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http://www.kitco.com/ind/Nadler/apr072008B.html
And now, for something completely different: The birth of the "BPT." The Bubble Prevention Team. If anyone had (valid) doubts that the "Plunge Protection Team" either existed at all, or was noticeable in certain markets, welcome to the new reality of a revamped Fed. This time, for real, whether we like it, or not. The New York Times reports that:
"The plan of Treasury Secretary Paulson to overhaul the financial system includes a crucial proposal: it would officially transform the Federal Reserve into a "market stability regulator" rather than merely a banker's bank. This aspect of the Treasury is a natural step in a historical trend. The Fed is no longer just a regulatory agency presiding over a narrow group of businesses called banks. Rather, its mission increasingly is to maintain macro confidence - confidence that the entire financial system is functioning well as part of the whole economy."
"The plan of Treasury Secretary Paulson to overhaul the financial system includes a crucial proposal: it would officially transform the Federal Reserve into a "market stability regulator" rather than merely a banker's bank. This aspect of the Treasury is a natural step in a historical trend. The Fed is no longer just a regulatory agency presiding over a narrow group of businesses called banks. Rather, its mission increasingly is to maintain macro confidence - confidence that the entire financial system is functioning well as part of the whole economy."
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