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To: rlmorel
I have been one of those people from day one who believe that the whole crisis in the latter half of 2008 was deliberately brought to a head for political purposes.

I agree. The sudden leap in oil prices without a concurrent devaluation of the dollar is a big hint that manipulation took place.

There are some big-money players that want to make their club a bit more exclusive, but the somewhat free US economy has hampered their efforts by making wealth available to many rather than the few.

117 posted on 12/17/2009 9:18:23 AM PST by meyer (Government health care = national strike.)
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To: meyer

Then there is is this (This is just one web page I took at random. There doesn’t seem to be a lot of discussion about this, although these people in the government accept it as fact):

Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed

Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.

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, opened their window and pumped in $105 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.

Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.

Kanjorski also explains why Paulson spent the bailout money differently than he originally proposed. Some other gems from the recording:

It would have been the end of our economic and political system.

We would have had to spend 3 to 4 Trillion dollars to buy up all the toxic assets. But we didn’t have that much we only had 700 Billion.

Without a banking system you don’t have an economy.

We are no better off now than we were three months ago.

Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don’t know.


123 posted on 12/17/2009 10:01:27 AM PST by rlmorel (We are traveling "The Road to Serfdom".)
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