Posted on 01/17/2010 7:22:01 AM PST by opentalk
Ping
Oh good grief. It wasn’t a conspiracy. It wasn’t terrorism. It’s not even a secret.
The money was withdrawn because one of the larger Money Market companies “broke the buck” because the manager was investing in risky securities instead of in safe products.
Since Money Market accounts weren’t insured back then, everyone panicked and withdrew their money so that they wouldn’t get stuck with the loss.
That’s why there was a massive electronic run.
Really, some of you people are looking for conspiracies as if they are Easter Egg hunts.
http://latimesblogs.latimes.com/money_co/2008/09/the-credit-cris.html
Soros shorted the USA after driving crude to $140 per barrel. Can anyone say October surprise?
It is impossible for the transactions that drove this withdrawal to remain anonymous. I find that the timing of the withdrawals seem to coincide with a surge of john McCain in the polls. We, the American people need to know where these orders to withdraw originated and where was the money transferred to. If the economy can be blown to bits by actions such as this, we need to know so it cannot be replicated in the future. Perhaps, we will see a replay of this for the 2010 elections.
Sunlight seems to be the only way to change it. The Fed has to know, which makes it even more disturbing.
btt
I only saw a small blurb about it way back. I have always wondered who stole the money.
It described the events of early in 08 including Schummer causing the run on Indy Mack and the Feds setting a precedent of saving the banks as well as some other curious events before Sept. 18th.
It's also curious to note that the events of Sept. 18th all but guaranteed zer0's election as it was just 6 weeks before people voted.
We got set up for a commie takeover, no doubt in my mind.
I wonder if a FOIA would apply.
I didn’t know we were all suppose to be finance experts. /s
During the spring and summer of 2008, when someone explained to me how shaky the underpinnings of traded short term deposits were, I made sure the money market component of my modest brokerage account was transferred to my bank (FDIC checking account) and essentially did the same with variable annuities by making sure that there was little or no “fixed” or bond component in the funds selected. It turned out that only about $3,000 was at risk, but what the heck, anything not FDIC insured should be looked at carefully in these hazardous economic times.
The brokerage money market rates are sometimes negative even now, partly, they tell me, because of the expense of SEC paper work, prospectuses, etc.
Someone/something is too big to be exposed, too big to be investigated. We the people are no longer the sovereigns. We are the subjects living under a federal oligarchy.
Remember all the snide cynicism on FR about conspiracy and the tin foil hat crap.
There are very sinister things going on, and the Media is complicit. John McCain was a red herring.
The solution is quite direct - Dismantle the revenue and authority of the US Federal Government to the Constitutional level originally intended. And don't allow illegal immigration. There will still be a "united states," but within those parameters the States, the Communities, the Family, the Individual, can prosper, dealing with our own decisions. For education and social services that pathway is obvious.
Goldfinger?
No honey, you’re just supposed to know to go to google.com and type in whatever it is that you are questioning.
That’s all that I did. One google search and I had the answer to why there was a run in September of 2008.
It’s like going to Snopes whenever you get a conspiracy chain email letter.
It’s really easy to do research in the Internet Age.
The money this article is talking about was transfered out of the US, though. I think.
Why at 11:00 on the 18th? The blog you link was written on the 16th.
Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts
A Contrived Crisis? - You Decide
http://www.canadafreepress.com/index.php/article/8713
I'm sorry I no longer have any of the threads that referenced the French beginning of the market collapse .I am posting from memory, which is the reason for the (?)s. I remember that a Freeper (was it you?) mentioned it some months back in rebuttal to a conspiracy theory post blaming Soros and other conspirators for taking out money to create a BHO victory.That poster stated that since August, s/he and other coworkers had been braced for an electronic run-that the markets were so fragile that anything might set off the run, and then the run would snowball as everyone would try to get out first . Then the event to which you allude took place, and the rest is history.
I am sorry now that I did not save that freeper's post, as I am not in any way, shape ,or form in the markets, and so I can only post what I can recall of a post I read ages ago. :-(
That’s the one, thank you~
Color me paranoid. Was this current crisis manufactured? I don’t know. Does the possibility exist? You decide.
* Six months later, Jan 2, 2009, a seven-member group of investors agreed to buy the remnants of failed lender IndyMac for $13.9 billion. Other investors included a fund controlled by billionaire George Soros’ Fund Management
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