I would rather live my life as if there is a God, and die to find out there isn’t, than live my life as if there isn’t, and die to find out there is!


Friday, March 13, 2009

HOW CLOSE WE CAME!

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Though it was not widely publicized we, the United States, narrowly averted the catastrophe of a complete economic collapse last September. On September 18, 2008 there was an "electronic run" on the U.S. Banking system that could have caused a collapse the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

This is very scary stuff, and except for Rush Limbaugh and just a few others, nothing was reported about this. Democratic Representative Paul Kanjorski made attempts to get some information public but was greatly ignored. He had taken his information from the September 24 House Financial Services hearing at which both Paulson and Bernanke are present. He paraphrased what Paulson and Bernanke had said:

Begin paraphrase:

On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in 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.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

We are no better off today than we were 3 months ago because we have a decrease in the equity positions of banks because other assets are going sour by the moment.

End paraphrase:

I know that Kanjorski has from time to time been dismissed as a bit scatterbrained, but you can see and hear for yourself.

http://financialserv.edgeboss.net/wmedia/financialserv/hearing092408.wvx

This is a long video, so I suggest you fast forward to the 1 hour, 50 minute and 48 second mark. This is archived footage from the September 24 House Financial Services hearing at which both Paulson and Bernanke are present.

I had wondered why the bank account guarantee figure had suddenly gone from $100,000 to $250,000. Now I know why! It was done to stem a potential crisis. A potential crisis our elected representatives did not want us to know about.

Let’s not forget this!

Wayne


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3 comments:

rick osborne said...

Wow, I hadn't heard of that before and I follow the news. Scary to note how connected we all are around the world. When will the powers that be get it; it's about consumer confidence. The fix has to come from the bottom up not the top down. Thanks for the post. I RTed and Stumbled it. : )

Anonymous said...

Here's my theory...if our economy crashes, we better hope the whole world crashes. That way we can just say "oops, let's start over!" and everyone will agree.

Wayne Weeks said...

Thanks for your comments and the RT/Stumble. I appreciate it. I think you are absolutely correct on the buttom up vs. top down.
Wayne

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