Thursday, February 12, 2009
9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN
The recent bombshell that Rep. Kanjorski dropped gets bigger and bigger. Atlas reader Suzanne picked up on a mindblowing “detail” in my blog post: “RIGHT BEFORE THE ELECTION OF PRESIDENT HUSSEIN: “A $550 Billion Electronic Run on the Banks”. Paul Kanjorski describes the closed door session of Congress where it was revealed that there was a $550 billion electronic run on the banks and that was what caused the economic crisis.
In the video, Kanjorski says this occurred on Thursday, September 15, 2008. September 15th was a MONDAY.
THURSDAY was .......SEPTEMBER 11, 2008
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”
When President Hussein was campaigning and the “economic crisis” hit, he did not think it pressing enough to leave the campaign trail, but now we should push through a trillion dollars in legislation without oversight because a few weeks later the King deems it urgent?
The financial crisis was deliberate, planned, staged. Who made the run? “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.”
Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild hat tip Cathy
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.
[...]
“Why did we do that? Look I was there when the Secretary and the Chairman of the Federal Reserve came those days to talk to members of Congress about what was going on. It was about September 15th. On Thursday (Thursday was September 11th] Here’s the facts and we don’t even talk about these things.
On Thursday [Thursday was September 11th] at about 11 o clock in the morning 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 $150 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.
Read the rest of this
How would the Fed notice people making withdrawal requests from their money market accounts?
Nearly $3 trillion travels thru the Fedwire system every day. How would they even notice?
The Treasury opened up its window to help. It pumped $105 billion in the system
The Treasury doesn't have a "window".
The Federal Reserve does. You'd think something this important wouldn't get confused like that.
and quickly realized that they could not stem the tide; we were having an electronic run on the banks. They decided to close the operation,
Close what operation?