(and Bush was not on the inside)
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
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.
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.
(and Bush was not on the inside)
Interesting is that there are no GOP Talk show hosts or Fox News even mentioning this.
And, I do not think this was done to smite Bush or cost McCain the election. I think this was done by the international financiers to get bailout money....the current Liberal Free Trade Globalist economy is tanking...and cannot sustain itself.
Note that Soros, Bush 41 and 43, the Clintons, Al Gore, Jimmy Carter, John McCain, Barack Obama, a large number of the DNC and GOP Congress....are all Liberal Free Trader Globalists....they think Globally instead of American when it comes to economics.
Until we rid ourselves of internationalism....we are always going to have these problems. If you are still supporting Liberal Free Trade Globalism and International Economics of any sort.....you tacitly approve such doings....and also, you are an Economic Anti-American
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Is this connected to the stories about the Russians getting into our financial systems and stealing billions?
Which is why Bush is exactly right when he says that if he had done nothing we would be suffering depression right now instead of recession.
The key event in the sudden, massive withdrawal of dollars from the US financial system was the sale of assets and withdrawals of cash by European institutions to meet the terms of dollar denominated derivative and financial insurance contracts such as CDOs (collateralized debt obligations) and various other types of guarantees.
In essence, such contracts require that when adverse events occur, payments must be made or set aside and readied for payment by the guarantor. Thus an ongoing or anticipated fall in the value of a particular asset class or an impairment of credit based on such assets requires guarantors to scramble to raise cash or cash equivalents.
Most all of these derivative and financial insurance contracts were ultimately based on or contingent on the value of supposedly high quality US mortgage debt. Many of these contracts were written in Europe with European guarantors and priced in dollars.
When the US and international financial markets recognized that the massive pile of US mortgage debt was deeply impaired in value, it suddenly triggered a wave of calls on guarantors and holders of that debt. As assets were sold to raise dollars, it led to a sharp spike in the demand for dollars and a fall in the price of equities and other assets pledged or sold.
Bear in mind that the other side of these deals was that Europeans were selling assets in return for dollars, with the dollar often holding or rising in value despite the wreckage on Wall Street and in the US banking system. On the net, there was no loss to the American economy in this spike in the demand for dollars, although we and the rest of the world have experienced severe economic and financial losses due to the wave of bad mortgage debt and excess risk built into the system.
As for the Fed, in the crisis it did what had to be done: pump out liquidity (more dollars) to keep the US and world financial system from collapsing. And Wall Street then used the crisis to scare and confuse President Bush and Congress into the bailout and slush fund known as TARP.
“Sure, it could be pure coincidence that exactly at 11 a.m. a wave of concerned investors all decided it was time to electronically withdraw their funds thus creating this crescendo drawdown effect setting in motion a worldwide panic. It could be coincidence. But, it’s doubtful.”
This was no coincidence.
I noticed and locked in a $250k 5% CD with Washington Mutual as they were trying to save their ass!
later
bump