbling cinder-blocks upon which America's Empire of Debt currently rests. The possibility of a major disruption grows more likely by the day. Consider the world's 8,000 unregulated hedge funds with $1.3trillion at their disposal or the wobbly derivatives market and the effects that a sudden downturn might have. Kenneth J. Gerbino put it like this in his recent article “The Big Sell Off” on

“With a global market panic starting in a low interest rate and, so far, low inflation environment, one has to be wonder about the real reason for (Tuesday's) sell-off. Easy money almost everywhere leads to leverage and speculation. No where is this more prevalent than in the global derivatives market. It is not out of the question that third party defaults and risk aversion designed instruments that collapse and go sour may someday overwhelm the financial markets. Latest figures from the Bank of International Settlements: $8.3 trillion of real money is controlling $313 trillion in derivatives. That's 38 to 1 leverage. These figures are just for the over - the - counter derivatives and do not include the global exchange traded derivatives in currencies, stocks and commodities which are another $75 trillion.”  "

Thu, 07/08/2010 - 15:23 | 458887 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They have him on a technicality; the plunge protection team does not exist.  Their name is the "President's Working Group on Financial Markets".  C'mon Damon, show some diligence.

Thu, 07/08/2010 - 15:57 | 458985 Renfield
Renfield's picture


The next time the MSM tries to nail some truth-to-power speaker with that, s/he should just 'correct' themselves:

"Sorry, let me use a term you might be more familiar with: The President's Working Group on Financial Markets. It is common knowledge that..." and so on.

Let them try to make faces and scratch their heads at that one.

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