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9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN
Atlas Shrugs ^ | 2/12/09 | Pamela Gellar

Posted on 02/12/2009 9:52:25 PM PST by FromLori

The recent bombshell that Rep. Kanjorski dropped gets bigger and bigger. Atlas reader Suzanne picked up on a mindblowing "detail" in my blog post: "RIGHT BEFORE THE ELECTION OF PRESIDENT HUSSEIN: "A $550 Billion Electronic Run on the Banks". Paul Kanjorski describes the closed door session of Congress where it was revealed that there was a $550 billion electronic run on the banks and that was what caused the economic crisis. In the video, Kanjorski says this occurred on Thursday, September 15, 2008. September 15th was a MONDAY.

THURSDAY was .......SEPTEMBER 11, 2008

This was a Financial Terrorist Attack on the seventh anniversary of 9/11. Aren't the American people entitled to know who was behind the run on the banks?

Why was this kept from the American people before the most important election in US history? And why did Obama treat it as an unimportant incident - accusing McCain of grandstanding when McCain left the campaign trail and flew to Washington? Remember what President Hussein said? "They'll call me if they need me."

FLASHBACK: "Call me if you need me"

When President Hussein was campaigning and the "economic crisis" hit, he did not think it pressing enough to leave the campaign trail, but now we should push through a trillion dollars in legislation without oversight because a few weeks later the King deems it urgent?

(Excerpt) Read more at atlasshrugs2000.typepad.com ...


TOPICS: Government
KEYWORDS: 091508; 911; economiccollapse; economy; geitner; kanjorski; mccain; obama; soros; terroristattack; tm
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1 posted on 02/12/2009 9:52:25 PM PST by FromLori
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To: FromLori

If true, this is the greatest conspiracy of all time.


2 posted on 02/12/2009 9:54:10 PM PST by Mad_Tom_Rackham (The committed will surely dominate the complacent.)
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To: FromLori

I guess Al Queda has a hell of a 401k as part of their benefits package.


3 posted on 02/12/2009 9:55:19 PM PST by VeniVidiVici (If the Democrats wish to foist national health care on Americans, give us the same plan Congress has)
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To: FromLori

I heard about this electronic run on the banks on a talk show last week, maybe it was Rush. But, I had no idea it was on 9/11. That is chilling.


4 posted on 02/12/2009 9:57:46 PM PST by MTMS
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To: FromLori

Kooky.


5 posted on 02/12/2009 9:59:19 PM PST by spyone (ridiculum)
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To: FromLori

URL Source: http://www.iht.com/articles/2009/01/12/opinion/edkissinger.php
http://www.questionsquestions.net/docs04/engdahl-soros.html

http://www.aim.org/aim-column/the-big-money-behind-geithner/

Who is Timothy Geithner?

Morgan Reynolds, who served as chief economist for the US Department of Labor during 2001–2, George W. Bush’s first term, has done a little fact checking on the new Treasury Secretary:

Who is Geithner? He is a creature of the eastern banking establishment and ruling class through and through. His résumé nicely matches his actions in handing out government money and guarantees to the “right people.” Geithner’s father Peter is director of the Asia program at the Ford Foundation, a New World Order operation. Peter Geithner oversaw the “microfinance” programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother. Geithner’s maternal grandfather, Charles F. Moore, was an adviser to President Eisenhower and vice president of Ford Motor Company, according to Wikipedia. Geithner’s wife Carole Marie, like Geithner a 1983 graduate of Dartmouth College (Ivy League), is daughter of Mr. and Mrs. Albert Sonnenfeld of Princeton, N.J., a professor of French and comparative literature at Princeton University (Ivy League) for 27 years.

After Timothy Geithner graduated from Dartmouth he picked up an M.A. at Johns Hopkins in something called “international economics” and East Asian studies. That is the extent of Geithner’s formal training in economics, as far as I can tell. Then he worked for Kissinger and Associates for three years, a Rockefeller satrapy, before a series of government appointments, mostly at Treasury where he was Under Secretary for International Affairs under Robert Rubin of Goldman Sachs and Rockefeller’s notorious Council on Foreign Relations (CFR) and then Lawrence Summers of Harvard University (Ivy League), World Bank and CFR. Summers, of course, is currently Obama’s head of the National Economic Council. Want a solution for the financial and economic woes? Why, hire the same experts who caused the problem(s).

Geithner departed Treasury to join the International Monetary Fund and CFR in 2001–2. In October 2003 he was appointed president of the New York Fed where he subsequently arranged rescues of Bear Stearns, AIG and other well-connected,world-class losers, all in the best interest of the American people, of course.

Did you catch this:”Peter Geithner [Timothy’s father] oversaw the ‘microfinance’ programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother” ?

Earlier, I reported that NYT identifies Peter Geithner, in Timothy’s wedding announcement, as the “program officer in charge of developing countries for the Ford Foundation.” This just smells to me like a spook cover. I said so back then, before I knew about the connection between Obama’s mother and Geithner’s father:

One side note. Geithner graduated from the International School of Bangkok, Thailand. His father appears to be a possible CIA agent...
It makes you wonder how long “they” have been grooming Obama as the “agent of Change” president.

Labels: BarackObama, TimothyGeithner

http://theendrun.wordpress.com/2009/01/27/clinton-quigley-and-the-new-world-order/


6 posted on 02/12/2009 9:59:48 PM PST by FromLori (FromLori)
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To: FromLori

Probably the same guy/guys that made a boat load of cash selling insurance and airline stock put plays on 9/10/2001.


7 posted on 02/12/2009 10:02:21 PM PST by Domandred (Hope is the first step on the road to disappointment.)
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To: patton; Congressman Billybob; neverdem; Cyber Liberty; VRWCmember; Mad_Tom_Rackham

Then again .... Just WHY did Bush “panic” and get talked into “forcing through the FIRST 700 billion dollar “stimulus package”????

THAT was what cost McCain the election.

WHO talked Bush into his disastrous Sept reactions to AIG’s troubles?


8 posted on 02/12/2009 10:03:46 PM PST by Robert A. Cook, PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: FromLori
And why did Obama treat it as an unimportant incident - accusing McCain of grandstanding when McCain left the campaign trail and flew to Washington?

This 'run' took place on September 11.

McCain didn't suspend his campaign until September 24, nearly two weeks later.


9 posted on 02/12/2009 10:07:46 PM PST by TomGuy
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To: FromLori

George Soros


10 posted on 02/12/2009 10:11:07 PM PST by kaehurowing
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To: FromLori
Did you catch this:”Peter Geithner [Timothy’s father] oversaw the ‘microfinance’ programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother” ?

Is this TRUE? What an amazing coincidence! (Uh-huh)

11 posted on 02/12/2009 10:11:47 PM PST by Shelayne (Pray without ceasing.)
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To: kaehurowing

Ditto.


12 posted on 02/12/2009 10:14:32 PM PST by hawkeye101 (DO NOT READ THIS TAGLINE. WHY DID YOU READ THIS? I TOLD YOU NOT TO!)
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To: FromLori
Probably never know how all of sudden the bottom dropped out of the market. Still feel there was a conspiracy since the RATS said, before the crash, that we were in store for an October surprise. Sure was, wasn't it. Looks like this electronic runs of the banks in September set the stage.
13 posted on 02/12/2009 10:15:56 PM PST by Logical me (Oh, well!!!)
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To: FromLori

for later


14 posted on 02/12/2009 10:17:10 PM PST by goodnesswins (Tell the truth - GOEBBELIZATION (propaganda) is what many voters suffer from.....)
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To: kaehurowing
"George Soros.

If I was a betting man I would say yes. He speculates in currency. Read that money markets.

15 posted on 02/12/2009 10:18:07 PM PST by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: TomGuy

I didn’t write it I just reported it but you might try reading all of her article.

There is one more context. People where really abuzz trying to stop this latest round of Obama legislation, and considerable heat was being brought to bear on this.

Obama & his minions choose this C-span broadcast/interview, complete with screaming put-upon lady, so that Rep. Kanjorsky (Democrat, Pennsylvania) can tell us all just how close we came to financial panic and collapse, no doubt to stir us to support for Obama.

Can there be any other reason for it. Seems to me, you’d kinda want to keep a lid on it,just like everybody did.

Now, the other question that comes to my mind, is just when the Republicans went into the tank on the republic election. It is too bad we don’t have the collective memory to remember just when McCain officially threw in the towel, and whether it had any connection to this. He most assuredly would have known. Palin most assuredly would not have, in all likelihood.

The Wall Street boys knew.

The regulators, the Federal Reserve knew, and nary a boo, peep or squeak out of any of ‘em, until now.

A Congress that can keep a secret? Pretty unheard of in this day and age. but, up til now .... .

So, why bust the news now?

And while I do not pretend to be on the inside of any of these nefarious machinations - it can’t help but raise a red that the US treasury department, one week after nationalizing the banks, is giving seminars in Islamic finance and George Soros is buying our assets from the FDIC.

And WTF did Chuck Schumer know and when did he know it?

Look Who’s Buying IndyMac Larry Johnson, American Thinker

The FDIC has just announced that a consortium of private equity and hedge fund firms would be buying IndyMac. IndyMac was an independent “bridge bank” spun off of Countrywide Mortgage in the late 90s. IndyMac acted as a “bridge bank” to Fannie Mae and Freddie Mac.

New York Democrat Charles Shumer precipitated the fall of IndyMac in May of 2008 by releasing “inside” information that the mortgage company was in dire financial straits. This disclosure created the initial “bank run” that is credited by many economists as the initial trigger that prompted the current mortgage crisis. The FDIC took over the operations of IndyMac in late summer of 2008.

So much for history. George Soros is in on the deal to buy IndyMac from the FDIC. Soros has a long history of making loads of money by first creating a financial crisis and then stepping in to grab up the bargains. Perhaps the most famous example of this tactic is “Black Wednesday,” when Soros nearly sunk the entire economy of Great Britain through currency speculation.

George Soros has helped bankroll the campaigns of the Democrats in Congress who created this mess. Now, it appears, he is cashing in on his investment.

http://atlasshrugs2000.typepad.com/atlas_shrugs/2009/02/tight-before-the-election-of-president-hussein-an-electronic-run-on-the-banks.html

http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/11/us-treasury-sub.html


16 posted on 02/12/2009 10:18:51 PM PST by FromLori (FromLori)
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To: FromLori

Bookmark


17 posted on 02/12/2009 10:19:33 PM PST by GOP Poet
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To: FromLori
http://blogs.suntimes.com/sweet/archives.html

This archive tells exactly what the candidates were doing when.

Obama was in Chicago the weekend before the 550 Billion was withdrawn.

He was losing to McCain in the polls at this time.

18 posted on 02/12/2009 10:23:26 PM PST by roses of sharon (Pray Hussein fails!)
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To: FromLori
"THURSDAY was .......SEPTEMBER 11, 2008

This was a Financial Terrorist Attack on the seventh anniversary of 9/11.
"

And from where did she produce that assumption?


19 posted on 02/12/2009 10:32:18 PM PST by familyop (As painful as the global laxative might be, maybe our "one world" needs a good cleaning.)
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To: FromLori
I think Obama and Soros engineered the whole thing in order for Obama to win the election. If you recall McCain was actually leading in the polls and he did not not lose steam until the whole supposed financial meltdown happened. I remember during the Primary debates when the McCain made a point of saying his strong point was not the economy and he was ridiculed about that statement by Obama. So my conspiracy theory is that the whole thing was manufactured
in order for Obama to level the playing field - Chicago style
20 posted on 02/12/2009 10:37:28 PM PST by bzybee
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To: Robert A. Cook, PE

Whose side is Bush on anyway? (He looked panicked too, didn’t he.)

Why did McCain run such a lame campaign?


21 posted on 02/12/2009 10:39:23 PM PST by ducdriver (99% of liberals give the other 1% a bad name.)
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Bookmark.


22 posted on 02/12/2009 10:40:30 PM PST by little jeremiah (Leave illusion, come to the truth. Leave the darkness, come to the light.)
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To: FromLori

Did you catch this:”Peter Geithner [Timothy’s father] oversaw the ‘microfinance’ programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother” ?

Thanks.


23 posted on 02/12/2009 10:41:11 PM PST by Jet Jaguar (Atlas Shrugged Mode: ON)
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To: FromLori
And not a peep out of the media. It reminds me of a quote...

Link 1... CHRONOLOGICAL HISTORY OF THE NEW WORLD ORDER by D.L. Cuddy, Ph.D.
FR link...Interesting Historical Quotes... In support of "World Government"
We are grateful to The Washington Post, The New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during those years. But, the work is now much more sophisticated and prepared to march towards a world government. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national autodetermination practiced in past centuries. David Rockefeller

An interesting aside given the much used 'change agent' descriptor in this last election...
1991 -- Author Linda MacRae-Campbell publishes How to Start a Revolution at Your School in the publication In Context. She promotes the use of "change agents" as "self-acknowledged revolutionaries" and "co-conspirators."

And the sight capable still insist that they're blind, seeing nothing.

24 posted on 02/12/2009 10:47:55 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Jet Jaguar

YES...

http://www.economicpolicyjournal.com/2009/02/who-is-timothy-geithner_12.html


25 posted on 02/12/2009 10:51:53 PM PST by FromLori (FromLori)
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To: FromLori

Would be interesting to find out if Madoff is connected somehow.


26 posted on 02/12/2009 10:53:23 PM PST by ducdriver (99% of liberals give the other 1% a bad name.)
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To: FromLori
The money market guarantee program was initiated on Thursday, September 18, 2008, thus that was the morning of the meltdown.

September 29, 2008 hp-1161

Treasury Announces Temporary Guarantee Program for Money Market Funds

Washington- The U.S. Treasury Department today opened its Temporary Guarantee Program for Money Market Funds. The U.S. Treasury will guarantee the share price of any publicly offered eligible money market mutual fund – both retail and institutional – that applies for and pays a fee to participate in the program.

All money market mutual funds that are regulated under Rule 2a-7 of the Investment Company Act of 1940, maintain a stable share price of $1, and are publicly offered and registered with the Securities and Exchange Commission will be eligible to participate in the program. Treasury first announced this program on Friday, September 19.

Atlas Shrugs never misses an opportunity to try to reconstruct September 11, regardless of the facts.

27 posted on 02/12/2009 10:54:59 PM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: FromLori
And people wonder why so many folks went ga-ga for 44. Those "in the know" knew exactly what was going on and "their time had finally come" and it was being thrown in the face of the ignorant
every...single...day...

...without them being any the wiser!
Someone has got to be laughing hysterically in some back room somewhere.
28 posted on 02/12/2009 10:55:09 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: FromLori
I read this story when it was first published... this is the part that really fascinated me and still does:

Did you catch this:”Peter Geithner [Timothy’s father] oversaw the ‘microfinance’ programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother” ?

Earlier, I reported that NYT identifies Peter Geithner, in Timothy’s wedding announcement, as the “program officer in charge of developing countries for the Ford Foundation.” This just smells to me like a spook cover. I said so back then, before I knew about the connection between Obama’s mother and Geithner’s father:

One side note. Geithner graduated from the International School of Bangkok, Thailand. His father appears to be a possible CIA agent...

It makes you wonder how long “they” have been grooming Obama as the “agent of Change” president.

29 posted on 02/12/2009 11:05:59 PM PST by Arizona Carolyn
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To: Robert A. Cook, PE

Bush was not himself the last year.. it was more pronounced as the summer wore on...


30 posted on 02/12/2009 11:07:00 PM PST by Arizona Carolyn
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To: Obamageddon
The money market guarantee program was initiated on Thursday, September 18, 2008, thus that was the morning of the meltdown.

From your article...the "money shot", if you will, which comes right after your snippet ends...

The temporary guarantee program provides coverage to shareholders for amounts that they held in participating money market funds as of the close of business on September 19, 2008. The guarantee will be triggered if a participating fund's net asset value falls below $0.995, commonly referred to as breaking the buck.

Snip...

To participate in the program, the Treasury Department will require money market funds with a net asset value per share greater than or equal to $0.9975 as of the close of business on September 19, 2008, to pay an upfront fee of 0.01 percent, 1 basis point, based on the number of shares outstanding on that date. Funds with net asset value per share of greater than or equal to $0.995 and below $0.9975 as of the close of business on September 19, 2008, will be required to pay an upfront fee of 0.015 percent, 1.5 basis points, based on the number of shares outstanding on that date. These fees will only cover the first three months of participation in the program.
Funds with a net asset value below $0.995 as of the close of business on September 19, 2008, may not participate in the program.

Snip...

While the program protects the accounts of investors, each money market fund makes the decision to sign-up for the program. Investors cannot sign-up for the program using the forms on the program webpage: http://www.treas.gov/offices/domestic-finance/key-initiatives/money-market-fund.shtml.

Snip...

President George W. Bush approved the use of existing authorities by Secretary Henry M. Paulson, Jr. to make available as necessary the assets of the Exchange Stabilization Fund to guarantee the payment
The Exchange Stabilization Fund was established by the Gold Reserve Act of 1934, as amended, and has approximately $50 billion in assets. This Act authorizes the Secretary of the Treasury, with the approval of the President, "to deal in gold, foreign exchange, and other instruments of credit and securities" consistent with the obligations of the U.S. government in the International Monetary Fund to promote international financial stability.

31 posted on 02/12/2009 11:10:55 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: philman_36; Obamageddon
That was strange...
Investors cannot sign-up for the program individually. Funds should apply by October 8, 2008 for the program using the forms on the program webpage: http://www.treas.gov/offices/domestic-finance/key-initiatives/money-market-fund.shtml.
32 posted on 02/12/2009 11:14:51 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Obamageddon

I don’t see how the two events are related. Can you help explain it to me?


33 posted on 02/12/2009 11:19:39 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Arizona Carolyn

I sure did I read that article over a few times. Did you notice the ties between soros, kissinger, geitner, etc. in the other links?


34 posted on 02/12/2009 11:20:16 PM PST by FromLori (FromLori)
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To: Obamageddon

Wow, you signed up on FR on the anniversary of the sneak attack on Pearl Harbor.


35 posted on 02/12/2009 11:22:16 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Robert A. Cook, PE

thanks, bfl


36 posted on 02/12/2009 11:26:07 PM PST by neverdem (Xin loi minh oi)
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To: Obamageddon
In light of the article's comment...
This Act authorizes the Secretary of the Treasury, with the approval of the President, "to deal in gold, foreign exchange, and other instruments of credit and securities" consistent with the obligations of the U.S. government in the International Monetary Fund to promote international financial stability.

And your rcomment here...
I was into gold before it was fashionable.
I can understand your interest.

37 posted on 02/12/2009 11:28:26 PM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: philman_36
I don’t see how the two events are related. Can you help explain it to me?

I don't see any relation between 911 and the money market attack that broke the buck.

I can envision a relationship between that event and the promotion of the Obamessiah as anti-president, but I can't prove anything until we find Soros 'fingerprints on it.

38 posted on 02/12/2009 11:36:31 PM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: FromLori

yes. We have lost control over our own futures for so many reasons, but the collective “we” have no one to blame but ourselves — I don’t know how we save our Republic at this point.


39 posted on 02/12/2009 11:44:29 PM PST by Arizona Carolyn
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To: philman_36
Wow, you signed up on FR on the anniversary of the sneak attack on Pearl Harbor.

"sneak???"

40 posted on 02/13/2009 12:13:26 AM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: Obamageddon
I don't see any relation between 911 and the money market attack that broke the buck.

I'll transcribe what the man said and you can follow it on the video starting at 2:08 into the clip.

Look, I was there when the Secretary and the Chairman of the Federal Reserve came those days and talked with members of Congress about what was going on. It was about September 15th. Here's the facts, and we don't even talk about these things. On Thursday at about 11 o’clock in the morning the Federal Reserve noticed a tremendous draw down of money market accounts in the United States to the tune of $550-billion was being drawn out in in a matter of an hour or two. The Treasury opened up its window to help and pumped a $105-billion into the system, and quickly realized that they could not stem the tide. We were having an electronic run on the banks.

Now, since he states that the Secretary and the Chairman of the Federal Reserve came to talk with members of Congress on about September 15th and that the bank run happened on Thursday the bank run he mentions would have in fact have happened on September 11.
How can you not see any relation?

...the money market attack that broke the buck.
You do know that breaking the buck is when a money market's funds net asset value falls below $0.995, don't you? How could the money market attack be breaking the buck?
A very confusing response you have there.

41 posted on 02/13/2009 12:39:05 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: philman_36

So, where did that 1/2 trillion dollars go?

Who pulled it?


42 posted on 02/13/2009 12:44:39 AM PST by Robert A. Cook, PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: Obamageddon
Wikipedia? Come on. As a former member of The Military Book Club, (ahem) way back when, I read At Dawn We Slept.
And speaking of that particular book...
Institute for Historical Review - Pearl Harbor: The Latest Wave
The opening shot was the release in November that year of Gordon W. Prange's massive At Dawn We Slept: The Untold Story of Pearl Harbor.
43 posted on 02/13/2009 12:50:36 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Robert A. Cook, PE
So, where did that 1/2 trillion dollars go?
Who pulled it?

Some interesting questions I would like to know the answers to myself. Unsurprisingly I've not found any answers yet, though I seem to have found a new search hobby/interest.

That was an inside joke...don't ask.

44 posted on 02/13/2009 12:54:16 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: philman_36

The event he described happened on Thursday September 18, 2008.


45 posted on 02/13/2009 1:23:36 AM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: philman_36
Almost Armegeddon

That article was posted on 21 Sept and it refers to the previous Thursday. That and the Official Notice of the program from Treasury is proof positive of the date of the meltdown, September 18, 2008.

I'm not easily brow beaten.

46 posted on 02/13/2009 1:34:02 AM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: philman_36; Robert A. Cook, PE
Learning some and defining the time frame, since it's confusing so far.
Money-Market Fund That 'Broke Buck' Took Risks Wednesday, September 17, 2008
But on Tuesday, a money market fund called Reserve Primary Fund “broke the buck,” just the second time in the 35-year history of money market mutual funds that a fund had seen its shares fall below $1.

Money market breaks the buck, freezes redemptions Sept. 17, 2008
The size and speed of the withdrawals was stunning. At 3 p.m. on Tuesday, Primary Fund's assets stood at $23 billion, a $40 billion hit from the $62.6 billion in the fund on Friday, a spokeswoman for The Reserve told MarketWatch late Tuesday.

That sure isn't 1/2 trillion dollars. Nothing but more questions.
And "marked to market" is explained...Chuck Jaffe: When money fund 'broke the buck', here's what happened

WHOA!
Reserve Fraud Started After SEC Call, Galvin Says (Update2)
Around 1:15 p.m. on Sept. 15, (that was a Monday) Bent, president of New York- based Reserve Management, talked with the U.S. Securities and Exchange Commission about propping up the Reserve Primary Fund. The $62.6 billion fund was close to collapse because of investments in debt issued by Lehman Brothers Holdings Inc., which hours earlier had filed for bankruptcy.
At 1:19 p.m., when that conversation ended, Bent sent an e- mail to Reserve executives that said SEC approval for a bailout was imminent, the state said in the filing. No such plan was in place. Still, the message spread, with salespeople using it to persuade investors not to abandon the fund, the complaint said.
The next day, Reserve Primary became only the second money fund to break the buck, or fall below the $1-a-share price paid by investors, triggering an industrywide run that helped freeze global credit markets.

Snip...Money funds, which oversee $3.85 trillion, promote their safety and yields that are usually slightly higher yields than bank accounts and Treasury debt.

It looks like a bunch of people/companies got their money out of Dodge.
And it appears that it happened on the 16th of September.

47 posted on 02/13/2009 1:47:56 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: philman_36
Here is a CNN transcript of the events of September 18 in the Money Market meltdown.

..."ALLAN CHERNOFF, CNN SR. CORRESPONDENT: That's right. The Federal Reserve this morning, in three separate operations, has injected $105 billion into the financial system, into the banking system. This is a record amount in one day, even greater than the $81 billion that the Fed injected following September 11 after the attacks. So this -- this is really a big move by our central bank to try to keep the wheels of finance turning.

Now, what's been happening is that banks have been so nervous, they haven't been lending, even much to each other. And so this is overnight funding that the banks will have. They, in turn, have given the Federal Reserve treasury securities and also debt backed by Fannie Mae and Freddie Mac. They make a trade overnight. And so these institutions now have lots of capital. They can use that capital to lend to each other. Ultimately, the idea is that we want to see the banks lend to corporations, lend even to individuals, like ourselves.

I just got off the line, though, with Brian Fabbri, a veteran economist at BNP Paribas, who's followed the Fed for years. And he says he thinks this may not be enough yet to get that lending going to consumers, to corporations. Still a very big problem for all of us."...

There is the $105 billion that the Congressman referred to in the CSPAN interview.

Money market breaks the buck, freezes redemptions ON SEPTEMBER 17, 2008.

48 posted on 02/13/2009 1:49:51 AM PST by Obamageddon (Birth certificate and college transcripts will be required for Federal employment, Mr. Soetero)
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To: Obamageddon
I'm not easily brow beaten
Why do you assume I was trying to brow beat you? The information I had at hand at that point indicated it was the Thursday prior to Sept. 15, which was Sept. 11.
That and the Official Notice of the program from Treasury is proof positive of the date of the meltdown, September 18, 2008.
I'm still finding stuff out myself and you're not right on the date either. According to the article I just found and posted above from Bloomberg.com it started on the 16th, not the 18th.
49 posted on 02/13/2009 1:55:34 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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To: Obamageddon
Money market breaks the buck, freezes redemptions ON SEPTEMBER 17, 2008.

"Whoa there, tough guy!" /Jim Duggan
You're giving me links to what I've already linked to.
I'm not easily brow beaten myself.

50 posted on 02/13/2009 2:01:03 AM PST by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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