Posted on 02/11/2009 10:55:18 AM PST by 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Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild hat tip Cathy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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.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.
By whom?
An engineer, obviously.
EXACTLY. Thank you. You’re one of the thousands I just described. You understood that you might be exposed to the Lehman melt-down and while you didn’t know if you were going to suffer as a result of Lehman’s collapse, you didn’t know how much exposure you might have, you were taking no chances.
Sell first, ask questions later. And Geo. Soros was nowhere in sight.
Perhaps this is why Wells Fargo has been saying that we’ll be 10-15 year to get back to where we were pre-2008.
Ok I have been doing a little research and I posted some other articles one was The Chance for a New World Order I found in the Herald Tribune written by Henry Kissinger so I started looking at connections between Kissinger and Soros and oh man what I found! Not only those two but connections to Clinton, etc. check these out what do you think?
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/
http://theendrun.wordpress.com/2009/01/27/clinton-quigley-and-the-new-world-order/
19 posted on Wednesday, February 11, 2009 1:30:13 AM by FromLori (FromLori)
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This thing can happen again. If Obama keeps running around yapping about doom and gloom, investors may again panic and seek a safe haven in gold, Euros, oil (remember $147/bbl?), etc. Panic is NOT good in financial markets.
Isn’t this Reform Institute the one that gave the $500 million to William Ayers?
Egads! Is there something in the stimulus bill to ban all forms of unregulated engineering???
Thanks. But... George Soros is NEVER in sight. But he is far too important to not have been aware. This is his game and he understands it very well.
I heard Glenn Beck talk about this on his morning radio show. Regardless of the cause, when you think about what could of happened if the intervention did not work, has to make you shudder with fear. It would of been a disaster beyond all magnitude.
I’m not sure, but nothing would surprise me.
Question: Who made the run on the banks and why? Thought I saw Bawney Fwank’s name connected with this......
ping
This information on the Soros McCain connection is just one of the reasons I will never vote for McCain. Anyone who could be cozy with these people is someone I don't want anywhere near our government.
2001/00/00 McCain founded the Reform Institute funded by George Soros' Open Society Institute, Teresa Heinz Kerry's Tides Foundation, several other non-profits. CapnsQtrs Malkin WND Contains information on Juan Hernandez and numerous McCain Campaign staff from 2000, that found potitions at the Reform Institute Contains information on who funded McCain's efforts on Campaign Finance Reform, Comprehansive Immigration Reform and a number of Global Warming bills listed in this timeline
Exactly right — I forgot to include the reference to “musical chairs” - but that describes the downside liability in this situation very, very well.
I completely agree that it can happen again. With the economic numbers coming out of Asia, and the lack of confidence in TurboTax Timmy’s “plan” — Yes, we’re primed for another such run. No doubt in my mind.
I’ll go on the record here and say that if we break below 770 on the SP500 soon, we’ll see a BIG downdraft - probably into the mid-600’s - in a matter of a few days, and it will be the result of panic.
If such a downside break happens, investor confidence in the people who keep yammering about “buy and hold” will be forever crushed under the weight of the losses, and it will be more than 10 years before we regain the highs of 2007.
The Boomers are looking at their home equity vanish at the same time their 401k/IRA is plunging in value. At some point, they’re going to break and pull all their money out of the market. Their time horizon (ie, retirement close at hand) does not allow them to get back into this type of market. They’re going to pull their money out and stay out - for the rest of their lives.
Yep, I can not disagree.
I sure hope there are those out here clever enough to know where and how to dig after the facts...and put them out for the public to read....hanging would be too good for those who are found to be responsible for this mess...the bringing down of our wonderful nation....she may have a few warts, but darn it, compared to the rest of the commie/marxist, socialist countries of the world, run by their sleazeball, corrupt dictators...she is heaven on earth....and there are those breathing free air who are responsible for giving her an almost fatal wound...it remains to be seen if or how she will ever recover...especially with cohorts running our gov. now. There surely must be a special fate awaiting those responsible for causing all the pain and turmoil brought about by their actions.
Powerful enough to cover up an Usurper in the White House, Barak Obama is NOT a constitutional POTUS.
George is probably making another pass on the UK Pound. The UK is near insolvency as it stand now. Have a look at the UKP vs the USD. Perfect trade for Soros - again.
Here is a link to the C-SPAN video on YouTube.
Here is a verbatim transcript of Rep. Paul Kanjorski (D-PA), Capital Markets Subcommittee Chairman, speaking on C-SPAN, February 6, 2009.
On Thursday [9/11/08*], at about 11:00 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States, to the tune of $550 billion...was being drawn out in a matter of an hour or two.The Treasury opened up its window to help. They pumped $105 billion into the system, and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic out there. And that's what actually happened. If they had not done that their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.
Now we talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it, and that's why, when they made the point we've got to act and do things quickly, we did.
You know, we're not any geniuses in economics or finances on the Hill, we're representatives of the people. We ought to take our time, but let the people know this is a very difficult struggle. Somebody threw us into the middle of the Atlantic ocean without a life raft, and we're trying to determine what's the closest shore, and whether there's any chance in the world to swim that far. We don't know.
*NOTE: In the video, Kanjorski says this occurred "about September 15th," and then says that the beginning of the problem occurred on "Thursday." The 15th was a Monday, but the previous Thursday was September 11, 2008.
I observed the same, never saw him shaky like that.
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