[Southack]

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The money was withdrawn because one of the larger Money Market companies “broke the buck” because the manager was investing in risky securities instead of in safe products.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

[freekitty]

I didn’t know we were all suppose to be finance experts. /s

[listenhillary]

Why at 11:00 on the 18th? The blog you link was written on the 16th.

[kaylar]

As I recall, there was an article posted to FR multiple times in March 2008 re: an economic collapse that might entail martial law. The article stated the WH had a meeting about this possibility. And the reason given as the catalyst for the collapse was a French bank (?) having to raise its interest rates(?) in February-this was considered an event that could start a chain reaction leading to the collapse, as other banks would have to change rates in response, which would impact the credit markets, which would have a negative effect on many businesses that were already overextended and needed easy credit, which would-

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. :-(

[EEDUDE]

“Really, some of you people are looking for conspiracies as if they are Easter Egg hunts.”

Well, I accept your explanation, but this is the first time I have heard it, and I follow FR daily. Why didn’t Rep. Kanjorski come right out and say that?

It was his words that led my to believe it was unknown, mysterious parties involved.