Plunge Protection Team = Plunge Provocation Team?
My complaints (here, here, and here) with the bailout plan have centered on the power aspects; specifically the creation of an Emperor of the Treasury.
Given the power of the PPT, I find the comments of President Bush ominous.
- In his comments from the Diplomatic Reception Room of the White House, Bush pointed to Monday's drop in the Dow Jones industrials.
"The dramatic drop in the stock market that we saw yesterday will have a direct impact on retirement accounts, pension funds and personal savings of millions of our citizens," he said. "And if our nation continues on this course, the economic damage will be painful and lasting."
Circumstances change, but principles endure. Because of this Andrew Jackson's words from 1832 endure and are as true today as they were then. When politically-connected, rapacious bankers (i.e. banksters) demand "Give us a handout or else." the power and privilege demanded are the same.
- Under such circumstances the bank comes forward and asks a renewal of its [The Second National Bank of the US] charter for a term of fifteen years upon conditions which not only operate as a gratuity to the stockholders of many millions of dollars, but will sanction any abuses and legalize any encroachments.
It is good it went down yesterday. Unfortunately it will be back because they only need to win once.