Skip to comments.Was the U.S. a victim of an economic 9/11 in 2008?
Posted on 03/01/2011 6:06:32 AM PST by KosmicKitty
Bill Gertz has an article running in this mornings Washington Times, Financial terrorism suspected in 08 economic crash, on a report prepared by the Department of Defense in June 2009. In the report, financial analyst Kevin Freeman argues that the 2008 economic crisis was assisted by outside forces. What the study (which we are providing a copy of exclusively here at PJ Tatler at the conclusion of this post) investigates is how outside forces could have helped things along by manipulating oil prices, naked short selling of U.S. financial firms (e.g. Bear Stearns), and attacking the U.S. dollar. Gertz reports:
Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system.
(Excerpt) Read more at pajamasmedia.com ...
The meltdown was all part of “The Plan”. It worked and we’re screwed.
Black helicopter alert is missing.
Dug out my tinfoil hat...
> naked short selling of U.S. financial firms
But it was OK to do naked short selling on every other type of firm...
9/11 lead to a bunch of dead radical muslims.
9/08 lead to a muslim in the White House.
Barney Frank, Chuck Shumer and Chris Dodd cooked it all up. they manipulated Fannie and Freddie and played with mortgages. If anybody is to get the blame for what happened in 2008, I’d start there.
> The meltdown was all part of The Plan. It worked and were screwed.
I completely agree. I knew it when it happened.
George Soros is still under indictment in Russia for destroying their currency. The Rouble went from 6 per dollar to 16 per dollar in a few months. Soros was selling the Russian currency short.
Too bad we don’t have an extradition treaty with Russia.
But if the Russians want him badly enough, they can probably get him.
But the damage is done in Russia, and now they get to gloat as Soros wreaks the same kind of havoc with our economy.
After the re election of GWB in 2004, there was a viral email directing leftists to get revenge by maxing out their credit cards or other financial instruments and walk away. The beginning of the end was the ninja loans.
There was no way that Bush could have prevented what happened to the economy in 2008.
This was gonna happen sooner or later because of the reckless government spending, the massive amounts of unfunded liabilities in the states and the federal government, the perfect storm of the collapse of the housing market which still is struggling mightily, the national debt, the billions we were borrowing from China and are still borrowing, plus the fact that we were involved in two wars.
So it was gonna happen. The only question was when.
It was just unfortunate that it happened to Bush.
However, much of the blame should be placed on wrong headed and lax fiscal policies done under previous democrat administrations.
Well-stated. And the timing of how it all went down makes it abundantly clear that the whole thing was orchestrated for exactly that result.
setting the table for Obama to use “homeland security” as an excuse to massively regulate the economy
Funny I thought Phil gamma financial modernization act may have just a little to do with it. Much of what occcured was illegal before the act.
He crashed the Asian markets in the 1990’s. Look it up.
I think it was this guy.
In order for a country to be a dominant force on the world stage, it needs four things:
1) A strong military
2) A strong economy
3) Access to natural resources
4) Access to technology
Looks like we’re out 3 right now. We can blame BO, but who’s the power behind that throne?
Agreed. But this goes way back...to LBJ and then Carter's CRA (community reinvestment act). And in 1996 it got put on steroids and '08 was the culmination of some pretty bad decisions and more than likely, some corrupt decisions.
And how is it that mortgage debt eventually got into the hnads of Wall Street? To me, this is problematic.
Yep, I agree.
I still have the Wall Street Journal from days after the 1987 stock market crash. They had a excellent story about what almost happened that day. The banking system came very close to coming apart back then, due to spiraling liquidity issues that were happening on that day.
Most people are totally unaware of that.
Well Worth the READ:
The hypothesis under consideration is that a three-phased attack is underway with two of those phases completed to date.
The first phase was a speculative run-up in oil prices that generated as muchas $2 trillion of excess wealth for oil-producing nations, filling the coffers of Sovereign Wealth Funds, especially those that follow Shariah CompliantFinance.This phase appears to have begun in 2007 and lasted through June 2008.
The rapid run-up in oil prices made the value of OPEC oil in the ground roughly$137 trillion (based on $125/barrel oil) virtually equal to the value of all otherworld financial assets, including every share of stock, every bond, every privatecompany, all government and corporate debt, and the entire worlds bank deposits. That means that the proven OPEC reserves were valued at almost threetimes the total market capitalization of every company on the planet traded in all27 global stock markets.
The second phase appears to have begun in 2008 with a series of bear raidstargeting U.S. financial services firms that appeared to be systemicallysignificant.An initial bear raid against Bear Stearns was successful in forcing thefirm to near bankruptcy. It was acquired by JP Morgan Chase and the systemicrisk was averted briefly. Similar bear raids were conducted against various otherfirms during the summer, each ending in an acquisition. The attacks continueduntil the outright failure of Lehman Brothers in mid-September. This created asystem-wide crisis, caused the collapse of the credit markets, and nearly collapsedthe global financial system. The bear raids were perpetrated by naked short selling and manipulation of creditdefault swaps, both of which were virtually unregulated. The short selling wasactually enhanced by recent regulatory changes including rescission of the uptick rule and loopholes such as the Madoff exemption
While substantial, unusual trading activity can be identified, the source of the bearraids has not been traceable to date due to serious transparency gaps for hedgefunds, trading pools, sponsored access, and sovereign wealth funds. What can bedemonstrated, however, is that two relatively small broker dealers emergedvirtually overnight to trade trillions of dollars worth of U.S. blue chipcompanies. They are the number one traders in all financial companies that collapsed or are now financially supported by the U.S. government. Trading bythe firms has grown exponentially while the markets have lost trillions of dollarsin value.
The risk of a Phase Three has quickly emerged, suggesting a potential directeconomic attack on the U.S. Treasury and U.S. dollar.Such an event hasalready been discussed by finance ministers in major emerging market nationssuch as China and Russia as well as Iran and the Arab states. A focused effort tocollapse the dollar by dumping Treasury bonds has grave implications includingthe possibility of a downgrading of U.S. debt forcing rapidly rising interest ratesand a collapse of the American economy. In short, a bear raid against the U.S.financial system remains possible and may even be likely.
Phase Two may have concluded with the brief market rebound that was supported by anemerging regulatory response calling for greater transparency across the board. Effortsincluding regulation of credit default swaps and proposed oversight of previously unmonitored trading activity, as well as Federal support of systemically vital institutions.But, we remain left with the critical unanswered questions of who and how? The recent seizure of $134 billion face value in supposedly counterfeit U.S. FederalReserve bonds underscores the reality of the economic threat. This may be assignificant as the Japanese radio intercepts were before December 1941. Immediate consideration of the issues outlined in this report is vital. Further studyis essential and prospective responses must be crafted to address future risks.Finally, there are legitimate questions about the performance of the regulatoryregime and Wall Street institutions. Implications that these parties have beencomplicit or otherwise co-opted cannot be ruled out. Therefore, it is stronglyrecommended that this study and any task-force response be conducted outside of traditional Washington and Wall Street circles.
Don’t know if it’ll get posted since it didn’t immediately, but I tried to post this in response to a comment there:
On the same day that GW Bush totally reversed his week-long stance of letting Congress sort out what to do and decided to give a speech telling us that the entire western world would be destroyed if we didn’t pass (what economists said was just a token measure) TARP... Barack Obama called John McCain, supposedly to suggest that they come out with a statement of the need to work together. By that afternoon John McCain was on TV saying he was suspending his campaign and wanted to call off the debates - the only hope he had of winning the election.
IOW, there was ONE DAY where GW Bush decided that the apocalypse was upon us if we didn’t make a token gesture of cooperation with the folks who wanted TARP AND where McCain decided to give up the presidency.
I’d REALLY like to know what Obama said to McCain in that phone call - and I’d bet money it was NOT to suggest a joint statement - unless he had his hatchet-men do the dirty work for him, as he did to the media companies a month later when his lawyers threatened the media companies with FCC annihilation after the election if they reported on the eligibility issue. There had to be some reason Roger Ailes didn’t tell Soros/Emanuel/Axelrod to go pound sand and then report the threats to the FBI so Obama would never have gotten elected and the threats couldn’t be carried out.
I strongly suspect that the real threat was that if they didn’t fall in line Soros would hit the economy again, just like he had the month before. That same threat would also explain why Judge Surick suddenly totally reversed his previous stance and passed off a decision that was FAXED TO HIM FROM SOMEBODY ELSE (accidentally leaving the original transmission’s time/date stamp as evidence on each page) as if it was his own, without a peep for objection, as well as blatant ethics breaches by nearly every judge in the eligibility cases - as if they wanted to leave signs that something was wrong, that they were doing what they did against their own volition.
It would also explain why the dem leadership has been able to get rank-and-file dems to fall on their swords by cramming bad laws down America’s throats, blatantly violating House and Senate rules, etc as if there would never be another election.
It also would explain why the lame-duck Congress was able to be a scorched-earth Congress, when all the republicans had to do was not budge until the session was over and then they could take up all the issues with a R majority in the House and a much better balance in the Senate. Why did the R’s give away everything including the kitchen sink? There wasn’t going to be another election for 2 years, so I don’t buy that the bargaining chip Obama had over them was politics. Somebody in a leadership position was aware of some other threat that Obama held over their heads.
There’s way too much that factors in, way too many pieces of evidence to mention in one post, but the more evidence I look at, the more I think that Soros orchestrated the run on the bank in order to overcome Palin’s popularity and then when the eligibility issue began to be a real threat to Obama ever getting to the White House he used the threat of ANOTHER run on the bank and the collapse of the entire western/capitalist economy as a way to get judges, media owners, and Republican leaders such as GW Bush, Dick Cheney (who never called for objections to the electoral vote certification), and John McCain to do whatever he demanded - which they have been doing ever since.
Thank you for the summary. Downloaded the report this morning, but won’t have time to read today.
Certainly destroying the US economy will effect our standing on the world stage.
I began to think in the early 90’s that Wall Street was using the Financial Markets to manipulate Pres elections.
I think that the emergence of Soros as a political player was only the PUBLIC side of this story.
The interesting thing is that the strangling of the oil industry sent Trillions to the enemies of the U.S.
No wonder Zero was bowing to the Saudi’s.
This is a comment from the PJM site:
22. General P. Malaise
I remember hearing that there was an extreme run on several financial institution in the final months of the Bush presidency.
this was never explain and only Rush Limbaugh talked about it.
so what happened and why was it unreported?
March 1, 2011 - 5:50 am Link to this Comment | Reply
Does anybody know any more about this? If these things really happened and were things that Soros could have orchestrated it would fit the picture of Soros trying to convince critical people that he had been the power behind the September run and was willing and able to do it again if certain people didn’t “cooperate” with him - like a dog owner holding a pitbull on a leash and letting it nip at those who aren’t sure whether they really need to cooperate...
Of course, Castro and Chavez were both saying that the US should switch to communism, “since capitalism had failed”, the World Bank was having sessions deciding what to do “since capitalism had failed”, and Ahmadinejad and Al Qaeda were both saying the US/world should try Islamic finance “since capitalism had failed”.
So Soros’ allies from both sides - the communists and the Islamists - were trying to bill the whole thing as the failure of capitalism and may have been trying to do further damage in the hopes that it would push capitalism over the edge and be the final crisis to overthrow capitalism.
But if that were the case I think they would have gotten the media to make a big show of it, in order for it to have the max effect. To make the run and then have the media hide it is more like a signal intended for just a few people.
Soros made his first billion in 1992 by shorting the British pound with leveraged billions in financial bets, and became known as the man who broke the Bank of England. http://www.americanthinker.com/2008/02/george_soros_and_the_alchemy_o.html
In 1994 Soros crowed in The New Republic that the former Soviet Empire is now called the Soros Empire. The Russia-gate scandal in 1999, which almost collapsed the Russian economy, was labeled by Rep. Jim Leach, then head of the House Banking Committee, to be one of the greatest social robberies in human history. The Soros Empire indeed.
In 1997 Soros almost destroyed the economies of Thailand and Malaysia.
When the Asian Financial Crisis of 1997 threatened to spread globally, George Soros was right in the thick of it. Soros was accused by the Malaysian Prime Minister of causing the collapse with his monetary machinations, and he was branded in Thailand as an "economic war criminal" who "sucks the blood from the people."
[Soros] actually got caught and charged with illegal insider trading in his attempt to take over the Societe Generale bank in 1988/89. He was convicted and the conviction was upheld in 2 separate appeals, the last in June of 2006. They let him off, however, with a piddling $2.9 million fine.
The website Greek national Pride reports, [Soros] was part of the full court press that dismantled Yugoslavia and caused trouble in Georgia, Ukraine and Myanmar [Burma]. He is without conscience; a capitalist who functions with absolute amorality.
Recently, his native Hungary fined Soros 2.2 million dollars for illegal market manipulation. [Soros] deliberately driving down the share price of its largest bank put Hungarys economy into a wicked tailspin, one from which it is still trying to recover.
Soros told Australias national newspaper The Australian America, as the centre of the globalised financial markets, was sucking up the savings of the world. This is now over. The game is out, he said, adding that the time has come for a very serious adjustment in Americans consumption habits.
DiscoverTheNetworks.org (another good source) writes, By his [Soros] own admission, he helped engineer coups in Slovakia, Croatia, Georgia, and Yugoslavia.
In Davos this year , at the World Economic Forum, Soros even went so far as to say that the current housing "bust" would signal the end of the dollar as the world's default currency.
"The current crisis is not only the bust that follows the housing boom," Soros said. "It's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency."
I don’t look at any well-planned conspiracies. I just look at what libs do as a matter of course, intentionally or unintentionally. Everything libs do eventually ends up in disaster. So it was with The GEs and the passages of all the bills designed to “help” minorities. The Law Of Unintended Consequences must have been created with libs in mind.
Both the first WTC attack in 93 and the 9/11 attack were attacks against the economy.
Both were preceded by orchestrated recessions. They were both a one two punch. Orchestrate a recession then attack the economy with a terrorist attack.
The orchestrated recession of 2008 followed the same pattern.
There was an orchestrated recession and low and behold there was a planned terrorist attack for NYC’s subway system which pretty much would have shut down the city. Apparently they began planning that attack in late 2006 or early 2007.
Sure is funny how the dems always orchestrate a recession prior to a terrorist attack against the economy.
What has bothered me about the triggering event of the Crash of 2008, the drawdown of the $ 550 billion, is, how did it happen without an electronic trail?
How can the culprits be “unknown”, when the money was being drained electronically? Doesn’t the wire have to go somewhere, a specific destination?
Something has never added up about this.
Oh, and let’s remember the crisis summit meeting in the White House, where Zero said “Call me if you need me” and headed back out to the campaign.
A real leader, there.
“Does anybody know any more about this?”
Yes...I repeatedly posted the info below in early 2009, but it appeared to be far more advantageous for most here to blame President Bush and of course, TARP.
Secret “closed door” meeting with Congress (3/14/08)
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,
Kanjorski and the 550bil
Live Leak? | 3-2-2009 | Sequoyah101
Rep. Kanjorski: $550 Billion Disappeared in “Electronic Run On the Banks”
http://www.youtube.com/watch?v=_NMu1mFao3w [Not available on You Tube 9-09]
RUSH HAS THE ENTIRE SEGMENT FROM THE 1-27-09 C-SPAN VIDEO HERE:
[NOTE:the clip times will be off a little as the transcript was done from the YouTube vid]
starting at 2:08 into the clip.
Look, I was there when the Secretary and the Chairman of the Federal Reserve came those days and talked with members of Congress about what was going on. It was about September 15th. Here’s the facts, and we don’t even talk about these things. [Rush leaves off the above part and begins here
On Thursday [which would have been 9-11] at about 11 oclock in the morning the Federal Reserve noticed a tremendous draw down 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 and pumped a 105-billion into the system, and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
[ found this article substantiating Kanjorskis claim, albeit was the 16th not 15th ]
[also this video of Kucinich discussing the closed door meeting]
They decided to close the operation, close down the money accounts, and announce a guarantee of $250k per account so there wouldnt be further panic out there, and thats what actually happened.
If they had not done that, their estimation was that by 2:00 that afternoon, $5.5 TRILLION wouldve been drawn out of the MM system of the US, wouldve collapsed the entire economy of the US and w/in 24 hours the world economy would have collapsed. Now we talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it. And thats why when they made the point, weve got to act and do things quickly we did it.
3:00 — Now Sec Paulson said lets buy out these sub-prime mortgages, thats when he came to congress, but he said give us latitude and large authority to do many things as we decide necessary and give us $700 B to do that.
Shortly after we enacted our bill with those very broad powers, the UK came out and said No, we dont have enough money to buy toxic assets. Instead were going to put our money into banks so that their equity grows and their not bankrupt. And so the UK started that process and thats true, it was much cheaper to put money in banks .. as equity investments than to start buying their bad assets because it came early we determined we would probably have to spend 3-4 Trillion of taxpayers money to buy these bad assets and we didnt have that, we only had 700 Billion.
So Paulsen made a complete switch — went in and started putting money in buying securities and re-investing in the banks of the US. Why? Because if you dont have a banking system, you dont have an economy. And we and although we did that, it wasnt enough money and as fast as we did that, the economy has been falling and the reason that last week, were really no better off today than we were 3 months ago because weve had a decrease in the equity positions of bank, because the other assets are going sour by the moment.
5:09 — Now weve gotta make some decisions. Do we pour more money in to what extent that money goes in — I myself think we ought to take the time, analyze where we are, have the people understand -— when you listen to the lady that just got off the telephone, she is near panic - and - she doesnt think her governments acting properly or acting in her behalf. I think its important that we start informing that lady as to what really were the facts, what happened, and get input from her — maybe she has a better idea. You know were not any geniuses in economics or finances on the hill. Were representatives of the people. We ought to take our time, but let the people know this is a very difficult struggle somebody threw us in the middle of the Atlantic ocean without a life raft and were trying to determine which is the closest shore and whether there is any chance in the world to swim that far WE DONT KNOW!
[What I want to know is WHY is no one talking about this? What are they hiding? They were tracking the withdrawals and decided to close down the money accounts. They MUST know who was withdrawing the money and where it was going. ]
Also see my previous post. If you want more I have tons of info from that time frame.
PAULSON and SOROS
Someone asked Rush about Kanjorski and the 550bil just last week and Rush said that it wasn’t true. His staff looked into it and Kanjorski recanted what he said and they deemed it to be false. What was up with that? Frankly, by the way everyone was acting at the time - President Bush included - I believe Kanjorski. And don’t forget that Obama said “if they needed him” he would come in off the campaign trail and help. He showed up at the meeting and completely took over. President Bush wasn’t in control; Republicans were not able to offer solutions. Do I remember this right?
They are not "unknown" -- nor is it unknown where the money went. I remember a brief blurb at the time about the money being sent to overseas accounts, but I was in the middle of moving and could not follow/save the information. Of course we will never be told who or where.
The NASD and the SEC can also trace all trading back through the clearing firms directly to a broker of record. This is BS.
Thanks. So what the poster over at PJM was referring to was the run on the bank in September, not some additional activity after that? You don’t know of any additional runs that were made in Nov 08 - Jan 09?
Then of course there are countries like China and perhaps a few of the "oil rich" ones that would have been happy to help Soros destroy the USA and put their favorite islamo-fascist communist in charge to complete the destruction and "transformation" of America.
WOW. Thanks for this article. I responded to you before seeing this.
As I no longer listen to Rush, I had not heard this bit of info. What's up with it? They were told to STHU about it as well as the eligibility issue...IMHO.
I believe Kanjorski
As do I ... his original C-Span statments that is.
EXACTLY! Saying they do not know who or where is total BS!
I have to run out for a bit, but will do some checking when I get back.
Yep, I agree.
I remember reading at the time that the International Monetary Fund had their computers hacked. The news reporting was that “no significant damage” was done. I always wondered if there was a connection between that and the financial crisis.
Yes, but enough about Obama’s election.
Democrats were WARNED of Financial crisis and did NOTHING (Fannie/Freddie)
Now when I look back to late 08, I see a lot of interesting things:
September 7, 2008
McCain Moves Ahead 48-45
To this very day, I feel there is something strange about the Paulsen advice to Bush to do the first bailout. Paulsen is a Goldman Sachs guy and so is Schumer. (They are both Democrats) Remember Schumer caused a run on IndyMac late June of 08.
IndyMac: Mini Bank Run, Thanks to Schumer (late June of 2008)
I see Goldman Sachs made out like a bandit in the outcome of all of this. I do not know for sure, but I look backward and forward to now and it all makes me wonder. I just did a Google search and found this:
Is Goldman eyeing failed IndyMac?
Per Rep Paul Kanjorski, Democrat, Pennsylvania:
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.
Published September 23, 2008 at 2:26 PM
With Goldman Sachs Group Inc. converting itself to a bank holding company to strengthen its future, the New York-based financial institution is said to be on the prowl for deposits, but not necessarily an entire bank. Such speculation has led some in the media to ask whether Goldman could be looking to acquire the assets of failed IndyMac Federal Bank, which has fallen under the control of the FDIC.
Wednesday, September 24th, 2008 at 4:55 pm
Presidential Address: Bush on Economy
Wed Sep 24, 2008 12:48pm EDT
Obama ahead of McCain amid Wall St. turmoil: poll
Glenn Beck Clips 07-15-09 You Won’t BELIEVE The Goldman Sachs Governmental Ties Chart!
George Soros Major Sharehold In IndyMacOneWestBan.html