Before you watch the amusing video below, you need a little background on the Plunge Protection Team (PPT). Here is the overview of the from
The President' s Working Group on Financial Markets otherwise known as the Plunge Protection Team is a group that was created following the stock market crash of 1987 to ensure market confidence and stability. The existence of this group is not debatable. It was originally created by Ronald Reagan via executive order 12631 to include the Federal Reserve Chairman, the Treasury Secretary , the Securities and Exchange Commission Chairman and the Commodity Futures Trading Commission Chairman. George W. Bush has met with this group on more than one occasion this year to discuss what could be done in response to the myriad of problems facing the financial markets. This link to the Whitehouse's own Internet site describes one of those meetings. The bottom line is that in order to fulfill the group' s mandate of ensuring confidence and stability in the markets, it becomes necessary to facilitate some sort of intervention in the market.
Now check out this CNBC Video Clip Denying Existence of Plunge Protection Team (aka President' s Working Group on Financial Markets):
My reaction: As I talked about there is no definite proof of government interventions in the market, just overwhelming circumstantial evidence. I believe these interventions will be revealed in the fullness of time, and I don't intend to spend time trying to prove or disprove something like the PPT.
That said, keep in mind that there is at least some truth to rumors of (the existence of the PPT is fact for example) and that a great many people believe in them.