Posted on 03/04/2009 5:10:23 AM PST by AJMCQ
Has anyone followed up with Kanjorski about his remarks regarding the September 2008 run on US banks? It is absolutelty amazing that there is NO coverage of this.
I think I remember posting a short article reporting that the Fed injected something on the order of $500 billion into the banking system in late August 2008. The thread was ignored, largely.
Uh, that was me...
I took 550 dollars out to repair my car. I did not think anyone would notice.
Sorry.
I checked on this a week ago and no new articles had been posted. It was quite an amazing story that remains a mystery. I thought it was 50 billion in 4 hours, but that could be my poor memory. For the record, we all know there is a way to track this because it was done electronically. So, there must be a political cover- up as to why this was never announced on front pages. I think Glenn Beck may have more info on this. Bush did not want this to taint the election, so it was non- news. It does explain why futures were shut down and the original TARP. Let me know what you find. I am very interested in all the hush hush regarding this.
There’s no coverage of it because it might uncover intentional actions designed to bring on a crisis and some famous names and/or organizations would show up.
Where have all those “brilliant and insightful”, liberal-genius, investigative journalists gone? (off to investigate all those evil Republicans and Evangelical Christians for war crimes, no doubt.)
IMHO
“50 billion in 4 hours”
I remember that too - then saw nothing further. I’d be interested in knowing more too.
It was $550Billion.
I find it amazing that no one in the Democrat Media is the least bit interested in digging into this.
I suggest you send this link to everyone you know.
80+% of the sheeple think 0bama 'inherited' the economic situation.
It was manufactured!
This whole thing is contrived, to bring about a NWO. One bank, and one central government — and the scary part is they’re really close to achieving that this time. Really close.
Not only that- this “crisis” was pre briefed in March 2008 to “some”, down to the timing of the crash coming in September. Check this out (posted March 2008)
http://www.freerepublic.com/focus/f-chat/1994684/posts
Speculation is still out there that some group in the Arab world called in their notes. It is only speculation. There is no reason that it could not be traced. Some have said it was from China but I find this unlikely.
Felix Salmon at Portfolio does a fine job explaining and debunking the “$550 billion” figure-and Kanjorski in general.
http://www.portfolio.com/views/blogs/market-movers/2009/02/11/kanjorski-and-the-money-market-funds-the-facts
Essentially, there was a run on the money markets, generally, when a large Money Market (MM) mutual fund (Reserve Primary Fund) “broke the buck.” That is, this fund closed out the day with a less (by a few pennies) than $1-per-share net asset value for the fund. Therefore, people panicked and began withdrawing from many MM funds, just as they do from failing banks. This run was made by individuals and institutions. There is some $2.5 trillion estimated to be invested in these funds. Thus I don’t think that there are entities “responsible for this “electronic run,” other than the individuals and institutions trying to protect their assets by behaving in a perfectly rational manner, given the circumstances.
/facepalm
The pop press muddles things up, but it doesn't matter because we can get what the Fed actually does is on their website:
"...on October 14, the Treasury announced a plan to inject $250 billion in capital into U.S. financial institutions."
Honest question - why then would Representative Paul Kanjorski (a Democrat from PA) make up such a fantastic lie then? For what purpose would it serve him or his party?
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours. |
bump
An interesting read. Just as interesting were some of the comments:
This is pure tinfoil hat delusionary fantasy.
Ive got my tinfoil hat, just in case!
Conspiracy whack job stuff.
I read all the way to the end looking for the punchline.
Not whackjob, just clever scam.
Who is laughing now?
Kanjorski in this case is trying to deflect blame from himself and his cohorts on the impotent congressional financial oversight committee which oversees FINRA. The
The Financial Industry Regulatory Authority is a non-governmental organization run by the broker/dealers (think: fox watching the henhouse).
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