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Here is an article written by NY Post columnist John Crudele
that sheds some light on the "Working Group" that Earl occasionally refers to.
Now if only I could convince Fisher to drop me an email every
morning.
Enjoy,
Mike
By John Crudele New York PostTuesday,March 13,2001
<FONT
size=2>http://www.nypost.com/business/26334.htm
The most important guy in the world right now is Peter Fisher. Peter
who? Forget about Alan Greenspan. The Federal Reserve chairman had his
chance to solve a stock market problem that he created by allowing a
speculative bubble to form. Fisher is the guy who now has to rescue
Greenspan. Let me introduce you to Peter Fisher. Right now
he is the little-known executive vice president of the Federal Reserve Bank
of New York. A Democrat, Fisher had been the fixer during the Clinton
administration -- the guy who kept in constant touch with the important
people on Wall Street who made problems go away. They'd whisper to
Fisher that the market was in trouble, and the New York Fed would fix the
problem. In no small way, this sort of collusion helped create the problem,
but that's a story for another day. In fact, Fisher's job as a fixer
was so important that the Wall Street Journal once did a peculiar feature
story about the early morning antics of this Fed kingpin. But the newspaper
missed the main point: Fisher wasn't just innocently monitoring markets; he
was manipulating them. Why is Fisher so important now?
Because he was recently nominated for Treasury undersecretary for
domestic finance. And in that job he'd officially be in charge of
domestic debt management policies and programs for the federal
government. Unofficially, he'll be the liaison between the Bush
administration and Wall Street. He would be, in other words, Bush's go-to
man in the same way that he and Treasury Secretary Robert Rubin did during
the Clinton years. Anyone who has been watching the financial
markets of late knows why Fisher is so important. The stock market is
collapsing. And even after yesterday's devastation, the market could still
go into a freefall stage. This torture isn't about to end soon. With
the Fed unable to boost the economy fast enough through interest rate cuts,
the stocks that are represented by the Dow and S&P indices are likely to
be a lot lower before they start moving up. And if the Dow and
S&P keep falling, people will notice. That's what Peter Fisher has
to stop. So what can Fisher do that Greenspan can't? He has to rig
the stock market. There is something called the Working Group on
Financial Markets -- also known as the Plunge Protection Team. Fisher is an
important PPT member, along with Greenspan and officials of the Securities
& Exchange Commission and the New York Stock Exchange Commission.
The team knows what it has to do. It has to create artificial buying
to sop up some of the very real selling that's going on right now.
The last time I suggested rigging the market, I was inundated with
hate mail from purists. The Japanese may do it, they said. But America
doesn't rig its markets, they screamed. Not true. America rigs
its bond markets whenever the U.S. Treasury adds or subtracts from the
amount of public debt. The currency markets are constantly rigged. And the
stock market is, but mainly through the movement of interest rates.
Greenspan and George W. Bush just aren't very good at the art of
rigging. Fisher is better. He has already orchestrated the
bailout of Long-Term Capital Management, which nearly caused the collapse of
the world financial system back in 1998. And Fisher has done any number of
other market rescues through those early-morning phone calls with his pals
in the Wall Street bull community. Fisher can't be timid about the
current situation. He and the Bush administration need to inject money
directly into the market. They need to buy the heck out of stock index
futures contracts, which will give a lift to the entire equities market.
Forget about waiting for interest rate cuts. By the time Greenspan's
solution starts working, we'll all be
broke-END-
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Don
Ewers
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, October 11, 2001 9:30
AM
Subject: Re: [RT] General - pension fund
buy programs
Since when do firms "announce" that they are doing a major
shift inallocation, as they are doing it?It would seem the
announcement/rumor (Goldman) may of had a hidden
agendaperhaps?Earls "Exchange Stabilazation Fund" may be it, (what
I have called for sometime the CPT or "Crash Protection Team", or that as
Lee doved the "hiddenhand" effect).Anyway, the fact that it was
announced should make one more than a littlecurious that the process was
already complete?don ewers
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