Posted on 02/16/2009 6:42:56 PM PST 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.
(Excerpt) Read more at liveleak.com ...
I am absolutely convinced this was caused by Democraps on the Banking committee giving insider intel to Hedge Fund managers ... Charles Schumer comes to mind, and his sparking the run on Indymac to get the financial ciris rolling in time for the fall election cycle.
Shocker: Electronic Money Market Run Nearly Destroyed US Economy
February 10, 2009
9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN
See that thread for a longer discussion about: on which day what funds were affected, what the actual sequence of events was, how the weekend affected Wall Street’s reaction to news on Thursday, Friday, Monday, and Tuesday.
Freeper philman_36 has some amazing research.
*******************
9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN
Now we have a new date....
This blogger seems to think the Kanjorski story is fiction. I’m not taking sides, just throwing it out.
***************************EXCERPT****************************
This was a Financial Terrorist Attack on the seventh anniversary of 9/11. Aren't the American people entitled to know who was behind the run on the banks?
Why was this kept from the American people before the most important election in US history? And why did Obama treat it as an unimportant incident - accusing McCain of grandstanding when McCain left the campaign trail and flew to Washington? Remember what President Hussein said? "They'll call me if they need me."
FLASHBACK: "Call me if you need me"
The wicked prick wasn’t even voting ‘present’ don’tchaknow.
ping
could be. now join my FaceBook
[This was a Financial Terrorist Attack on the seventh anniversary of 9/11]
Thanks again Ernest. I am shocked to learn the date this happened. Think I’ve had enough ‘stimulus’ for the night and am headed for bed!
END TIMES PING LIST PING.
Please ping whatever ping list applies:
Can anyone with the skills and experience comment on the potential meanings of all this?
http://www.abovetopsecret.com/forum/thread437754/pg1
source:
http://market-ticker.org/archives/801-RED-ALERT-FX-Dislocation-In-Process.html
8:17 CT
I do not know what is going on here, and I don’t think I want to.
Someone, apparently someone in Asia, wants dollars. A LOT of dollars. There is a forced-liquidation event underway that is massive, it is against all asset classes and it is spreading.
It originated at approximately 7:15 CT this evening and originated out of Asia somewhere. All of the primary currency crosses got hit at once - Euro, Pound, Yen - all weakened dramatically against the dollar and it is still going on. The Asian stock markets got walloped at the same time in coordinated waves of forced selling.
At the same time the US futures markets got nailed as well, down some six handles on the /ES in a near-vertical drop. While this sounds “not that big” to move these markets in a coordinated fashion like this is a trillion-dollar enterprise - this is not some small company that went bankrupt, or even a large company.
There is no news coverage at the present time identifying the source of this but it is not small and contrary to some reports it is not “automatic selling”; this is forced liquidation.
Folks, if this translates into Eastern Europe where there are severe instabilities already brewing literally everything in the financial world could come apart “all at once.”
The worse news is that if this happens Bernanke will have killed us (in the US) by extending those swap lines all over the planet during the last six months. These will become utterly uncollectable and they are massive, in the many hundreds of billions of dollars.
To those who are reading this, I hope if you’re in the markets you are prepared for extreme levels of violence. You must expect that the authorities will try to arrest the destruction if they are able, but you must also be prepared for the possibility that we have reached a “critical mass” point beyond which “duck and cover” is the only winning strategy.
Unfortunately.
That comes from Karl Denninger.
Will this reverse before our markets open in the morning, or are we going to see something really ugly??
I don’t know, only time will tell
That was my first thought on the other thread...but Live Leak has a video clip...
Very NICE!
Nite!
Why? Because it comes out of a politicians mouth? I don’t think he was even on any financial committees. It’s not like he has any inside information that I can see.
Can you imagine this story staying under wraps for five months?
Can anyone with the skills and experience comment on the potential meanings of all this?
If Karl dont know nobody knows, I have been reading his site for while now and been expecting something big.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.