THE PLUNGE PROTECTION PLAN
I’m sure you don’t wonder because it isn’t prime and not mainly in your purview but a bit of a reminder might be of help. The Plunge Protection Plan, a Ronald Reagan administrative action designed to support the markets in crash scenarios, has morphed to the Donald Trump Market Prop Plan.
Trump has other Plunge Protection ideas. The Trump administration is using taxpayer money for its own political purposes, the manipulation of the stock market. Virtually every day I see what looks to be the so-called Plunge Protection Plan in motion. The Trump administration, administration employees, a couple of the prime banks enter the market or the markets with taxpayer money. At the same time the average citizens and residents of the US struggle to feed their children, to house their families, to provide medical aid, and to survive.
While the world does not appear to be in a functional state that would normally support strong markets, endless taxpayer money is supporting our market and providing insider-trading possibilities to certain of the banks and friends of the administration.
Trump believes that his reelection will be reinforced by a strong stock market. Whether he is right or wrong what he is doing is unconscionable and needs to be checked. Do we not have the fortitude in Congress to commence an investigation about how the Administration and when the Administration, the Treasury and big banks manipulate the market with Taxpayer funds?
I call on you; you have the power and the capability to get this going, to get the ball rolling while it still matters.
Take me seriously. My 80th birthday comes along next week and I have been in and out of the marketplace for 60 of those years. I see beyond the politics. If you can’t be of use or of help, contact those who can. The House Finance and Ways and Means committees. Fight for fairness.