Long-time investor who was fictionalized in movie Wall Street reveals markets controlled by the PPT

For most traders and investors, the cable business channel CNBC is nothing more than a stock hawking program that moonlights as a mouthpiece for the Fed.  And perhaps their best example of being nothing more than a round table to provide CEO’s the opportunity to spin their companies problems into rainbows was just before the 2008 financial crisis when they allowed the former CEO of Bear Stearns to come on television and lie about how solvent the company was only to have it completely disappear as a going concern just four days later.

However CNBC never did learn from their mistakes during the 2008 financial crisis, and it has been shown in their incredible drop in viewership over the past nine years.  And despite the fact that a few analysts like Peter Schiff predicted the collapse of the housing bubble and the financial collapse in the banking system months in advance, he and others who speak against the propaganda line of the business network rarely get an audience today, especially as the economy appears to be sinking into a new recession.

Which is why it was very surprising on May 24 that long-time investor Asher Edelman, and the very individual the fictional character Gordon Gekko was modeled after in the movie Wall Street, dared to step across the red line of controversy when he openly admitted that the only thing propping up the stock markets right now was the continuous money being pumped in by the Treasury Department’s secretive Plunge Protection Team (PPT).

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Legendary vulture investor Asher Edelman, the 1980s model for Gordon Gekko, strayed into what must’ve been uncomfortable territory for CNBC during an appearance on “Smart Money” when he discussed his view that the government’s “plunge protection team” is the only thing propping up the current market rally, and said he suspects that it has again been recently been intervening in the market to keep stocks at record highs.

In recent years the PPT is the collaboration of the NY Fed and Citadel, which are most aggressive during times of substantial market stress and selling, when intervention is needed to stop the downward momentum in prices.

Edelman says he believes one sign of TPP intervention is when a smaller, less-liquid stock suddenly rises late in the trading day.

We’ve noted in the past that there appears to be a rule against mentioning the team on CNBC – with guests routinely getting “Schiff’d” for doing so. – Zerohedge

We already know for a fact that central banks are intervening on a regular basis in the equity markets, with the banks of Switzerland and Japan owning vast amounts of U.S. and their own domestic stocks on their balance sheets.  And in addition to this is the well documented program where the PPT, or Exchange Stabilization Fund (ESF) as it is officially known as, simply buys Yen or S&P 500 futures to cause HFT algorithms to kick in and move markets in any direction the Treasury Department or central bank desires.

With P/E ratio’s on the S&P 500 well over 29, and higher now than they were at the height of the 1929 stock market bubble, it is not surprising that experienced traders know exactly what is propping up these markets, and how trust in these over-inflated markets is a recipe for disaster.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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Democrats everywhere are wildly slinging the “I” word, hoping to nail Trump for high crimes and misdemeanors after the New York Times claimed a memo written by former FBI Director James Comey said the president urged him to end the federal investigation into former national security adviser Michael Flynn. Some members of Congress are getting in on the action. They include Reps. Maxine Water, D-Calif., and Al Green, D-Texas. Even a Republican, Rep. Justin Amash, claimed Wednesday there are grounds to impeach President Trump. House Oversign Committee Chair Rep. Jason Chaffetz, R-Utah, asked for the alleged Comey memo and other documents. Chaffetz tweeted that he is prepared to subpoena the information. And Sen. John McCain, R-Ariz., invoked “Watergate.” Now the Democratic Party is reportedly poll testing impeachment as a 2018 election issue. More than 1 million people signed a petition calling on Congress to impeach Trump. Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon. “Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.” Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday. The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. 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