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Shocker: Electronic Money Market Run Nearly Destroyed US Economy
RushLimbaugh.com ^ | February 10th | Rush

Posted on 02/11/2009 3:03:27 AM PST by Halfmanhalfamazing

RUSH: I want you to listen to this, Paul Kanjorski. He's a Democrat member of Congress from Pennsylvania. He was on C-SPAN's Washington Journal on January 27th.

KANJORSKI: On Thursday at about 11 o'clock in the morning --

RUSH: Stop the tape a second. Go back and recue this. He's talking about September the 18th here. Let me tease you even further. September the 18th is the day last year that the world economy almost came to an end. Don't smirk. It's true, Snerdley. That's what Kanjorski is saying. So he's talking here about Thursday, September the 18th.

KANJORSKI: On Thursday at about 11 o'clock in the morning the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States, to the tune of $550 billion was being drawn out in a matter of an hour or two. The Treasury opened up its window to help. It pumped $105 billion in the system 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 down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

RUSH: Do you remember this? This is the day I think that the Atlanta banks ran out of one-hundred-dollar bills. But now stop and think of this: A $550 billion withdrawal from money market funds in one-to-two hours. I am convinced -- and there's one more sound bite to go here -- I am convinced that this is what they took to the White House and said to President Bush, "We have got a disaster, you have got to get on board with a bailout," which came later on in October, "you've got to get on board with this $700 billion, the TARP 1," all because 550 -- now, what precipitated this? Here's the second Kanjorski sound bite.

KANJORSKI: If they had not done that, their estimation was that by two o'clock that afternoon, five-and-a-half trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it. We're really no better off today than we were three months ago because we've had a decrease in the equity positions of banks because other assets are going sour by the moment.

RUSH: Now, this is January 27th, Kanjorski is talking about this, and we have to allow, since Kanjorski is a Democrat he's part of the Pelosi team, we have to allow that some of his comment here is being flavored. When he ends up saying we're no better off today than we were three months ago, some of this is obviously oriented toward panic and getting people to go along with the bailout today, but let's leave that aside because that's traditional Democrat Party politics. If they had not done that, if that $550 billion-dollar withdrawal in an hour or two had not been stopped, if they hadn't closed the windows, he says that five-and-a-half trillion would have been drawn out of the money market system of the United States. Now, when I hear money market I think of savings accounts, higher interest rates than passbook savings at the old downtown building and loan where people park their money temporarily 'til they decide where to put it permanently. He says five-and-a-half trillion would have vanished from the banking system, would have collapsed the entire economy of the US and within 24 hours the world economy would have collapsed.

Now, we've gotta allow here for some exaggeration. It's amazing this was said on C-SPAN on Thursday, January 27th, and nobody picked up on it. We got it from a website called LiveLeak. They were rummaging through things, and they found this. Now, let's assume for a second here that elements of this are true. Let's assume that there was a $550 billion run, electronic run on the banks and money market accounts in one to two hours. The question is who was doing this? Who was withdrawing all this money? And the next question is why? That's where my mind starts exploding, and this is dangerous to have these explosions going this way. Could it have been George Soros? Could it have been a consortium of countries -- Russia, China, Venezuela -- countries that are eager to have Barack Obama elected because they know that will make it easier for them to continue their own foreign policies in the world? In the meantime, five-and-a-half billion dollars in one to two hours, that can probably be confirmed. The five-and-a-half trillion is speculation based on the rate at which money was coming out. We could check that the Fed stopped the trading windows, they closed the window. We do know they were pumping money into the system left and right. And remember when the Federal Reserve loaned elements, $2 trillion and we weren't told who got the money? And we still haven't been told who got the money.

We know that last fall, the Federal Reserve lent $2 trillion to somebody or a series of somebodies, and we still don't know where it went. We know last year that we had a crisis on our hands and everybody was saying if we didn't do this today the country was finished and they got Bush on board, they got Paulson on board. Obviously this kind of news, if somebody from the Fed shows up and Bernanke and Paulson say, "Hey, we got a chance here of losing five-and-a-half trillion dollars if we don't do something," I mean that's gotta scare anybody into some sort of action to stem the tide. RUSH: We have an AP-Obama story here that targets the date of this run on money market accounts to September 16th. It was Kanjorski on C-SPAN on January 27th, said it was Thursday the 18th. Here's the AP story: "A money-market mutual fund that 'broke the buck' amid a rush of orders to pull out cash has begun returning an initial $26 billion to investors who had been unable to access their money for more than a month. ... On Sept. 16, the rapid sell-off of assets caused the value of fund assets to fall to 97 cents for each investor dollar put in -- the first instance in 14 years of a money-market mutual fund 'breaking the buck,' or having its per-share value fall below $1. Reserve Management froze redemption orders. That led institutional investors to pull out cash..." I think both dates are right. September 16th, the rapid sell-off begins and "[t]hat led institutional investors to pull out cash from that fund and others, creating fears about the safety of the $3.4 trillion in assets held in money-market funds, and a new temporary government money fund guarantee program.'" It's sort of just a casual, hey, no-big-deal kind of story from the Associated Press -- and here again is Kanjorski talking about this. Let's go back to these two sound bites, Paul Kanjorski (Democrat-Pennsylvania) on C-SPAN's Washington Journal on January 27th.

KANJORSKI: On Thursday at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of $550 billion was like being drawn out in a matter of an hour or two. The Treasury opened up its window to help. They pumped $105 billion in the system 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 down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

RUSH: By the way, I should tell you that Kanjorski's source for this is none other than Bernanke -- Ben Bernanke, the Federal Reserve -- and the Treasury secretary, Hank Paulson. They are the two figures that told members of Congress what was going on with this initial run of $550 billion, an electronic run on the banks, money market accounts, investor accounts here. He goes on to say this, if they had not stepped in to stop this, if they had not closed the window...

KANJORSKI: If they had not done that, their estimation was that by two o'clock that afternoon, $5-1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it. We're really no better off today than we were three months because we had a decrease in the equity positions of banks because other assets are going sour by the moment.

RUSH: So the last part, I think that's just salesmanship for doing something now to get the stimulus bill passed, although Kanjorski is among some Democrats starting to shift to the cant that more time is needed to make a correct decision this time; which I think is one of the reasons Geithner postponed his announcement to today from last week or even today. So, you know, I have been suspicious of all this that happened last fall. It just seemed too perfectly timed. Now we know that these are not individual money market accounts like you would have had to withdraw your money. This is money invested in a mutual fund money market account. So it is quite possible somebody could have started a run on this thing and the word spread, and it did -- and the $550 billion withdrawal in one hour would panic anybody. So there's so much to this. You know, it's always the case that there's so much more going on in all this that we don't know. The Drive-By Media, any longer, is worthless in ferreting out the truth involved in events. They totally exist on the surface. They exist with a path of least resistance particularly with Democrats in power, because with the presumption that Democrats could abuse power or commit ethics violations just doesn't even cross the radar. It doesn't even show up on the radar. It's not possible for Democrats to behave in that fashion, and so all this stuff goes on below the surface and we find out about it much later after the fact.


TOPICS: Editorial; Front Page News; Government; News/Current Events
KEYWORDS: 110th; bailout; democratcongress; democrats; economy; financialcrisis; fundedbysoros; impeachobama; kanjorski; obama; octobersurprise; rush; socialism; sorocrats; soros; talkradio
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1 posted on 02/11/2009 3:03:27 AM PST by Halfmanhalfamazing
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To: Halfmanhalfamazing
How The World Almost Came To An End At 2PM On September 18

YouTube: CSPAN Rep Paul Kanjorski Reviews the Bailout Situation

USA Today: 'Buck-Breaking' Money Market Mutual Fund Returns Initial $26B

2 posted on 02/11/2009 3:04:57 AM PST by Halfmanhalfamazing (Undercut Microsoft: Use Linux)
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To: Halfmanhalfamazing

IMO it was an intentional act, not a bunch of panicked people.


3 posted on 02/11/2009 3:10:52 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: All

Related Links:

http://www.freerepublic.com/focus/bloggers/2182993/posts?page=8#8
http://www.freerepublic.com/focus/bloggers/2182993/posts?page=14#14

#

http://www.freerepublic.com/focus/bloggers/2182993/posts

“RIGHT BEFORE THE ELECTION OF PRESIDENT HUSSEIN “A $550 Billion Electronic Run on the Banks””
Atlas Shrugs ^ | 2/11/09 | Pamela Gellar
Posted on February 10, 2009 10:52:20 PM PST by FromLori

#

http://www.freerepublic.com/focus/f-news/2132937/posts

“The “October Surprise” - a lttle early”
vanity | November 16, 2008 | Lancey Howard
Posted on November 15, 2008 10:26:30 PM PST by Lancey Howard


4 posted on 02/11/2009 3:11:45 AM PST by Cindy
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To: driftdiver

“IMO it was an intentional act, not a bunch of panicked people.”

Although I don’t like conspiracy theories in general, I have to agree with you. Actually, I don’t think people have started to panic yet, and I am very concerned what will happen if and when people do start to panic.


5 posted on 02/11/2009 3:17:27 AM PST by pieceofthepuzzle
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To: Halfmanhalfamazing

So where did it go? Who did the withdrawing?

I can’t have a bank trasaction over $10k unless I give up the left gonad but these people are anonymous????


6 posted on 02/11/2009 3:19:18 AM PST by Adder (Proudly ignoring Zero's political stylings since 1-20-09!)
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To: Cindy

Well, Schumer publicly precipitated the Indy Mac run. Who is to say that Democrat operatives, ones with a lot of resources, Soros, say, didn’t engineer the $550 billion run. Soros has a history of sabotaging governments for personal gain and access to the resources to do it and Democrats(and socialists and liberals and other leftists) have no principled reasons not to do something like that if it brings them to power.


7 posted on 02/11/2009 3:21:34 AM PST by arthurus ( H.L. Mencken said, "Every election is a sort of advance auction sale of stolen goods.")
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To: Adder

All animals are equal, but some are more equal than others.


8 posted on 02/11/2009 3:24:41 AM PST by ClearCase_guy (Obama must be the Antichrist. No one else would work so hard to destroy the US.)
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To: driftdiver

I can not believe Rush is becoming a person who believes in conspiracies. Up is down...this is ridiculous.


9 posted on 02/11/2009 3:25:07 AM PST by nyconse
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To: Cindy

Amazing if this MM run was part of the conspirancy to elect our Stalin. Who would be a better opponent than an economic doofus like John McCain to fall in the trap? McCain lost any chance he had when he flip-flopped on the initial BailFail during the campaign. Wonder how the other R candidates would have responded?


10 posted on 02/11/2009 3:26:56 AM PST by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: nyconse

Why?


11 posted on 02/11/2009 3:28:04 AM PST by John W
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To: driftdiver

No, it was a panic.

A money market fund, Reserve Primary Market Fund, (ticker RPFXX) “broke the buck” as a result of having to write down over $700 million of short-term commercial paper from Lehman to zippo. The NAV of the money market shares fell to $0.97.

At that point, all assumptions of how safe money market funds were were broken. The previous assumption had been that money market funds were as safe as cash. RPFXX held about $60B when this became public, but the size and scope of Lehman’s paper holdings throughout the bond market suddenly made a lot of people no longer trust money market funds in a fat hurry.

It was at this point that Treasury came out with a policy of guaranteeing the value of any money market fund in the US.


12 posted on 02/11/2009 3:28:59 AM PST by NVDave
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To: Halfmanhalfamazing

I read somewhere that only something like 2 percent of the “money” out there is actual dollar bills.

Almost all of it is stocks, money market accounts, pension funds, blah blah blah basically fake money.

So no matter what, there’s not enough money to cover the “money”.

And if everyone was to run to the bank to take out all their C-Notes, the bank would be closed in like 15 minutes.


13 posted on 02/11/2009 3:29:07 AM PST by djf
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To: NVDave

So where is the 700 million, and WHY THE HELL AIN’T THOSE PEOPLE IN JAIL?


14 posted on 02/11/2009 3:32:13 AM PST by djf
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To: Adder
Who did the withdrawing?

That is the big question. Think about this - the price of oil spiked just prior to this. Is is possible that entities in the middle east jacked up the price of crude in order to amass a huge sum of money specifically for this purpose? Given Obambi's friendliness towards our adversaries, they could very well have played a major role in this. Iran, Syria, and a few others would stand to gain from having a 'friendly' in the White House.

15 posted on 02/11/2009 3:33:37 AM PST by meyer (The left is flooding the ship - let's quit bailing water. We are all John Galt.)
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To: AmericanVictory

ping


16 posted on 02/11/2009 3:34:20 AM PST by Jim Robinson
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To: NVDave

I remember that day now. Fidelity sent me an e-mail advising me that my MM was now insured. that was the only reason I left my money in. I was ready to pull it out back then. Actually, if it wasn’t FDIC insured right now, it would all be in my safe.


17 posted on 02/11/2009 3:37:28 AM PST by RC one
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To: NVDave
No, it was a panic.

The only way to discern that is to see just who did the withdrawing. If it's a large number of entities representing the typical cross-section of the market, it might be panic. If it was orchestrated by a few hundred entities with similar political goals, then it was not a panic but a deliberate move to upset the apple cart (which arguably has been prime for an upset).

We need more data.

18 posted on 02/11/2009 3:39:57 AM PST by meyer (The left is flooding the ship - let's quit bailing water. We are all John Galt.)
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To: Halfmanhalfamazing
They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

The 550B would have nothing to do with 250k guarantees and vice versa. This mythical run was not made on 220,000 separate accounts that Soros had in 220,000 different names. The ideas expressed here are ridiculous and disjoint. Obviously the financial system was in turmoil and there was a rush to cash at some points. But the credit unwinding and deflation were well underway thanks to protectionist European banks. The trigger event was the initial failure of bank bailout thanks to a fair number of Republicans and some left wing Democrats. They were quickly whipped into shape so that our banks could be nationalized.

As for timing, the crisis was bound to affect the election especially with McLame's subservience to the bailout masters. But to say that there was a particular event timed to affect the election and that affected the outcome is ridiculous. It smacks of the usual denial of reality:

Debt, as a ratio to income (e.g. GDP), cannot grow to infinity. Sooner or later it crashes.

19 posted on 02/11/2009 3:42:18 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: RC one

I never (well, almost) spend my dollar bills.

So I got like 17 stacks, each with 100 dollar bills wrapped by a rubber band.

I tell folks, and they act like I’m looney tunes, totally crackers.

Tell ya what. If I get a flat tire and the ATM don’t work, I got my stacks!


20 posted on 02/11/2009 3:43:34 AM PST by djf
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To: nyconse

It’s a bunch of denial. The fact is that Americans could not grow rich buying 5000 sq ft mansions, SUVs and super sized TV’s with credit from abroad.


21 posted on 02/11/2009 3:44:21 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: John W

Because the stuff outlined above (disorganized drivel and a few facts) flies in the face of real facts: Dollars were sought after before and after mid-Sept. American banks were teetering for over a year. American banks had bubble prices before that and were doomed to fall and undershoot. And on and on.


22 posted on 02/11/2009 3:46:55 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: arthurus

I always suspect Soros. This is what he does.


23 posted on 02/11/2009 3:48:53 AM PST by gussiefinknottle (woof!woof!woof!)
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To: palmer
Debt, as a ratio to income (e.g. GDP), cannot grow to infinity. Sooner or later it crashes

Oh yeah?

None of that is stopping congress from running up a national debt into trillions of dollars which can NEVER be repaid.

24 posted on 02/11/2009 3:49:03 AM PST by NoControllingLegalAuthority
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To: djf

Smart. I’m far too reliant on electronic debit cards myself. I might need to think about that.


25 posted on 02/11/2009 3:51:51 AM PST by RC one
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To: NoControllingLegalAuthority

Right, same rule applies to the Federal govt. If they grow debt beyond a sustainable level (ours is not the worst in the developed world quite yet), then it won’t be payable by future taxpayers without completely killing economy and will have to be defaulted upon or inflated away. We knew when the crisis got going last year and last summer that the Fed chose the inflation route. The trouble is the market got ahead of the Fed (deflation) and pointed the way to default. So the Fed will need to inflate that much more.


26 posted on 02/11/2009 3:54:43 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: NoControllingLegalAuthority

Congress is trying to save their behinds.

Look.
This is the situation.

If the banks decided that they weren’t making enough to hand out their billions of dollars in bonuses, all they would have to do is close the doors.

Then there would be blood in the streets, including some, if not most, Congressmen.

So the banks have the POWER to TELL WASHINGTON WHAT TO DO.

And they did. It will never be repayed and the dollar is headed towards toilet paper status.

The banks and money market funds and schwabbs of the world don’t care, as long as the cush continues.


27 posted on 02/11/2009 3:56:53 AM PST by djf
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To: meyer
Too bad the typical Congressman like Kanjorksi is such an economically illiterate person as exemplified above. He let himself be scared into actions compliant with the wishes of others instead of trying to get further confirmatory information and understand the reality. Which "the banks" were allegedly targeted? Is there even 5.5 trillion in the segment of the system known as "money market funds"? If the transfers were made from one bank to another, weren't they still in the banking system?

It's amazing to see how such techniques are so effective.

28 posted on 02/11/2009 3:59:50 AM PST by wildandcrazyrussian
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To: Halfmanhalfamazing; RobRoy; Cindy; Fawn; pieceofthepuzzle; MinuteGal; gonzo; mcmuffin; ...

NOTE the Liveleak date on this:

Secret “closed door” meeting with Congress
Liveleak.com ^ | March 14th, 2008 | Liveleak

Posted on Monday, March 31, 2008 6:40:27 PM by RobRoy
http://www.freerepublic.com/focus/f-chat/1994684/posts

Sent: Friday, March 14, 2008 4:20 PM Subject: CLOSED Congress Session Last Night: Only 4th Time In 176 Years !

SPECIAL “CLOSED SESSION” OF U.S. HOUSE OF REPRESENTATIVES DISCUSSED A LOT MORE THAN THE PENDING SECURITY SURVEILLANCE PROVISIONS!

This was only the fourth time in 176 years that Congress has closed its doors to the public. What was it that they were discussing that they do NOT want us to know about?

Word has begun leaking from last nights special, closed-door session of the United States House of Representatives.

Not only did members discuss new surveillance provisions as was the publicly stated reason for the closed door session, they also discussed:

1. the imminent collapse of the U.S. economy to occur by September 2008,

2. the imminent collapse of US federal government finances by February 2009,

3. the possibility of Civil War inside the USA as a result of the collapse,

4. advance round-ups of “insurgent U.S. citizens” likely to move against the government,

5. the detention of those rounded-up at “REX 84” camps constructed throughout the USA,

6. the possibility of retaliation against members of Congress for the collapses,

7. the location of “safe facilities” for members of Congress and their families to reside during expected massive civil unrest,

8. the necessary and unavoidable merger of the United States with Canada (for its natural resources) and with Mexico (for its cheap labor pool),

9. the issuance of a new currency - THE AMERO - for all three nations as the proposed solution to the coming economic armageddon.

Members of Congress were FORBIDDEN to reveal what was discussed. Several are so furious and concerned about the future of the country, they have begun leaking info. More details coming later today and over the weekend. SPREAD THE WORD!!!

Video here: http://www.liveleak.com/view?i=46d_1205873088


29 posted on 02/11/2009 4:02:53 AM PST by Matchett-PI (Obama fully intends to tear down our Constitution. So no, I do not want Obama to succeed.)
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To: Halfmanhalfamazing
This is the beginning of uncovering what I suspected all along — a ‘manufactured’ economic crisis to get Dems elected. It was the mother of all October surprises.

The question remains, who were the principles behind the initial actions that set the ‘run’ in motion.

Let's face it folks, if this is true, this would be an act of tyranny (if domestic) and an act of war if committed deliberately by foreign interests in order to throw our elections.

The people who committed this and enjoy its fruits ought to wake up and realize what lies at the end of the road they are traveling down.

They're not going to like that destiny.

30 posted on 02/11/2009 4:02:57 AM PST by Ghost of Philip Marlowe (The Free Market: the ultimate community event.)
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To: All

Here’s more bttt (in addition to my #29 above):

Are we witnessing a Tin Foil Theory Come True?
Posted on Wednesday, November 12, 2008 1:57:08 PM by Blogger
http://www.freerepublic.com/focus/f-news/2130877/posts

Compare this thread from March of this year
Secret “closed door” meeting with Congress (copied and pasted below)
Liveleak.com ^ | March 14th, 2008 | Liveleak
http://www.freerepublic.com/focus/f-chat/1994684/posts

With this article & recent history:

US May Lose Its ‘AAA’ Rating
CNBC.com | 10 Nov 2008 | 07:49 AM ET
http://www.cnbc.com/id/27641538

The United States may be on course to lose its ‘AAA’ rating due to the large amount of debt it has accumulated, according to Martin Hennecke, senior manager of private clients at Tyche.

“The U.S. might really have to look at a default on the bankruptcy reorganization of the present financial system” and the bankruptcy of the government is not out of the realm of possibility, Hennecke said.

“In the United States there is already a funding crisis, and they will have to sell a lot more bonds next year to fund the bailout packages that have already been signed off,” Hennecke told CNBC.

In order to solve or stem the economic slowdown, Hennecke suggested the US would have to radically reduce spending across all sectors and recall all its troops from around the world.

As for a stimulus package, there is not much of an industry left to stimulate back into life, Hennecke said.


31 posted on 02/11/2009 4:05:03 AM PST by Matchett-PI (Obama fully intends to tear down our Constitution. So no, I do not want Obama to succeed.)
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To: djf
So the banks have the POWER to TELL WASHINGTON WHAT TO DO.

Since at least 1913...

32 posted on 02/11/2009 4:10:12 AM PST by Thermalseeker (Government is not the solution to the problem. Government IS the problem - Ronald Wilson Reagan)
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To: palmer

Quite true, like all conspiracy theories...it seeks a complicated explanation with many ‘villains’ which would include Pres. Bush, Paulson etc for something that is really quite simple. Bankers and traders were able to make risky loans because it didn’t matter how credit worthy a person was or how much you leveraged in terms of investment...only if you could sell the mortgages or investments...to basically insurance companies...like AIG, Bear Sterns, Lehmans, Fanny etc. It removed risk paving the way for basically gambling by traders and bankers alike.


33 posted on 02/11/2009 4:12:35 AM PST by nyconse
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To: Halfmanhalfamazing
And one last point.

Glenn Beck gets his financial insight from “The Creature from Jekyll Island,” I'm sure.

While there is a lot of truth in that book and a lot of knowledge we should all gain and learn from, it is no guarantee of things to come.

Beck's show is entirely dedicated to the “blueprint” that has been created by the Central Bank has created and that Jekyll Island so clearly and convincingly lays out.

But his is a doomsday scenario only and leaves no room for the will and benevolent self-interest of the American people.

I listen to Beck to get monetary information that others do not provide, but he is very much a drama queen that is capitalizing on the fear and partial knowledge (that is, those who are inclined to believe conspiracy theories and have enough knowledge of history to be swayed by the conspiratorialists, who always use a touch of truth and a touch of history to lend credence to their conspiracies) of a lot of people.

It is important to prepare for your families. Have a food and water supply on-hand. Be ready to leave your money and unnecessary things behind for good, perhaps. Prepare to make your own way. That is the independent, individualist spirit that made America. That is, don't be so dependent on your routine and your comfort that you will give away your liberty for the lie that ‘they’ will take care of you. We should all be at that point in our lives.

But fight to prevent us from ever getting to that point, and put no more faith in Man and Government being able to ruin the providence and joy that God provides for you than you put faith in Man and Government to provide for your needs and happiness.

34 posted on 02/11/2009 4:13:45 AM PST by Ghost of Philip Marlowe (The Free Market: the ultimate community event.)
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To: driftdiver
IMO it was an intentional act, not a bunch of panicked people.

This is the sort of thing that George Soros has done in the past, like when he tried to collapse the economy of Great Britain, with his financial attack on The Bank of England.

Mark

35 posted on 02/11/2009 4:14:55 AM PST by MarkL (Do I really look like a guy with a plan?)
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To: Halfmanhalfamazing

This has George Soros written all over it.

There is still a warrant outstanding for him in Russia for doing the same thing there back in the 1990s. Soros manipulated the Russian currency market, making billions, and destroying the value of the rouble in the process. The rouble went from $0.17 in 1998 to $0.03 in 2002.

In 2005, the Russian police raided his Moscow offices, closed them down, and arrested everyone there. Other arrests followed.

Unfortunately, Soros was here in the States at the time, which has no extradition treaty with Russia.


36 posted on 02/11/2009 4:16:32 AM PST by Westbrook (Having more children does not divide your love, it multiplies it.)
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To: nyconse
You'll never find this freeper carrying water for Limbaugh.

BUT, the financial situation does have many of the earmarks of a manufactured scenario. The "Crisis of 9/18" put the final nail in the McCain "campaign's" coffin. I have no trouble believing that Mr. Soros may have engineered the electronic run on the markets, It is certainly within the scope of his ability, especially with some well-placed help..

At the time, a theory was bruited about that this was a scenario, which although it certainly achieved its objective, could very easily get out of hand. At the very least, the "Crisis of 9/18" deserves intelligent scrutiny.

37 posted on 02/11/2009 4:23:46 AM PST by Kenny Bunk (Ayers for SCOTUS. It's a done deal.)
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To: Halfmanhalfamazing

bump for later....


38 posted on 02/11/2009 4:26:43 AM PST by rightwingextremist1776
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To: Adder

.....these people are anonymous????......

They are not anonymous but within the limits of the privacy rules. Also, if the event occurred in such a narrow time frame, it might be difficult to make an analysis quick enough.

It was my understanding that the money is institutional MM deposits and the word spread among those money managers.

Money market mutual funds have provisions for electronic deposits and withdrawals to or from another account. In less than one minute it would be possible to liquidate a money market account and transfer it to another bank.

Keep in mind, money is electronic blips. It is not real.


39 posted on 02/11/2009 4:27:47 AM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
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To: Halfmanhalfamazing

bookmark


40 posted on 02/11/2009 4:27:51 AM PST by southland ( 1 John 4:4 , Zec 12:9, PS 121)
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To: iopscusa
... economic doofus .... John McCain

And just who gave you the right to elevate the Idiot McCain to "Doofus?"

A "Doofus" has warm and fuzzy overtones, while McCain still deserves to have his private parts dribbled around the courthouse square by malignant Kenyan dwarves. And he is still dunning me for money!

He will be remembered as the man who put the "Mandatory" in Mandatory Retirement.

41 posted on 02/11/2009 4:32:31 AM PST by Kenny Bunk (Ayers for SCOTUS. It's a done deal.)
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To: djf

.....basically fake money.....

Actually, all money is now electronic blips on a ledger. The bills are merely physical representations of the ledger entries. Electrons are invisible and nearly impossible to handle.


42 posted on 02/11/2009 4:32:44 AM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
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To: Halfmanhalfamazing
It would have been the end of our economic system and our political system as we know it./"How the world almost came to an end at 2PM on September 18"

This type of talk is of great interest to me.

Money systems have collapsed (surprisingly frequently) without ending the political system, much less "the world".

The present fraudulent and insolvent international money system is not long for this world.

When it ends, it will reveal much about the state of our equally fraudulent and morally insolvent political system.

If we had remained a virtuous republic, the insolvent banks would be closed, the Federal Reserve would be dissolved, Congress would use its power to coin money and regulate the value thereof to refloat viable businesses and would issue new currency, and in six months or less (from September 18, that would be next month) we'd be up and running again.

That we are still stuck in the pits of fraud and theft says a lot, not about the money system, but about our politics. THAT'S scary.

43 posted on 02/11/2009 4:36:48 AM PST by Jim Noble (Tom Daschle's favorite tune: "Baby you can drive my car")
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To: Halfmanhalfamazing

Dow closes down 381 on bailout plan disappointment

Feb. 10, 2009
(AP) — Investors are turning skeptical about the government’s latest bank bailout plan and sent stocks reeling Tuesday.

The Dow Jones industrial average lost 381.99 on points on Tuesday to close at 7,888.88.

Local Dow components were also lower. Boeing Co. was down $2.59 to $40.21, Kraft Foods Inc. lost 90 cents to $24.98, Caterpillar Inc. fell $1.80 to $30.92 and McDonald’s Corp. was down $1.74 to $57.28.

The Crain’s Chicago Business index, compiled by Bloomberg L.P., was down 2.97 points, or 4.6 percent, closing at 62.05.

Broader indices were also down. The Standard & Poor’s 500 index dropped 42.73 points to 827.16, while the Nasdaq composite index was down 66.83 to 1,524.73.

http://www.chicagobusiness.com/cgi-bin/news.pl?id=32958


44 posted on 02/11/2009 4:37:03 AM PST by KeyLargo
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To: nyconse
I can not believe Rush is becoming a person who believes in conspiracies. Up is down...this is ridiculous.

No, this is not ridiculous. I kept telling my husband that this sort of thing doesn't just happen almost over night, and world wide financial problems at the same time. Something or someone was behind this. It was a manufactured crisis, pure and simple. The economy went south big time, over night, all at once.

45 posted on 02/11/2009 4:37:57 AM PST by YellowRoseofTx (Evil is not the opposite of God; it's the absence of God)
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To: Ghost of Philip Marlowe; DoughtyOne

Consider our previous discussion and this reasoned post.

There will be blame. There will likely be action. I can feel it in my bones.


46 posted on 02/11/2009 4:41:08 AM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
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To: pieceofthepuzzle

“IMO it was an intentional act, not a bunch of panicked people.”

They did not say who was responsible for the 550 billion.

Was it a government agency that deposited the money over time, then removed it in an hour or two?

Thus a manufactured scenario to force Bush to act, and approve the 750 billion?


47 posted on 02/11/2009 4:45:27 AM PST by chainsaw
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To: jan in Colorado

ping


48 posted on 02/11/2009 4:48:09 AM PST by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: Jim Noble

......Money systems have collapsed (surprisingly frequently) without ending the political system.....

I’m reading a book called The Power of Gold that details money systems and the metallic standard since the beginning. There was the probability of a collapse earlier and JP Morgan worked with the Rothschilds to float a bond fund to defuse the crisis and right the banks. I think President Cleveland didn’t like it. JP Morgan went to DC and demanded to see the President. In the meeting he told Cleveland that if they didn’t go through with the deal “It’ll all be over by 3:00 this afternoon”. At some point during the meeting, The President was told that the last gold in the till was about to be gone. He accepted Morgan’s proposal and the economy pretty much revived quickly.


49 posted on 02/11/2009 4:49:40 AM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
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To: chainsaw

The street was warned and ready for the break in Money Market $1/share value. The Lehman paper default was huge news that triggered an industry wide ahhhhh panic.


50 posted on 02/11/2009 4:54:17 AM PST by Broker ( Pakikisama)
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