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Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
BoingBoing.net ^ | February 9, 2009 | unknown

Posted on 02/10/2009 9:43:07 AM PST by an amused spectator

http://www.boingboing.net/2009/02/09/rep-kanjorski-550-bi.html


TOPICS: Business/Economy; Crime/Corruption; Front Page News; News/Current Events
KEYWORDS: kanjorski; octobersurprise
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The Hunt for Red September begins...
1 posted on 02/10/2009 9:43:07 AM PST by an amused spectator
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To: an amused spectator

Rush just talked about this in his opening monologue.


2 posted on 02/10/2009 9:44:01 AM PST by upsdriver
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To: upsdriver

Right. It was posted yesterday, but in chat.


3 posted on 02/10/2009 9:46:56 AM PST by an amused spectator (Obama: Besteuerung Macht Frei)
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To: an amused spectator
Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
"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.
The treasury tried to help with $150 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts
they estimated that by 2 PM that afternoon.
Within 3 hours. $5.5 Trillion would have been withdrawled
and collapsed and within 24 hours the world economy."


FLASHBACK: from 9/15/08:

“U.S. President George W. Bush said Monday he is confident
that the markets are resilient and can deal with the latest financial blows.
“We are working to reduce disruptions and minimize the impact
these financial market developments on the broader economy.” ...

U.S. Democratic presidential candidate Barack Obama
said eight years of Bush “brought us the most serious financial crisis
since the Great Depression.”

His Republican rival said John McCain said he was happy the
federal government decided not to use taxpayer dollars to bail out Lehman Brothers.”

How did Obama know THEN
that we would experience the ‘most serious financial crisis since the Great Depression’
when those who did not plan the takeover would not know for three more months?


October 10, 2008, another massive selloff.

4 posted on 02/10/2009 9:49:01 AM PST by Diogenesis (Quis custodiet ipsos custodes?)
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To: an amused spectator

I liked Rush’s take on the whole thing, it confirms my suspicions that this is a manufactured economic crisis for political purposes. I also hope someone investigates who were the players pulling their money out of the money markets.


5 posted on 02/10/2009 9:51:17 AM PST by upsdriver
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To: an amused spectator; Liz

Who was doing the selling? Why the sudden selloff?


6 posted on 02/10/2009 9:51:46 AM PST by Mamzelle (Boycott Peggy Swoonin')
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To: upsdriver

“Rush just talked about this in his opening monologue.”

Yep: http://www.freerepublic.com/focus/news/2182367/posts?page=83#83


7 posted on 02/10/2009 9:53:08 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: Diogenesis

Bookmark! Excellent work!


8 posted on 02/10/2009 9:56:40 AM PST by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: an amused spectator
This was Soros explanation regarding the perfect storm created for October 2008.

http://www.ft.com/cms/s/49b1654a-ed60-11dd-bd60-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F49b1654a-ed60-11dd-bd60-0000779fd2ac.html&_i_referer=

9 posted on 02/10/2009 9:59:35 AM PST by Just mythoughts
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To: Mamzelle

Top detectives will always tell you - when a crime occurs, find out who stands to benefit.

The Democrats benefitted enormously for the current economic collapse.

They are responsible.


10 posted on 02/10/2009 10:17:15 AM PST by FroggyTheGremlim
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To: an amused spectator

We pulled our money out last Thursday!!! Good, let it all crash! OBAMA’S FAULT!!!!!!!!!!!


11 posted on 02/10/2009 10:18:37 AM PST by blondee123 (Barack O'Lenin says "Not a time for profit for companies"!!! HUH???)
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To: Mamzelle

Here may be a clue. Soros, J C Flowers and John Paulson all run HUGE hedge funds. They “bought” Indy Mac bank recently with Michael Dell. Probably got tax loss carry forwards forever plus govt money.

Schumer slimed Indy Mac back in October which then caused a run on the bank and it imploded. My guess is it was heavily shorted by those three hedge funds with the help from others.

I saw all of this unfolding in october. they lined em up and picked em off one by one. This was a manufactured crsis (Cloward-Piven & Alinsky) to grab power.

This is not over. The GOP needs to start fighting. Dr. edwin Vierira said the BC will eventually come out and standing will not be an issue when the first case is filed based on any law he signs by a defendant. Orly’s new case may also get around the standing issue. If he gets bounced - any law he signs is voided.

We may also find out who was behind this looting. Businesses and others are going to get sick of this criminal soon.


12 posted on 02/10/2009 10:18:56 AM PST by Frantzie (Boycott GE - they own NBC, MSNBC, CNBC & Universal. Boycott Disney - they own ABC)
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To: an amused spectator

Thanks for posting. Bump for later read - I expect this thread will generate some good comments.


13 posted on 02/10/2009 10:26:10 AM PST by Ben Hecks
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bttt


14 posted on 02/10/2009 10:31:20 AM PST by rustyncrusty (Where liberty dwells, there is my country. - Ben Franklin)
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To: an amused spectator; Admin Moderator
Admin Moderator: Can this thread be moved to Breaking News? The story did legitimately break this morning on Rush's program, even though the incident occurred four days ago. During an appearance on the C-SPAN morning call-in program on 2/6/09, Rep. Paul Kanjorski (D-PA), Capital Markets Subcommittee Chairman, bluntly told the truth about the economic crisis that hit last fall. To paraphrase him, our nation's economic system was under attack, and the actions by President Bush, Fed Chairman Bernanke and SecTres Paulson were a temporary solution to battle it back. What Kanjorski has to say is critical, and this story needs the widest possible distribution. Here is a link to the C-SPAN video on YouTube.

Here is a verbatim transcript of Rep. Paul Kanjorski (D-PA), Capital Markets Subcommittee Chairman, speaking on C-SPAN, February 6, 2009.

On Thursday [9/11/08*], at about 11:00 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. They pumped $105 billion into 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. And that's what actually happened. 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.

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 that's why, when they made the point we've got to act and do things quickly, we did.

You know, we're not any geniuses in economics or finances on the Hill, we're representatives of the people. We ought to take our time, but let the people know this is a very difficult struggle. Somebody threw us into the middle of the Atlantic ocean without a life raft, and we're trying to determine what's the closest shore, and whether there's any chance in the world to swim that far. We don't know.

*NOTE: In the video, Kanjorski says this occurred "about September 15th," and then says that the beginning of the problem occurred on "Thursday." The 15th was a Monday, but the previous Thursday was September 11, 2008.

15 posted on 02/10/2009 10:47:22 AM PST by Wolfstar (Elections have thousands of consequences. Some minor, some major...and some that can kill you.)
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To: Wolfstar

Moved it to Frontpage - that seems a good fit.


16 posted on 02/10/2009 10:53:00 AM PST by Admin Moderator
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To: upsdriver; an amused spectator
I liked Rush’s take on the whole thing, it confirms my suspicions that this is a manufactured economic crisis for political purposes. I also hope someone investigates who were the players pulling their money out of the money markets.

Some of us here have long, long thought that Obama is nothing but a front man whose fantastical rocket-rise to the top of American politics was funded by enemies of this country.

As for someone investigating who the players (or just player) were, if we have to rely on Obama's anti-Justice Department, it will never happen. Conyers, Leahy and company are busy agitating for investigations of the Bush administration's "torture" of Islamofacist terrorists. Leahy's brush with death during the anthrax attacks apparently get through to him.

17 posted on 02/10/2009 10:53:25 AM PST by Wolfstar (Elections have thousands of consequences. Some minor, some major...and some that can kill you.)
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To: blondee123
We pulled our money out last Thursday!!!

Kanjorski was talking about the massive attack on our financial system that occurred last September, not last Thursday.

18 posted on 02/10/2009 10:54:40 AM PST by Wolfstar (Elections have thousands of consequences. Some minor, some major...and some that can kill you.)
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To: Admin Moderator
Moved it to Frontpage - that seems a good fit.

Thanks. Much appreciated. :)

19 posted on 02/10/2009 10:56:13 AM PST by Wolfstar (Elections have thousands of consequences. Some minor, some major...and some that can kill you.)
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To: an amused spectator

It disappeared into their own pockets!!


20 posted on 02/10/2009 10:58:08 AM PST by angelcindy ("If you follow the crowd,you get no further than the crowd")
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