Personally, I have longed believed that this market is dangerously inflated and the exponential growth we have seen since 2009 was never, ever supported by sound economic fundamentals. Manipulation, hot air, multipe QEs, ZIRP, and derivatives guarded by the secretive Plunge Protection Team (PPT) gang.
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What is the PPT and who is in it?
Great question.
It's origens are from the 1987 crash.
It was supposed to prevent panic in the markets that had no real basis, but driven by fear.
Since then, it has morphed into something much more sinister and encompassing.
A colloquial name given to the Working Group on Financial Markets. The Plunge Protection Team was created to make financial and economic recommendations to various sectors of the economy in times of economic turbulence. The team consists of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve, the Chairman of the SEC and the Chairman of the Commodity Futures Trading Commission.