The Plunge Protection Team Blog

In case you thought the PPT had given up, think again. They've had a constant stream of meetings to devise the ultimate bailout from this credit debacle since all previous bailouts have proven ineffective.

From Bloomberg (thanks John for the link):

The Bush administration will release within weeks proposals that address deficiencies in the regulation and functioning of U.S. financial markets, Treasury Secretary Henry Paulson said.

``We're looking at the mortgage-origination process, we're looking at the securitization process, we're looking at rating agencies, we're looking at disclosure issues, we're looking at capital issues and regulatory issues,'' he said in an interview today with Bloomberg Television. More specifics will come ``in the weeks ahead,'' he said.

Seldom mentioned by the press, this article documents the chartered members of the PPT. It doesn't mention the private sector members who are often thought to be the heads of major financial institutions:

The proposals from the President's Working Group on Financial Markets will ``talk specifically about the lessons learned'' from capital-market turmoil, Paulson said after a speech in Arlington, Virginia, to the National Association for Business Economics.

The four-member working group that Paulson chairs includes Fed Chairman Ben Bernanke and the heads of the Securities and Exchange Commission and Commodity Futures Trading Commission. It will issue recommendations on rules to ensure greater transparency on homeowner lending and loan securitization, Paulson said.

Update: The executive order that created the President's Working Group on Financial Markets was posted by John in the comments section. It is good reading for those who haven't seen it, and I'll add it to the right side knowledge base.