USA was 3 hrs away from Economic, Political Collapse in September 2008
Submitted by D4L on Wed, 02/11/2009 - 05:38
by Magnifico
Mon Feb 09, 2009 at 08:58:22 PM PST
According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. In a span of 2 hours, $550 billion was drawn out of money market accounts in an electronic run on the banks.
Rep. Kanjorski: "It would have been the end of our economic system and our political system as we know it."
Kanjorski's bombshell begins to detonate at roughly 2:10 into the video.
Go here for the video: http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/6...
Digg!! http://digg.com/politics/USA_was_3_hrs_away_from_Economic_Po...
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Yah, this is old news...
there were posts about that topic on the Daily Paul the morning it was happening. (Though it's interesting to see a video of a real live congressman talk about it in public)
Thats why we burdened you with 8 trillion of debt...
See we are here to help I SWEAR IT!
"All great truths begin as blasphemies."
"Human beings with love and compassion are some of the most beautiful creatures in the universe... Those without are a plague on us all."
Connection to short-selling ban?
A story from Tradersmagazine.com - sounds like September 18, 2008 was the last day to short-sell (temporarily), or to naked-short-sell without a penalty?
10/31/08 "... On September 18, a day before it temporarily banned short selling in financial stocks, the SEC implemented Rule 204T of Reg SHO, which it had announced the prior day in an Emergency Order. Rule 204T imposed a penalty on brokers with fail-to-deliver positions resulting from short sales. Those brokers cannot execute new short sales in stocks that fail to settle by 9:30 a.m. on T+4 without first borrowing or "pre-borrowing" the shares needed for those transactions, until the existing failed position is settled. At a minimum, that would be T+6. The pre-borrow penalty therefore makes future trades more costly and cumbersome for brokers.
The Emergency Order lapsed on October 17, but the SEC implemented Rule 204T as an immediately effective "interim final temporary rule" that expires on July 31, 2009. In its interim final temporary rule, the SEC commented that "notice and public procedure in advance of effectiveness of the rule are impracticable, unnecessary, and contrary to the public interest." ..."
http://www.tradersmagazine.com/news/102374-1.html
NJ
So now we find out what they told the congress ...
to panic THEM into giving 700 Billion to the cronies of Bush and his successor.
= = = =
"Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job."
That means: For each job "created or saved" about five were destroyed.
The thing is
Who did it? One of the NWO globlist parties no doubt. Anything that troubles the economy serves them, dontcha know? Are we paying attention?
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
"The body is but a vessel for the soul,
A puppet which bends to the soul's tyranny.
And lo, the body is not eternal,
For it must feed on the flesh of others,
Lest it return to the dust whence it came.
Therefore the soul deceives and despises."
Just wait until the Saudis wake up...
and figure out they have enough money to buy Gold mines, and be the Kings of all the Gold. They will drop the dollar in no time, and back their currency with something of value. The IMF is planning on selling tonnes of gold here soon, and the Saudis will be the Kings of Gold...
I want to know who tried to
I want to know who tried to withdraw $550 billion dollars.
"You are a den of Vipers.I intend to rout you out and by the Eternal God I will rout you out."
For an informed citizenry, individuals must discard the television set in favor of the acquisition of information via either books and/or the internet. An uneducated populous will remain in ignorance and thus continue to suffer the sharp ax of tyranny.
Tried?
They did. I heard about this a couple of weeks ago. This IS an engineered collapse, duh. Zionists/Jesuits/Illuminati/Globalists/World Bank, take your pick. Why don't they just traced the electronic transaction/account..simple. Of course, they will make up some lame reason why they can't. But if they need to track your $5 withdraw they can do that instantly.....
"There can be only one permanent revolution - a moral one: The regeneration of the inner man."
—Tolstoy
"The body is but a vessel for the soul,
A puppet which bends to the soul's tyranny.
And lo, the body is not eternal,
For it must feed on the flesh of others,
Lest it return to the dust whence it came.
Therefore the soul deceives and despises."
Me too!! LOL
In need of an argument? Visit room 12!
Freedom is only for those with the guts to defend it!
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
that's not an argument, its
that's not an argument, its a contradiction
Think for yourself, question authority
No it isn't!
In need of an argument? Visit room 12!
Freedom is only for those with the guts to defend it!
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
Can someone help explain a few things?
OK, I am trying to understand the details of what Rep. Kanjorski is saying here, and there are a few major points I am confused on.
1) What money market accounts is he talking about?
2) How did they 'shut them down' and how long until they were re-opened?
3) The raising of guarantee limit to 250K did not happen until several weeks *after* Sept. 18th. Furthermore, that guarantee is on bank accounts. How does that relate to these money market accounts?
4) Sept. 18th (a Thursday) was a pretty good day for the DJIA--as was the 19th. Where was this money going?
I have more questions, but if anyone can answer some of these I would appreciate it.
The article said
The article said "mid-September" 2008. Maybe they meant to say mid-October?
It has been reported that in mid-October the UK banks were near collapse due to withdraw. Massive withdraws will be like a fast-moving virus that infects everyone causing worldwide withdraws. The insiders will first know and will move to protect themselves by doing their withdraws before the common man.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/01/23/...
Britain's banking system was on the verge of collapse before the government stepped in with a multibillion-pound (dollar) bailout in the autumn, a government minister was quoted as saying Saturday.
Financial services minister Paul Myners was quoted by The Times of London as saying that "we were very close on Friday, Oct. 10."
"There were two or three hours when things felt very bad, nervous and fragile. Major depositors were trying to withdraw — and willing to pay penalties for early withdrawal — from a number of large banks," he was quoted as saying.
http://FlipFlopRomney.blogspot.com
FACT finding, PLOT ?
Well I can confer with you all on the need to get back to former system .This man finally acknowledges what I've been asking months ago ...WHO stole my money ...Who ran the makets & purposely drove them to the ground ?? That money is somewhere out there ..IT was actual earnings not unearned funds that were stolen...Where is my investigator ?
you-no
Criminal!
This man ought to be thrown in jail along with Paulson, all the rest of the Bush administration, and the Obama administration!
"Without a banking system, there is no economy." WTF? We don't have a banking system now; we have a fractional reserve ponzi scheme.
They were freaked out about the 550 billion because that lowered their reserve holdings, making it harder for them to loan money on fraction. 5 trillion? Yup, that would be the end of banking lending for a while? Even on a fiat system, how does this end an economy, as he claims? It doesn't. The FRNs are still transferable. People have their money. They can spend it however they like. Pulling it out of the bank only hurts the bankers. Darn!
Could you even possibly imagine Ron Paul treater a caller the way this schmuck did? NO! RP is always so nice and compassionate. This jerk just told her she was ignorant and that he knew better. Maybe she doesn't know anything about banking, or about inflation, or about all the other evils in the world. But she knew one thing: she could spend her money than the government could. Hell, that's good enough for me! This fool tried to con her out of her belief that she didn't need Big Brother.
I agree 100 percent with you Normandie
Thank you for your post....bless you brother...
Amen, brother
Yep.
I swear Glen Beck has someone monitoring DP
Everyday on his radio show and nightly TV show his script seems right off the Paul.... Right now (11:16 a.m. Eastern) he is playing this clip and talking about it.....
!!!Truth is treason in the EMPIRE OF LIES!!!
" Single acts of tyranny may be ascribed to the accidental opinion of they day; but a series of oppresssions...pursued unalterably, through every change of ministers, too plainly proove delibrate, systematical plan of reducing us to slavery..."
Tho
Glen Beck monitoring and broadcasting our ideas?
If so, GREAT!
It's JUST what we need: Our ideas pipelined straight into national media - with minimal rewriting by somebody who understands both the issues and the audience and is sympathetic to the viewpoint. Delivered directly to the segment of the population that is interested. And delivered very well.
Oh PLEASE let it be true!
= = = =
"Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job."
That means: For each job "created or saved" about five were destroyed.
I have no doubt...
...that Glen Beck, and/or his staff, monitor DP.
GAAA!! I'm being WATCHED??? ;-)
In need of an argument? Visit room 12!
Freedom is only for those with the guts to defend it!
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
He's everywhere! He's everywhere!
Like that old Ray Stevens song about Santa Claus, Glenn Beck is watching you!!!!!!
- -
Get your own "Ron Paul for Treasury Secretary" bumper sticker at
http://www.cafepress.com/thirdparty08
RP2012!
Oh! I'm in trouble now!
LOL Never heard that song until now actually!
http://www.youtube.com/watch?v=8g1TtJqHY_s
In need of an argument? Visit room 12!
Freedom is only for those with the guts to defend it!
What are you fightin' for?
Caught in the middle?
Freedom is only for those with the guts to defend it!
fear for sale
I got your fear for sale...hurry hurry hurry dont be too late or else everything you know will end......fear for sale I got your fear for sale......
washingtondc still thinks IT and it alone is the center of the known universe.
what bullshit
Fear for sale? Omg!
Can we get some of that at a discount? LOL
"As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness." ~ Henry David Thoreau
. @ @ . Power to the People!
@ O @ -----> PEOPLE
. @ @ . NOT Corporate Entities!
I recall hearing something
I recall hearing something similar to this back in September / October in regards to all the money moving around in that one day and how it was a very big deal. I'm not sure if it was mentioned back then how serious it supposedly was.
...
So Close!
and yet so far....
Better luck next time!
Save Us MIGHTY Government ohhh SAVE US!
I watched the C-SPAN clip where this jerk off made those comments, only moments before he boldly denied that the bailout was intended to loosen credit and that is only to buy up toxic assets. What a piece of filth.
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
Thomas Jefferson
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
Thomas Jefferson
I think this is great!
We cannot have a meaningful revolution until there is a big collapse. The people need to be hungry and pissed to the max to get back our country.
Bull
Major bull...A huge steaming pile of it. This is bull that would make Bernie Madoff blush.
We came 3 hours from a complete collapse?
The urgency pleaded for and the imminent crisis was a manufactured one. There was nothing pressing or nothing occuring that hadn't been underway for a year before this date.
Money markets crashed because a single one broke the buck. It's a very rare occurance, but it really means a single money market account lost money, which occurs every 15-20 years. It was a mismanaged fund, pure and simple.
Had the government not stepped in and put a floor under money markets, nothing different would have happened. By the time they acted, all of the panic money was drawn from the market and it was settling.
This is a contrived story that has 2 purposes...
1) To portray our government as more necessary and as the heroes in this debacle. Rather than the fools who spent a decade asleep at the switch, now they're being looked at as our saviors who acted just in the nick of time.
2) To panic the general population and quell any dissention from the bank bailout. They wanted license to protect the big banks (who make most of the political contributions recently) without the view that they were giving our money away.
Remember, even Paulson admitted that they had been working on this bank bailout for months. They knew this was coming, they knew they could use Lehmen to stoke the flames of panic. It worked and the population at large bought it lock, stock, and barrel.
Putting an artificial bottom on a market, a price, or anything else who's value should be determined by the market merely delays the inevitable.
Ask this question of Kanjorski...since this event, how many money markets have lost a single cent? Surely, this fund to guarantee money markets should have been tapped many times if we were truly avoiding a disaster.
The answer...it hasn't been used once. Only a single money market fund broke the buck a single time.
Hence...no support was needed. The government stepped in for no reason.
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How about Operation Wall Street?
Shout it today!
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