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Thread started by ephemerae at 02.12.09 - 12:54 am
In September, $550 billion was pulled out of money market accounts in the space of an hour. Congressman explains had this not been stemmed, it would would have resulted in the collapse of our economic and political systems as we know them (his words!)
Here is a transcript of what Kanjorski says in the video:
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 with $150 Billion.
But could not stem the tide. It was an electronic run on the banks.
The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawled and collapsed and within 24 hours the world economy.
Time for the U.S. Govt to declare bankruptcy.
Tell the banks to fuck off were not paying you, you lose.
Start over, status quo,what you have is what you have.
Get rid of all foriegn investors,
take back our country.