This is un-frickin-believable. The financial crisis was deliberate, planned, staged. Who made the run? "Someone threw us in the middle of the Atlantic ocean without a life raft. We are
trying to determine which is the closest shore and whether there is any chance
in the world to swim that far. We don't know."
Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild hat tip Cathy
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, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.
Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.
Kanjorski also explains why Paulson spent the bailout money differently than he originally proposed.
Some other gems from the recording:
It would have been the end of our economic and political system.
We would have had to spend 3 to 4 Trillion dollars to buy up all the toxic assets. But we didn't have that much we only had 700 Billion.
Without a banking system you don't have an economy.
We are no better off now than we were three months ago.
Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know.
More to think about. Somebody took a lot of money out of the banks. A lot.
And while I do not pretend to be on the inside of any of these nefarious machinations - it can't help but raise a red that the US treasury department, one week after nationalizing the banks, is giving seminars in Islamic finance and George Soros is buying our assets from the FDIC.
And WTF did Chuck Schumer know and when did he know it?
Look Who's Buying IndyMac Larry Johnson, American Thinker
The FDIC has just announced that a consortium of private equity and hedge fund firms would be buying IndyMac. IndyMac was an independent "bridge bank" spun off of Countrywide Mortgage in the late 90s. IndyMac acted as a "bridge bank" to Fannie Mae and Freddie Mac.
New York Democrat Charles Shumer precipitated the fall of IndyMac in May of 2008 by releasing "inside" information that the mortgage company was in dire financial straits. This disclosure created the initial "bank run" that is credited by many economists as the initial trigger that prompted the current mortgage crisis. The FDIC took over the operations of IndyMac in late summer of 2008.
So much for history. George Soros is in on the deal to buy IndyMac from the FDIC. Soros has a long history of making loads of money by first creating a financial crisis and then stepping in to grab up the bargains. Perhaps the most famous example of this tactic is "Black Wednesday," when Soros nearly sunk the entire economy of Great Britain through currency speculation.
George Soros has helped bankroll the campaigns of the Democrats in Congress who created this mess. Now, it appears, he is cashing in on his investment.
UPDATE: see Drudge headline: European Banks Sitting on 24 Trillion Toxic Assets