Weblog Commenting and Trackback by HaloScan.com The Barnyard: This Is Very Disturbing

Saturday, February 14, 2009

This Is Very Disturbing

Jim at Gateway Pudit has more with this from the clip.

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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.

If true this goes a long ways to explaining why the TARP bailout was needed but not the porkulus the Dems just shoved down out throats. If so who was behind these electronic transfers from US banks and why? Was it the unions here or foreign investors that believe Obama to be a total squish? Very few entities have the ability to cause a run on the banks of that magnitude and I damn sure hope the Obama team investigates it even if it helped get him elected.

1 comment:

Tapline said...

Goat, Wow! first time I have heard of this this at least makes some sense. Treasury needed the money to prop up the money market accounts, but I'm with you someone somewhere must have got an insider info that the shi...was goint to hit the fan and to get your money and go home. It is imperative that investigations get who did what when. If they can??....Will they??? All of this coupled with the raping of America by the oil industry by how many Billions a day?????for how many years????? just saying......Great find, Goat