fildien
02-11-2009, 01:59 PM
http://www.capitalismgonewild.com/2009/02/electronic-run-on-banks-550-billion.html
I saw this on another forum. And am reposting here. I have no idea how true this but if it is....holy shit.
Rep. Paul Kanjorski (http://en.wikipedia.org/wiki/Kanjorski) of Pennsylvania explains what former Treasury Secretary Paulson (http://en.wikipedia.org/wiki/Henry_Paulson) and Fed Chairman Bernanke (http://en.wikipedia.org/wiki/Ben_Bernanke) told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.
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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.
I saw this on another forum. And am reposting here. I have no idea how true this but if it is....holy shit.
Rep. Paul Kanjorski (http://en.wikipedia.org/wiki/Kanjorski) of Pennsylvania explains what former Treasury Secretary Paulson (http://en.wikipedia.org/wiki/Henry_Paulson) and Fed Chairman Bernanke (http://en.wikipedia.org/wiki/Ben_Bernanke) told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.
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.