2006-09-17 03:24:55 · 7 answers · asked by wesleyelvis 2 in Business & Finance ➔ Investing
The markets have been manipulated before Shrub Jr. became President. After the crash of '87, Reagan under Executive Order 12631 established the Working Group on Financial Markets or "Working Group". It has come be known as The Plunge Protection Team.
Under "Purposes" of the E.O., it states "Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and MAINTAINING INVESTOR CONFIDENCE...". The powers given to the Plunge Protection Team (PPT) under EO12631 are very broad. During the Clinton Administration, there were times during Clinton speeches were huge blocks of stock index futures contracts were bought pushing up the stock market. I remember many times when the index was falling and within the last 1 hour of trading the markets took off to the upside with huge lots of buying in the futures markets. Are the markets being manipulated? Yes.
Interestingly enough, according EO12631, the PPT is to report to the President on a periodic basis. I'm sure Shrub Jr. is "encouraging" the PPT to prop up the markets.
Do a websearch on the "The Working Group on Financial Markets", "The Plunge Protection Team" or "Executive Order 12631".
2006-09-17 11:21:57 · answer #1 · answered by 4XTrader 5 · 1⤊ 0⤋
Ohhhhh dear!
We can not let ourselves doubt the integrity of our elected leaders can we.... after all, we would feel kind of stupid if we were to find out that they have been pulling the wool over our eyes wouldn't we! Oh look a sandpit, i think i will just go and put my head in it.......
Try to be adult about this, blind obedience is great if you are a puppy but its a very bad thing in a free Western democracy.
I hate to say it but power corrupts, and the Bush clan has so much power that the corruption they spread is pandemic.
Hrrrm, anyone for an oil cartel? how about an eco-disaster?
A fixed election in the south? A very impartial supreme court judge.... how about the end of due-process and the creation of a new para-military wing.... lets call it the SS, no, thats been done so i suppose the Dept. of Homeland Sec (or child abuse?) will have to do.
WAKE UP AMERICA >>>>> ADOLF IS BACK
2006-09-17 04:23:00 · answer #2 · answered by Zarathustra 3 · 0⤊ 0⤋
There is a divergence in this thread of answers.
YES: It is okay to consider a president inept, worthy of criticism, etc. and it is your right of free speech
NO: It is incorrect to assume that the president has the capability of affecting the entire stock market (which is worldwide, mind you). Furthermore, it makes one look ignorant to insinuate this just because one happens to be of a different political stance.
*edit: Maybe we need to define manipulation. If you are talking about the Fed's adjusting of interest rates, or the "Plunge Protection Team" buying the major US indexes in a crisis, then yes, that is construed (loosely) as manipulation.
If you are taking it further and saying "The president wants the _entire_ stock market (7000+ companies) to ratchet up tomorrow, or wants COMPANY X to tank or COMPANY Y to soar tomorrow", I doubt it. Remember, these are publically-traded stocks with MILLIONS of shares in the float. I know I wouldn't buy or sell my shares just because some government party told me to.
2006-09-17 05:47:26 · answer #3 · answered by alien~ 5 · 1⤊ 0⤋
No it is not obvious. The drop in the price of oil is certainly having an impact though.
2006-09-17 03:29:25 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Yes, yes, and yes.
I do not think that Bush himself has conceived of this notion, but I would bet that his advisers and minions have been manipulating the economy for years.
Why do you think the price of gasoline has suddenly dropped?
(oh, by the way, what industry was the Bush family in? Hmmm... it slips my mind... ;-) )
2006-09-17 03:31:35 · answer #5 · answered by Anonymous · 1⤊ 1⤋
Could you explain how Bush (who most liberals call stupid) could do this?
What is so obvious?
2006-09-17 03:32:50 · answer #6 · answered by Anonymous · 0⤊ 1⤋
it is AMAZING how bush is such an idiot but he can come up with all the schemes....amazing....
2006-09-17 03:38:22 · answer #7 · answered by Anonymous · 0⤊ 1⤋