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“Wall Street Journal Discloses Bush’s SECRET Plan To Manage The Market Meltdown…”
By Sherman Ragland | August 13, 2007
The Wall Street Journal Disclosed today a Secret Bush Administration Plan to manage the Financial Market Crisis such as caused last week by the meltdown of the Sub-prime mortgage market, and that this plan has swung into action…
According to the Journal, when Henry M. Paulson, Jr. the former Chairman and CEO of investment banking powerhouse, Goldman Sachs became US Secretary of the Treasury last June he immediately crafted guidelines for five or six “meltdown” scenarios.
Crisis Management plans that are ONLY to be acted upon in the event of another September 11th type Crisis in the US Financial Markets.
The Journal revealed for the first time today that one of these so called: “MELT DOWN” scenarios was a catch-all “General Withdrawal from Risk Taking”, with the others including “Liquidity Crisis”, “Stock-market Meltdown” and “Oil Shocks”. The other two plans were not disclosed by insiders within the Administration.
Last week’s market turmoil triggered the CRISIS protocols established by Mr. Paulson shortly after he took office last year and prompted the President’s Working Group on Financial Markets — the Treasury, the Fed, the SEC and the Commodities Futures Trading Commission to “Swing Into Full Action…”
The Working Group has held conference calls, principally among staff, at least once a day in recent days.
The Journal also states that a key component of the plan is to also, “keep the appearance of calm to prevent further disruptions to the market”.
This need to keep the appearance of calm is precisely why President Bush was told NOT TO CANCEL his current Summer vacation plans, as it would send the “wrong signal” to the market.
Stay tuned…
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Tags: calm, financial markets, goldman sachs, henry m paulson, liquidity crisis, market crisis, market meltdown, president bush, scenarios, secretary of the treasury, sherman ragland, subprime, us secretary of the treasury, wall street journal, working group
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