USA was 3 hrs away from Economic, Political Collapse in September 2008

USA was 3 hrs away from Economic, Political Collapse in September 2008

www.dailykos.com

According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. In a span of 2 hours, $550 billion was drawn out of money market accounts in an electronic run on the banks.

(visit the link for the full news article)

It sends a chill up your spine to hear about these things after the fact.. You have to wonder what else has been "hours away from happening" on a daily basis.

I especially like the part where He notes "the only thing that has changed since the money market run in September is "that more money has been thrown at the problem, but the problems have continued to mount in the meantime. I hope financial disaster can be averted, but judging by what I've witnessed so far that hope is muted at best."

So even he is saying we "plugged the leak for now" at best. It is almost like the nuclear clock... it really sounds like we are still "3 hours till economic collapse".

www.dailykos.com
(visit the link for the full news article)

That very same month Bush and Mccain were claiming that the economy was fine, check out this video:
www.youtube.com...

Also that same month Sean Hannity host of the Hannity Show on Fox News was screaming out of his lungs that the economy was fine:
www.youtube.com...



[edit on 10-2-2009 by Leto]

$550 billion was taken out in two hours. By whom? I'm assuming it was corporations doing this, not the little guy on the street. How did they know to pull their money out at that time? Seems a lot like insider trading or something to that effect. Maybe I'm just woefully ignorant of how this all works but it appears to be a little odd that all this money was pulled at one time.

reply to post by TwiTcHomatic

This topic is already being discussed, and has quite a long thread going here:

www.abovetopsecret.com...

(It is not my thread, BTW, but the thread above was started back on February 9th.)

reply to post by ProfEmeritus


Good catch.. I actually did look, did not see anything that matched..

The topic threw me off. Mods close please.

No problem. That's happened to me also. It seems unless you hit the thread title on the head, it slips by.

Originally posted by TheLoony
$550 billion was taken out in two hours. By whom? I'm assuming it was corporations doing this, not the little guy on the street. How did they know to pull their money out at that time?

They likely didn't know anything for sure, they were probably securing their assets.

Large corporations store their money the same way Forex investors use the exchange to make a profit.

The money they make is often stored in whatever currency they deem to be the most secure. In 2008 the GDP of the US took quite the hit, and other currencies appeared more favorable for security than the US dollar. Hence, they would have pulled their funds out and moved them over to a more secure currency.


Just by watching the currency pairs you can get a feel for who has the most secure currency at the time. Forex investors use this to make a profit.

They were likely using the same system to keep their assets safe.


You can't know anything for sure, but when the trend line for your base currency aims toward bankruptcy, the natural thing to do is move your funds.

Thanks. Although that explanation leaves me more confused, but thanks anyway. Guess I'll have to look up some stuff.