View Full Version : Can Somebody Please Explain RP's McCain Question to an Economic Idiot?

01-24-2008, 11:23 PM
I can't for the life of me understand why so many people had an "oh, snap!" reaction to a question I thought was very tepid and disappointing. I consider myself a generally intelligent person, and I found myself scratching my head, wondering what the hell he was talking about.

Maybe I'm no Ben Bernanke, but could somebody explain what all the fuss is about?

01-24-2008, 11:27 PM

01-24-2008, 11:30 PM
McCain said he was good on understanding the economics of our country. Dr. Paul asked him a question about the PPT and it was obvious McCain had no clue.

The PPT can only act on the President's direct order - any one on stage should have known that. It is government manipulation of the stock market.

Most of the information is from british sites, but reference US gov't documents

google - Plunge Protection Team

01-24-2008, 11:32 PM
His question (from my understanding) was basically:

What do you think of the secret group of bankers and Wallstreet monkeys (the President's Working Group on Financial Markets) that Bush is employing to try to put a band aid on the current economy... Do you think we should have such a group of people or get rid of them... and should there be more transparency if there's gonna be a group like this... attempting to control our economy?

Edit: Ben Bernanke is part of this group

01-25-2008, 12:02 AM
See this article (http://www.lewrockwell.com/decoster/decoster114.html) for an example of what they do. Of course, it is somewhat speculative as it was implied by Dr. Paul's question that no one really knows what they do because they are unaccountable to anyone.

01-25-2008, 12:19 AM
Ron Paul was basically asking McCain if he would use elitists to manipulate the global economic markets.

From Wikipedia:

"Plunge Protection Team"

One theory regarding the Working Group refers to it as the Plunge Protection Team. This theory claims that the Working Group is a scheme to manipulate U.S. stock markets in the event of a market crash by using government funds to buy stocks, or other instruments such as stock index futures.

The term "Plunge Protection Team" was originally the headline for an article in The Washington Post by staff writer Brett D. Fromson, published on Sunday, February 23, 1997.[2] He did not invent the term. It was added later by a copy desk editor as a sensational nickname for the Working Group.[3]


01-25-2008, 12:20 AM
from: http://corner.nationalreview.com/

The President's Working Group on Financial Markets [Stephen Spruiell]

Here's an explanation for what that thing Ron Paul was talking about is and what it does (http://www.treas.gov/offices/domestic-finance/financial-markets/fin-market-policy/) (http://www.treas.gov/offices/domestic-finance/financial-markets/fin-market-policy/). I'm not sure why it's such an issue for Ron Paul, but of course, there's a lot I don't understand about Paul's fixations.

Paul's Question for McCain [Jonah Goldberg]

Does anyone doubt that McCain's answer was driven entirely by the fact he had no idea what the Federal Council on Whatever Ron Paul Is Talking About does?

Two Points to The Corner [Kathryn Jean Lopez]

From our friends at the "Club for Greed":

1) When Ron Paul asked McCain his obscure question, McCain said he would consult with, among others, the Concord Coalition—the same group that declared Linc Chafee the most fiscally conservative Senator TWICE! That’s reassuring.

2) McCain said he won a majority of the Republican vote in NH and SC—not so. He didn’t even win a plurality. He lost the Republican vote by a hair in both states to the second place Republican. So much for straight talk.