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View Full Version : $550B Bank Run on Sep 11th [Rep. Kanjorski]




ourlongroad
02-09-2009, 11:47 AM
Youtube-CSPAN Video (starts around min 2:10)
http://www.youtube.com/watch?v=m_atOvrTtT8


At 11AM on Thursday Sep 11, 2008 the Federal Reserve notice a draw-down of
$550 billion on US Money markets in a matter of 1-hour. The Treasury pumped
$105 billion into the system and quickly realized that they could not stem the
tide.... "we were having an electronic run on the banks!" They closed the money
accounts and announced a $250,000 guarantee on each account. If they had not
done that their [FED & Treasury] estimation was that by 2PM that afternoon $5.5
Trillion would have been drawn out of the money market system of the USA which
would have collapsed the entire economy of the USA and collapsed the world
economy within 24 hours.

This would have been the end of our economic and political system as we know it.

sevin
02-09-2009, 12:30 PM
Wow.

danberkeley
02-09-2009, 12:59 PM
Damn it! They should have let it happen!

danberkeley
02-09-2009, 01:10 PM
Why hasnt RP talked about this?

linusPAULing
02-09-2009, 01:28 PM
Why hasnt RP talked about this?

I logged on to place that very question!!

InterestedParticipant
02-09-2009, 01:30 PM
Congressman Kanjorski (D) should certainly be a credible source on this matter, as he's a senior member (http://kanjorski.house.gov/index.php?option=com_content&task=view&id=34&Itemid=59) of the Financial Services Committee (http://financialservices.house.gov/members.html) and Chairman (http://financialservices.house.gov/jurisdiction.html) of the Financial Services Subcommittee on Capital Markets (http://financialservices.house.gov/capitalmarkets.html)

TonySutton
02-09-2009, 01:39 PM
This was talked about in the MSM right around the time it happened although it was mentioned more as a reason for the bail out. It was as if the bail out had to occur and no one was giving the money market incident any bandwidth other than to build consensus for the bail out.

Anyone notice this occured on 9 11 2008?

UK4Paul
02-09-2009, 02:11 PM
I suspect this is INCREDIBLY important.

emazur
02-09-2009, 02:13 PM
bump

HOLLYWOOD
02-09-2009, 02:30 PM
Yeah,

so the question is: How was the Non government entity: The FEDERAL RESERVE, able to monitor all these private transactions realtime?

Where was the SEC?

I watched this live and I tried to get through to Kanjorski, but never did. I was loaded to call out his spending crap.

The woman, got a nice shot in there...

InterestedParticipant
02-09-2009, 03:11 PM
I suspect this is INCREDIBLY important.
I'd certainly like to know if this is being investigated. Who perpetrated this electronic run? Who would have the resources to perpetrate such a run? Not a very big pool of suspects I'd imagine.

voytechs
02-09-2009, 03:19 PM
Why hasnt RP talked about this?

He wasn't invited to be in that closed door session. He said that.

danberkeley
02-09-2009, 03:23 PM
He wasn't invited to be in that closed door session. He said that.

Sure. But word of this must have leaked to him.

TonySutton
02-09-2009, 03:32 PM
Doesn't this highlight the danger of our current system? We need to End the Fed NOW!

brandon
02-09-2009, 03:55 PM
Sounds like nothing more than fear mongering the banksters used to get TARP passed.

american.swan
02-09-2009, 04:02 PM
I would like to state the obvious.

If the Fed were to end, and it needs to be ended, the banksters would have enough resources and "friends" to cause events to occur to eventually reinstate the Fed in either the same or worse form.

itsthepathocrats
02-09-2009, 11:20 PM
Interesting synchronicity with this thread (http://www.ronpaulforums.com/showthread.php?t=180811)