Posted on 03/02/2009 9:46:12 PM PST by Sequoyah101
Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks" ( Sept 15,2008) LiveLeak ^ | Feb 7 2009 ( I believe) | Rep Paul Kanjorski Capital Markets Sub committee Chair
Posted on Monday, February 16, 2009 8:42:56 PM by Ernest_at_the_Beach
At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Here is a transcript of what Kanjorski says in the video:
"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 with $150 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawled and collapsed and within 24 hours the world economy."
Kanjorski does not provide further details.
A Google search to verify this produces zero results.
On that very day, John McCain led Obama by 2 points in the Gallup poll.
Was Soros & co. desperate to "change" the course of the campaign? Because after that event, McCain never led again.
I believe [with absolutely no proof] that the start of this crisis was manufactured by parties sympathetic to BHO.
I don't know how they could have anticipated it would HELP BHO, but it did happen around 911 so the Muslims and/or Muslim sympathizers were most likely behind it.
The Money Market Meltdown occurred on 9/18 - exactly 7 years and 7 days after the towers fell. 9/11 - 7/7 ??
ALMOST ARMAGEDDON - MARKETS WERE 500 TRADES FROM A MELTDOWN
CNN transcript of the events of September 18
Treasury Announces Temporary Guarantee Program for Money Market Funds
Even Wikipedia knows about Sept. 18, 2008
What were you having for lunch when the whole world almost crashed and burned on September 18?
Where is that investigation today?
Pennsylvania Kanjorski, DEMOCRAT
Money market accounts own short term debts of corporations. When depositers withdraw money from a MMA, the managers sell those short term debts for the money used to repay the depositers. Before the transaction there are short term debts owned directly by the money market fund and indirectly by the depositers. Afterward, the depositers have bank account deposits, and someone else is holding the short term corporate debt.
The volume was high enough there was no way to sell that much short term corporate debt without the price dropping enourmously. So the Fed bought it. This effectively let people out of their MMAs. MMAs are really investments in short term corporate debt - the MM fund is just a "cut out". The effect of the run was to raise short corporate interest rates and close the corporate paper market; companies could no longer borrow from retail investors.
They borrow from the Fed, instead. The retail investors lend to banks on insured CDs. The retail investors are simply trading into a government insured account, out of an uninsured one.
Only who is taking what risks can change on such transactions. The total risks cannot change. Somebody takes them, necessarily.
“Where is that investigation today?”
I propose a massive prayer campaign asking the Lord to help uncover the truth in this matter.
I’m starting to pray right now.
Vince
What was your exact Google search? Please post that, and I'll tell you where you went wrong.
“On that very day, John McCain led Obama by 2 points in the Gallup poll”
Most polls had McCain at 8 pts. and one at 16. It was looking bad for Obama.
The Republicans have to start making George Soros an issue. They should bring him up every time an issue is made of Rush Limbaugh. We should make a big deal about how Obama is spending his time obsessing about Limbaugh as the stock market tanks and unemployment skyrockets.
That is what Kanjorski said.
9/11/08 a terrorist attack.
I agree!!
Just after this incident, 0bambi took a permanent lead in the polls. Did something get out of control?
Every day brings fresh horrors from this administration. I am ready to believe this catastrophe was either orchestrated or ordained by God, or both.
Mouton’s daisy chain is an intriguing theory too. hmmmmmm...
Thanks Ernest.
There is strong urge not to see.
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