I suspect that Soros and his sock puppets had a great deal to do with it.
After all, he does have experience in ruining economies.
Posted on 03/05/2011 11:20:47 PM PST by Rashputin
Was the Economic Crisis Manufactured?
By Nancy Morgan
In the summer of 2008 as McCain and Obama were in the midst of their campaigns to capture the presidency, a series of events dramatically changed the focus of the campaign from Iraq to the economy. From that point on, Obama took the lead and eventually won the presidency.
Now, a full two years later, the Pentagon has issued a report on the series of events that led to the 2008 economic crash. Bill Gertz writes in the Washington Times:
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
"There is sufficient justification to question whether outside forces triggered, capitalized upon or magnified the economic difficulties of 2008," the report says.
Notable for its absence is any suggestion that the economic events that arguably catapulted Obama into the White House may have originated in our own political system.
Consider: The economic house of cards started tumbling on June 26, 2008, when Senator Chuck Schumer leaked a memo questioning the solvency of IndyMac bank. This memo precipitated a run on IndyMac which led to its failure. Federal regulators pointedly cited U.S. Sen. Charles Schumer, D-N.Y., in explaining the bank's failure. "The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York."
As I wrote in February of 2009, this event, coupled with the Lehman Brothers collapse in September, marked the beginning of the current economic meltdown and provided the environment that enabled Barack Obama to focus on the economy instead of his position on Iraq - and, not incidentally, resulted in his election as President.
For the last two years, the media has neglected to connect the dots regarding the strange gyrations in our financial markets that started in the summer of 2008. After Schumer caused the run on IndyMac in June, the government moved in:
July 12, 2008: The federal government takes control of the $32 billion IndyMac Bank. *
* Six months later, Jan 2, 2009, a seven-member group of investors agreed to buy the remnants of failed lender IndyMac for $13.9 billion. Other investors included a fund controlled by billionaire George Soros' Fund Management.
Sept. 6, 2008: Fannie Mae begins its downward spiral, which will end with a crash in November. This crash was avoidable, as the problems with Fannie Mae and Freddie Mac were identified in June of 2006, when 15 Republicans on the Senate Banking Committee introduced legislation to address the problem. Democrats, led by Barney Frank, killed the reform efforts.
Sept. 15, 2008: Obama and McCain are virtually tied in their race for the presidency. Out of no-where, in the space of less than 2 hours, the Federal Reserve noticed a tremendous drawdown of money market accounts in the U.S. to the tune of $550 billion. Rep. Paul Kanjorski of Pennsylvania said that if authorities had not closed the banks, $5.5 trillion would have been withdrawn from US banks, which would have caused the collapse of the US within 24 hours.
This seminal event marked the ascendancy of Obama's candidacy, and arguably resulted in his election as president.
Fast forward to February of 2009:
The markets reacted to Obama's proposal to bail-out mortgages and Senator Christopher Dodd's talk of nationalizing banks by reaching 11-year lows.
Obama continues to stoke the fears of imminent crisis, actually using the word 'crisis' a total of 26 times in one speech.
Enter George Soros. The infamous one-worlder, billionaire George Soros adds his voice to the media doomsayers by opining that the world financial system has effectively disintegrated, adding that there is yet no prospect of near-term resolution to the crisis.*
The series of 'inadvertent errors', deliberate obstruction, political shenanigans, behind the scenes manipulation of the money markets and non-stop calls for immediate infusions of taxpayer cash brought the U.S. to its knees by February 2009. And continues to this day.
The newly issued Pentagon report, along with the media and our elected officials, seem intent on not connecting the dots, considering only foreign enemies as the possible cause of the financial meltdown:
Suspects include financial enemies in Middle Eastern states, Islamic terrorists, hostile members of the Chinese military, or government and organized crime groups in Russia, Venezuela or Iran. Chinese military officials.
This author believes there is enough information to at least consider that this crisis was manufactured for political gain. Right here at home.
Nancy Morgan is a columnist and news editor for conservative news site RightBias.com. She lives in South Carolina.
That’s right on target. He doesn’t share the American spirit because he didn’t grow up in mainstream America. As far as I can tell, he grew up in Hawaii (out of the mainstream) and Indonesia.
If it was manufactured then ......
Why Do I not still have my non - union Job ?
Why is my house being Repossessed ?
Why am i on unemployment STILL after a Year ?
Why aren't there jobs ?
I've been trying to go back to school at 51 that's a freaking joke Why is it someone on welfare can go to school in perpetuity and never get a job and someone who has worked all their life to get what they need can't get a straight answer form these goons in charge about simple questions .....
If it sounds like I'm pissed off well you guessed it i work my butt off when I'm working and now that I'm not working i can't find a job that would pay for my gas money to get back and forth to work let alone pay bills
This President and his team of communists have destroyed this economy and is wrecking our country THEY SUCK !
Bunk. I don’t believe for one second that the 2008 financial meltdown was some conspiratorial economic attack on our economy.
We simply had run up private debt to catastrophic levels. That balloon just popped when Greenscam raised the prime rate and when all of those idiots with ARMs decided they could pay just the minimum forever, causing their ARMs to reset early.
The housing bubble collapsed and triggered the CDO/CDS tsunami, and the blowup tanked AIG along with the big financials.
Jeez, this is too simple. The obvious is what happened. We don’t need a conspiracy to see that.
And furthermore, here is quick tip for the author of this piece. I only need to ask one question?
Has the catastrophic debt increased or decreased?
Yes, a lot of debt was destroyed in the Great Deleveraging, but then those who actually do want to destroy the US economy, decided to take still more private debt and load it onto the taxpayers back, and then ramp the debt up still higher.
The bottom line is, the US financial system is going to have to collapse sooner than later. So don’t be looking for boogeymen again when it happens in 2020 or 2030 or whenever the next, more catastrophic collapse occurs for real.
I keep hoping and praying I will be spared getting snared in the coming financial collapse, but at 52 years old, and with demands on Social Security and Medicare from the MASSIVE flood of coming baby boomer retirements being a likely trigger for the impending US financial collapse, I am guessing I won’t be spared.
No, it is not likely the 2008 liquidity/insolvency crisis was manufactured. If so, then why are the banks currently awash in money they refuse to lend? No, this was a financial crisis solely due to foolishly overspending for decades upon decades, loading up with a catastrophic level of debt that absolutely had to puke itself out of the system at some point.
The article is just bunk.
OK, synopsis from my post above:
The US economy tried to go into a depression in 2008, death from natural causes. The US government is fighting it tooth and nail which is why we are experiencing a mild depression rather than a deep one to really puke all the debt out of the system. It remains to be seen if we backslide into a deep depression for years, or whether the US government & Fed can “pull” us out of a depression into Very High Inflation (I don’t use the term hyperinflation for anything less than occurrences like Zimbabwe and Weimar).
Should they succeed, they will only postpone that greater depression, not prevent it, and by delaying it they will make it more painful than if we just took that hit now.
There is no preventing the natural economic forces from puking up the bad debt, and so cue Travis McGee’s oft-posted quote:
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
~~Ludwig Von Mises
It is coming and is NOT going to be any more “manufactured” than the current mild depression is.
I suspect that Soros and his sock puppets had a great deal to do with it.
After all, he does have experience in ruining economies.
Soros has enough influence and friends in the financial industry around the world (I believe Soros is estimated to be worth over US$12 billion) that he and a few other powerful investment fund managers based in Europe, China and the Middle East could do a direct coordinated attack on the US economy by manipulating stock and commodities futures and possibly even "engineering" political crises around the world.
Mind you, this is a HIGHLY risky attack, especially in the modern age of the Internet, where trying to keep a secret is really hard to do. If we find out that Soros engineered this, especially give his very close links to the Democratic National Committee and his friendship with certain powerful media organizations like the New York Times, the CNN division of Time Warner, and so on, we would have a full-scale revolution on our hands just like what happened in the Middle East recently.
As much as I have a hard time with conspiracy theories, this scenario makes a lot more sense at least than the other thread that had the crisis manufactured by Chinese spies taking over the futures market.
I don't think he is so smart. He just has a good voice and reads well of the teleprompter.
The Arab kid looks black and that white Liberal guilt helped carry him over.
Got white guilt? Vote Obama!
Funny sign by a clever voter
Some sort of forensic information has the Pentagon seriously concerned that there was manipulation. I don't see how anything other than internal sources with detailed knowledge of what is traced and sufficient control to cover their tracks as they went along would leave traces, but traces that don't point to a specific attacker.
The sums involved and the number of individual "targets" involved is just too big to go after unless you're someone they expect to be looking around and therefore ignore. Think of the number of differently protected and configured secure systems that would be involved. At any rate, the number of well connected democrats who managed to sell out in the month or so prior to everything falling apart is at least very interesting if not outright incriminating.
It is funny how we read these articles about what we already know. We are more informed than the people who are expected to be. Useless!
I know I am beating a dead horse, but here goes anyway. If it had been Conservative Republicans the dots would have been connected.
Chuckie should be charged for causing the bank failure. Maybe some of the shareholders will sue him, if they haven't already.
bookmark- thanks for posting these links.
I hope very soon Odumbo will be humbled...but he will be eventually, if not soon.
save
ping
There might be something to the “manufactured crisis”. I wrote about it myself when it was happening, even posted a picture here on free republic of the dems crashing planes into two towers, one tower labeled US Economy, and the other labeled McCain Campaign.
But...
Which part of the conspiracy included John McCain “canceling” his campaign to huddle in Washington. Then emerge with a position that was indistinguishable from “O”. Before the 2nd Presidential debate, Dick Morris (in the his only correct statement in a decade) announced, “If McCain stands strong against bailouts, this race will be over tonight - with McCain the easy winner.”
Unbelievably, McCain just nodded as Barry talked.
I just have a hard time believing O would engage in a conspiracy that would only work if his opponent was a brain dead moron.
...oh jeez never mind.
****Massive overbuilding and high risk mortgages were based on absurd home values, which doubled in five years.***
Fox reporting that Fannie Mae & Freddie Mac will be dissolved - along with 30-year mortgages.
US is the only country that has 30-year mortgages. Must be related to family farms and post WWII returning vets.
Today, families break up and move around - homes are not ‘permanent’ residences. Makes sense to have 10 year financing - much like autos - with a low interest. After 30 years a $100K house has cost $300K.
if banks had kept the loans and acted as the real mortgagee rather than acting essentially as a mortgage broker and selling them off as quickly as possible, the bubble wouldn't have been nearly as big. They would have actually cared what the down payment was and whether the buyer had the income to pay for the mortgage. Instead they merely did a cursory check for a pulse.
I disagree. It is impossible to believe that 550 billion worth of money market investors woke up on Sep 15 and said sell.
It is far more likely that Soros engineered the run to create an October Surprise to get the Kenyan elected.
The Soros-Kenyan conspiracy to collapse the financial sector is the largest crime ever perpetuated in history. I can see why it is difficult for you to imagine it.
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