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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: 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
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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