Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman 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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.
So where did that money go and who was behind the withdrawals? Guess who is in on a deal to purchase the failed IndyMac institution, the same one Sen. Charles Schumer helped trigger a run on after he released inside information detailing the bank's financial woes. It's none other than George Soros. Atlas Shrugs notes that Soros has a long history of making billions of dollars by creating a financial crisis and then stepping in to grab up bargains. Black Wednesday in Great Britain is Exhibit A. Soros bankrolled Obama's campaign as well as Democratic campaigns across the country the past few election cycles.
4 comments:
That wouldn't surprise me. People like Soros who made billions, and then turns around and criticizes people for doing the same thing he did/does, are morally reprehensible.
The real key was the Bush Administrations' decision to let Lehman Bros. fail... Bush & Paulson elected Obama... McCain could have pushed them to bail out Lehmann -- he was too dumb...
http://firelarrysummersnow.blogspot.com/
OH! I'm so glad to learn there's no real bank crisis. It was just Chuck Shumer's IMPRESSION the Fannie Mac was in trouble that caused all the problems. Had he kept it secret, somehow all the bad loans would have turned into gold with some Congressional fairy dust. AI, I know we've had differences of opinon, but if you think one man, even a Senator, can topple a healthy industry by telling the truth, or that another man can cause a bank run of that magnitude, then you are living in la la land.
I'm a little bit more learned on these matters than you, IPOPA. Yes, One prominent person can cause a run on a bank when he is a U.S. Senator from New York who sits on a critical oversight committee. The FDIC chairman made it clear that the run on IndyMac occurred after Internet reports of Schumer's comments spread. Interestingly, a Warren Buffett-owned company that insures bank accounts above the FDIC limit announced on September 10, 2008, it would no longer issue such policies. Warren Buffett can cause a hell of a lot of market reaction and he did. The more than $550 billion withdrawal in an or or two took place five days later. Buffett backed and was advising Obama's campaign. We know how Soros brought the U.K. government to their knees with his shenanigans on Black Wednesday back in the 1990s and made billions in the process. That's not the stuff of conspiracies. These are facts. Take off your blinders and do a little research, counselor.
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