  We present the results of a one year monitoring campaign of the Seyfert 1.9
galaxy NGC 2992 with RXTE. Historically, the source has been shown to vary
dramatically in 2-10 keV flux over timescales of years and was thought to be
slowly transitioning between periods of quiescence and active accretion. Our
results show that in one year the source continuum flux covered almost the
entire historical range, making it unlikely that the low-luminosity states
correspond to the accretion mechanism switching off. During flaring episodes we
found that a highly redshifted Fe K line appears, implying that the violent
activity is occurring in the inner accretion disk, within ~100 gravitational
radii of the central black hole. We also found that the spectral index of the
X-ray continuum remained approximately constant during the large amplitude
variability. These observations make NGC 2992 well-suited for future
multi-waveband monitoring, as a test-bed for constraining accretion models.
