Nothing but bad economic news throughout the day as the DOW struggled to keep its early morning opening gains... then out of nowhere, at precisely 3:00 (one hour before close of market trading for the week) the hand of God reached in to revive the DOW - spawning a nearly 500 point gain - so that it would close above psychological 8,000 threshold.
Regular readers here can certainly sense my blatant sarcasm, but for any newbies, please understand that I really don't believe this end of day rally had ANYTHING to do with the "Hand of God" (unless of course, Paulson, Bernanke, Cox and Lukken somehow now feel god-like).
No, this was a CLASSIC Plunge Protection Team (PPT), taxpayer-money infused, end of week rally - a covertly executed, back-room game of charades played on a blindly trusting, and unsuspecting public to build confidence in our collapsing "Free Market Economy".
For more on the Plunge Protection Team Click HereJust in from FOFOA: PPT EXPOSED!.... in Poland?
5 comments:
Randy, Good read...glad you mentioned it. The CNBC link for the plunge protection team isn't operative on this end. Maybe they withdrew the truth? Have a great time at Hanks--smoke em if you got em!! Barry
Timothy F. Geithner is part of the PPT--so of course they are making his potential naming look great!!!
Your friend--Barry
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Officials: Obama plans to tap Geithner at Treasury
Friday November 21, 8:20 pm ET
By Liz Sidoti and David Espo, Associated Press Writers
Officials: Obama plans to name Fed official Timothy Geithner as treasury secretary
WASHINGTON (AP) -- President-elect Barack Obama intends to name Timothy Geithner, president of the New York Federal Reserve, as his treasury secretary to confront the nation's intense economic turmoil, senior Democratic officials said Friday. The stock market soared on the news.
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Word of Geithner's likely selection emerged as New York Sen. Hillary Rodham Clinton, in line to become secretary of state, said through a spokesman that discussions were on track for her appointment but no final arrangement had been made.
Obama plans to announce Geithner's appointment in Chicago on Monday, barring an unforeseen snag in a background check that is nearly complete, said one of the senior officials, both of whom were familiar with the deliberations.
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Timothy F. Geithner is a member of the PPT--of course they will make his name out to be golden on the market.
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excerpt from an April report follows:
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; and Kevin M. Warsh. Voting against were Richard W. Fisher and Charles I. Plosser, who preferred less aggressive action at this meeting.
Barry,
Link is fixed. Thanks for the info on Geithner
Immediately upon seeing that chart showing a relentless rise, starting at the usual time of 3 PM, I thought, "PPT at work." I've seen this pattern so many times. Where are the fundamentals to support this abrupt change of attitude? There are none.
I think the PPT was desperate to have the DOW close above 8,000 for the weekend, as if to shore up "investor" confidence. Any "investor" fooled by these machinations deserves to be ripped off. This boost will probably last for a few days and then the market will start heading down again.
I assume that by now the PPT has computer programs wherein they type in the targets they want - for the DOW, gold, dollar index, etc. - and the computers to the rest. Of course, before hitting the RETURN key on the keyboard, they notify their pals on Wall Street so they can position themselves for quick profits.
Dave
http://daveeriqat.wordpress.com/
God owns the market.
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