"A $550 BILLION ELECTRONIC RUN ON THE BANKS" (This Economic Meltdown Was Engineered, Folks!]

AtlasShrugs ^

[TruthHound]

RIGHT BEFORE THE ELECTION OF PRESIDENT HUSSEIN: "A $550 BILLION ELECTRONIC RUN ON THE BANKS"

This is un-frickin-believable. The financial crisis was deliberate, planned, staged. Who made the run? "Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know."

Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild hat tip Cathy

Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.

On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two. Money was being removed electronically.

The Treasury tried to help, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.

Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.

Kanjorski also explains why Paulson spent the bailout money differently than he originally proposed.

Some other gems from the recording:

It would have been the end of our economic and political system.

We would have had to spend 3 to 4 Trillion dollars to buy up all the toxic assets. But we didn't have that much we only had 700 Billion.

Without a banking system you don't have an economy.

We are no better off now than we were three months ago.

Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know.

More to think about. Somebody took a lot of money out of the banks. A lot.

So where did it go? Who to? And who got it? When? And where?

Somebody knows. Those transactions have been investigated, and somebody knows. But they ain't talking, are they?

John Jay posits - there has to be a reason why: --this hasn't been heretofore revealed --why those who received the deposits haven't been identified --why there is no explanation for their motives, and --why this has just now been revealed.

The motive part is very interesting, isn't it? Now, a person does no wrong, in and of itself, by taking his money from his accounts, perfectly legal, and absolutely unpreventable by any means other than the government shutting down or closing the market, as it did, to prevent/stop the run.

A run is a banker's term of art, and it is like a herd stampede, or panic, or a psychosis of a lot of people.

They say 4 or 5 trillion dollars could have been emptied out of the bank by the end of that business day. Presumably, it could not have gone all to one entity, else that entity just could have gone back when the markets opened, and continued to withdraw funds. So, if it were designed as action to induce a panic, it had to have been done in a way that the new would spread quickly, go "viral" as it were, to others holding funds or control over funds in similar banking institutions/markets. So, the transaction had to be public, or at least traceable, because they had to be noticeable, and they had to instill a panic so that the run would continue, and people would be noticing what was happening and would move to preserve and protect what money they could access.

So, it wasn't silent.

It wasn't stealth.

Just the opposite. It had to be noticed, to work, to induce the panic in the number of people required to induce the panic.

So, the people who do such things, who monitor who and where the orders come from, and who keep track of whose accounts the money is taken from, have to have been able to figure that out, and who was responsible.

Yet, they do not tell us.

Why?

They should be able to.

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.

[Pride in the USA]

Thanks for the ping.

[roses of sharon]

Sweet’s Obama blog during campaign, gives his activities everyday....looks like he was in Chicago at Axlrods office the day BEFORE the suspicious transaction. If you go to the blog and click on that date...it is even more detailed.

Also, he was loosing to McCain in the polls, during this time. McCain was gaining by the day.

http://blogs.suntimes.com/sweet/archives.html

2008.09.23: Barack Obama hits John McCain over offshore corporate tax breaks in new spot
2008.09.23: Barack Obama maybe stalker arrested by Chicago police
2008.09.23: Bill Daley angry at John McCain for slamming him in Obama ad
2008.09.23: Obama’s mixed record as a reformer
2008.09.23: Barack Obama alluding to John McCain says U.S. can’t chart “new course with the same pilot.” Takes in millions at Chicago fund-raisers; one hosted by Alexi Giannoulias.
2008.09.22: Hillary Clinton, major get; Tuesday morning show blitz to talk economy.
2008.09.22: Barack Obama Chicago fund-raiser Monday at the Standard Club
2008.09.22: John McCain camp slams New York Times coverage in call to talk about Obama and “Chicago machine”
2008.09.22: Barack Obama live stream of Green Bay speech now on CNN
2008.09.22: John McCain accuses Barack Obama of being product of “corrupt” Chicago machine in spot
2008.09.22: Obama hits McCain on health care regulation comment
2008.09.19: Sarah Palin on FOX News Channel’s “Hannity & Colmes” says Biden debate prep “quite a task”
2008.09.19: McCain Palin slam Biden in new ad
2008.09.19: Obama attacks McCain advisors Carly Fiorina, Phil Gramm in new spot
2008.09.18: Obama calls on Federal Reserve to step up as economy melts down. Transcript.
2008.09.18: McCain calls for SEC chief firing. Says Obama “talks a tough” game on financial market meltdown but “facts tell” different story. Transcript.
2008.09.18: After Obama call, Emil Jones decides to free Illinois Senate ethics measure he held hostage.
2008.09.18: McCain, Obama on economic meltdown; their Wall Street bundlers.
2008.09.18: Sarah Palin, Michelle Obama in People Magazine
2008.09.17: Sarah Palin on FOX News Channel’s “Hannity & Colmes” defends McCain claiming economy “fundamentals” strong. Excerpts
2008.09.17: Obama urges political godfather Emil Jones, Il

2008.09.17: Obama stress on economy in new pitch
2008.09.17: Obama fund-raiser; Barbra Streisand, Will Farrell, Leonardo DiCaprio, Jamie Lee Curtis, Jodi Foster, Dennis Haysbert
2008.09.16: Can Clinton blunt Palin?
2008.09.16: Beau Biden on Tonight Show.
2008.09.16: Barbra Streisand and Ben Harper star at Obama Tuesday fund-raiser
2008.09.16: As Palin looms, Obama, Biden, Clinton kick up women outreach.
2008.09.15: White House menu for President Kufuor of Ghana dinner
2008.09.15: Obama confers with Volcker, Rubin, Summers, Tyson on financial markets crisis
2008.09.15: Biden slams McCain Palin in Michigan speech. Transcript, prepared remarks.
2008.09.15: New McCain-Palin spot touches on Lehman crisis. UPDATE. Obama reply
2008.09.15: Howard Wolfson, Phil Singer on Lehman Brothers and election. Former Clinton spokesmen.
2008.09.15: Obama, McCain on Lehman Brothers failure
2008.09.15: Sarah Palin solo in Carson City, Nevada. Transcript.
2008.09.15: Obama hits McCain in new spot for running sleazy ads. UPDATE. McCain reply
2008.09.14: Obama visits David Axelrod office, headquarters on Sunday in Chicago
2008.09.14: Hillary Clinton cancels Sunday Wilmette fund-raiser
2008.09.14: Obama raises $66 million in August—smashing previous one month record.
2008.09.14: Tina Fey as Palin, Amy Poehler as Clinton in “Saturday Night Live” skit. Transcript.
2008.09.13: Obama cancels Saturday Night Live appearance in wake of Texas hurricane

[Melas]

We were well into the financial meltdown by September. This wasn’t a conspiracy to create a crisis, but a panicked reaction to a nascent meltdown. Large, financial savvy investors were trying to pull liquid assets before they became worthless.

[Melas]

he other distinct possibility is that investors, having just watched John McCain 90 minutes earlier blow the election with his insane comments related to the eocnomic crisis, ran for the lifeboats quicker than the rest of us.

Well, except for the John McCain part, you nailed it. This wasn't a conspiracy, just running for the hills.

[mo]

IMHO..it was to “hook” Dubya...so that when Paulson went into the Oval Office to tell the President that the US Treasury was going to become Wall St’s final hedge...he would’nt get any back talk from the President.

[cherry]

how could one man remove that much from the money markets?.....he had to have had that much money in there, wouldn't he?.....

I am a true conspiratorialists, but I need to know the "how" of this transaction...

most of us speculated that the gas "crisis" was pure speculation and that the financial crisis hit exactly at the proper time for the Rats....

otherwise, Sarah Palin would have been our new VP....

when you think about it, McPalin did not get clobbered vote wise.....that "crisis" made all the difference, that and the corruption..

[cherry]

can someone refresh us about the content of that special closed door session of Congress way back last spring, some of it IIRC, was about an impending crisis....

[cherry]

where would you have people with 401k's?......treasuries?....I am not sure they are even safe...

lets face it.....this has been, engineered or not, the greatest transfer of wealth in the history of the world from the middle classes to the Globalist.....

[Freedom Dignity n Honor]

bump

[Badeye]

‘Well, except for the John McCain part’

I watched McCain ‘live’ that infamous morning, I was in Atlanta for a convention at the time.

I stand by what I wrote, exactly.

[meyer]

I will withhold my full opinion until somebody finds out just who was doing the withdrawing that day. Obviously, one person would not have had that kind of money in their own account. The wealthy have enough sense to practice diversity.

The facts lie in who did this. Was it a random sampling of depositors, or was it a tight group of depositors with similar political/economic goals? Certainly, a group of middle-easterners could have acted in concert, and they do have a strong desire to bring down the western world. On the other hand, given the shakey condition of the credit industry at the time, it could certainly be related to panic selling.

We need to know who was involved before a logical conclusion can be drawn.

[Badeye]

I think most of it was average people panicking.

[sarasota]

I’m watching John Adams, the HBO series. And I’m seeing some alarming parallels.

[April Lexington]

where would you have people with 401k's?......treasuries?....I am not sure they are even safe...

I'm not giving investment advice but, the people who believed what the "government" promised with respect to the 401(k) plans, IRAs, etc. are taking the risk that the "government" would change its mind and, somehow, tap that vast pool of untaxed money.

They raided the Social Security program because all of those juicy dollars just sitting there were too tempting. They concocted some BS theory about how they were only "borrowing" the money and then blew it on apparently "stimulative" government spending. Now, the Social Security system is funded in real time dollars, not accrued dollars.

Assuming your 401(k) plan is actually yours... diversifying assets may be a good strategy. If you can hold gold coins, real estate or foreign currency in your plan, it may make sense. Maybe a REIT. Some people are cashing them in, paying the tax and penalty and moving the money off shore. This is risky, especially if the markets turn around under a Republican administration.

[Melas]

Was it a random sampling of depositors, or was it a tight group of depositors with similar political/economic goals?

Neither. It was most likely large trusts and funds that are controlled by a single entity but represents an untold number of investors. Only about 1 2000 investors actually has direct control of their money.

[roses of sharon]

NOTHING having to do with Hussein is investigated....nothing.

I wonder why?

[EDINVA]

I keep the old saw “the bigger they come, the hard they fall” in mind when I start to get frustrated with the kid glove treatment BHO is getting, particularly contrasted with “W.”

[geologist]

During the Clinton and Bush administrations; and the moving of almost all of our manufacturing to China: plus their labor being so inexpensive ... It surprised me the first time I saw a freight train pulling a hundred or more cargo containers all carrying CHINA markings on them; and they come through several times each day. Simply amazing.

Which created all this ship traffic bringing their goods to sell in America.

So THE TIMES SEEM RIGHT.

Once again man left to his own self destroys himself.

[prophetic]

Many years ago George Soros began making a name for himself by directly & indirectly intervening in the internal affairs of several nations.

While pretending (and sometimes not even bothering to pretend) to be a philantrophist he's setup many 'think tanks' & charities in these countries. In the USA he is now clearly directly involved in the American Politics and back in 2000 & 2004 he poured hundred of millions to the democrat's election coffers in an attempt to get his foorhold in American life.

Some of his political fronts involves legalization of marijuana and Open Borders Amnesty for illegal immigrants. In this 2008 election he has forgone hiding in the shadows and is now plainly visible on stage with his 'puppet' candidate 0Bama.

He has made many enemies in the world and with this breaking revealation I can only concede that the has plotted well, howbeit even he too must answer to the Highest Power of the Almighty who see, knows & controls everything; even his little pissant life!!

[Obamageddon]

T he $550 billion draw down of Money Market funds referred to by Rep. Kanjorski happened the morning of September 18, 2008.