The Plunge Protection Team Blog

Our friends in the UK have put up an interesting article detailing the ways in which the sky has already fallen:

• The median price of US houses has crashed from a peak of $262,600 in March to $211,700 in September. This is an 18pc drop nationwide...
• Merrill Lynch has just confessed to a $7.9bn write down on CDO subprime debt and assorted follies, nearly double what it suggested three weeks ago....
• In Britain, we have had the first bank run since the City of Glasgow Bank collapsed in 1878.
• The Fed has cut the interest rates a half point and vastly increased the pool of eligible collateral for Discount operations.
• The European Central Bank has injected over €400bn of liquidity in the biggest intervention since the euro was created....
• The US dollar has fallen below parity with the Canadian Loonie for the first time since 1976, and to all-time lows on the global dollar index.

But not to worry! The Plunge Protection Team will do everything in their power to keep stock markets up and Americans oblivious to the destruction of the US Dollars sitting in their savings accounts.