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Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks" ( Sept 15,2008)
LiveLeak ^ | Feb 7 2009 ( I believe) | Rep Paul Kanjorski Capital Markets Sub committee Chair

Posted on 02/16/2009 6:42:56 PM PST by Ernest_at_the_Beach

At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.

Here is a transcript of what Kanjorski says in the video:


"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."


Kanjorski does not provide further details.

A Google search to verify this produces zero results.


(Excerpt) Read more at liveleak.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 091508; 111th; economy; kanjorski; runonbanks
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To: Ernest_at_the_Beach

I am absolutely convinced this was caused by Democraps on the Banking committee giving insider intel to Hedge Fund managers ... Charles Schumer comes to mind, and his sparking the run on Indymac to get the financial ciris rolling in time for the fall election cycle.


21 posted on 02/16/2009 7:19:27 PM PST by MHGinTN (Believing they cannot be deceived, they cannot be convinced when they are deceived.)
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To: tubebender
I guess Rush has been talking about this:

Shocker: Electronic Money Market Run Nearly Destroyed US Economy
February 10, 2009

22 posted on 02/16/2009 7:23:50 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: Ernest_at_the_Beach; philman_36

9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN

See that thread for a longer discussion about: on which day what funds were affected, what the actual sequence of events was, how the weekend affected Wall Street’s reaction to news on Thursday, Friday, Monday, and Tuesday.

Freeper philman_36 has some amazing research.


23 posted on 02/16/2009 7:25:15 PM PST by Robert A. Cook, PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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To: Robert A. Cook, PE; FromLori
Thanks....posted by FromLori:

*******************

9/11/2008 CATASTROPHIC FINANCIAL TERRORIST ATTACK CAUSED ECONOMIC MELTDOWN

Now we have a new date....

24 posted on 02/16/2009 7:28:56 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: Robert A. Cook, PE

http://www.freerepublic.com/focus/f-bloggers/2184661/posts


25 posted on 02/16/2009 7:28:56 PM PST by txhurl (ralph)
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To: Ernest_at_the_Beach

This blogger seems to think the Kanjorski story is fiction. I’m not taking sides, just throwing it out.

http://www.portfolio.com/views/blogs/market-movers/2009/02/11/kanjorski-and-the-money-market-funds-the-facts


26 posted on 02/16/2009 7:30:31 PM PST by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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To: Ernest_at_the_Beach
I had read awhile back that it happened on Sep 15 too. Too many questions, how many MM accounts, whose, etc. Much could be put into secret Swiss accounts. Seems they would know who was withdrawing and 'where', but I am uninformed and just 'meandering' here.



27 posted on 02/16/2009 7:31:14 PM PST by potlatch
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To: potlatch; Grampa Dave; SierraWasp; blam; Marine_Uncle; NormsRevenge; Brad's Gramma; BurbankKarl; ...
Excerpt from that thread:

***************************EXCERPT****************************

This was a Financial Terrorist Attack on the seventh anniversary of 9/11. Aren't the American people entitled to know who was behind the run on the banks?

Why was this kept from the American people before the most important election in US history? And why did Obama treat it as an unimportant incident - accusing McCain of grandstanding when McCain left the campaign trail and flew to Washington? Remember what President Hussein said? "They'll call me if they need me."

FLASHBACK: "Call me if you need me"

28 posted on 02/16/2009 7:31:54 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: Ernest_at_the_Beach

The wicked prick wasn’t even voting ‘present’ don’tchaknow.


29 posted on 02/16/2009 7:32:55 PM PST by MHGinTN (Believing they cannot be deceived, they cannot be convinced when they are deceived.)
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To: Ernest_at_the_Beach
Paul Kanjorski, Mr. Free Money.
30 posted on 02/16/2009 7:37:23 PM PST by Born Conservative (Bohicaville: http://bohicaville.wordpress.com/)
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To: Issaquahking

ping


31 posted on 02/16/2009 7:38:30 PM PST by DeLaine
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To: Ernest_at_the_Beach

could be. now join my FaceBook


32 posted on 02/16/2009 7:40:28 PM PST by GeronL (Hey, won't you be my Face Book friend??)
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To: Ernest_at_the_Beach

[This was a Financial Terrorist Attack on the seventh anniversary of 9/11]

Thanks again Ernest. I am shocked to learn the date this happened. Think I’ve had enough ‘stimulus’ for the night and am headed for bed!


33 posted on 02/16/2009 7:45:08 PM PST by potlatch
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To: Ernest_at_the_Beach; All; Alamo-Girl; airborne; American in Israel; AnimalLover; auggy; backhoe; ...

END TIMES PING LIST PING.

Please ping whatever ping list applies:

Can anyone with the skills and experience comment on the potential meanings of all this?

http://www.abovetopsecret.com/forum/thread437754/pg1

source:

http://market-ticker.org/archives/801-RED-ALERT-FX-Dislocation-In-Process.html

8:17 CT

I do not know what is going on here, and I don’t think I want to.

Someone, apparently someone in Asia, wants dollars. A LOT of dollars. There is a forced-liquidation event underway that is massive, it is against all asset classes and it is spreading.

It originated at approximately 7:15 CT this evening and originated out of Asia somewhere. All of the primary currency crosses got hit at once - Euro, Pound, Yen - all weakened dramatically against the dollar and it is still going on. The Asian stock markets got walloped at the same time in coordinated waves of forced selling.

At the same time the US futures markets got nailed as well, down some six handles on the /ES in a near-vertical drop. While this sounds “not that big” to move these markets in a coordinated fashion like this is a trillion-dollar enterprise - this is not some small company that went bankrupt, or even a large company.

There is no news coverage at the present time identifying the source of this but it is not small and contrary to some reports it is not “automatic selling”; this is forced liquidation.

Folks, if this translates into Eastern Europe where there are severe instabilities already brewing literally everything in the financial world could come apart “all at once.”

The worse news is that if this happens Bernanke will have killed us (in the US) by extending those swap lines all over the planet during the last six months. These will become utterly uncollectable and they are massive, in the many hundreds of billions of dollars.

To those who are reading this, I hope if you’re in the markets you are prepared for extreme levels of violence. You must expect that the authorities will try to arrest the destruction if they are able, but you must also be prepared for the possibility that we have reached a “critical mass” point beyond which “duck and cover” is the only winning strategy.

Unfortunately.

That comes from Karl Denninger.

Will this reverse before our markets open in the morning, or are we going to see something really ugly??

I don’t know, only time will tell


34 posted on 02/16/2009 7:45:16 PM PST by Quix (POL BOSSES say fm1900 2 presnt: http://www.freerepublic.com/focus/religion/2130557/posts?page=81#81)
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To: Quix

A thread of it’s own just got posted here:

http://www.freerepublic.com/focus/f-news/2187216/posts


35 posted on 02/16/2009 7:50:55 PM PST by Quix (POL BOSSES say fm1900 2 presnt: http://www.freerepublic.com/focus/religion/2130557/posts?page=81#81)
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To: listenhillary

That was my first thought on the other thread...but Live Leak has a video clip...


36 posted on 02/16/2009 7:55:37 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: potlatch

Very NICE!


37 posted on 02/16/2009 7:56:35 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: potlatch

Nite!


38 posted on 02/16/2009 7:58:03 PM PST by Ernest_at_the_Beach (No Burkas for my Grandaughters!)
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To: Ernest_at_the_Beach

Why? Because it comes out of a politicians mouth? I don’t think he was even on any financial committees. It’s not like he has any inside information that I can see.

Can you imagine this story staying under wraps for five months?


39 posted on 02/16/2009 7:58:44 PM PST by listenhillary (Rahm Emmanuel slip - A crisis is a terrible thing to waste.)
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To: Quix

Can anyone with the skills and experience comment on the potential meanings of all this?

If Karl dont know nobody knows, I have been reading his site for while now and been expecting something big.


40 posted on 02/16/2009 7:58:58 PM PST by DAVEY CROCKETT ("Iran is not helpful to the peace process", Obama)
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