It looks like you're using an Ad Blocker.

Please white-list or disable in your ad-blocking tool.

Thank you.


Some features of ATS will be disabled while you continue to use an ad-blocker.


RIGHT BEFORE THE ELECTION $550 Billion Withdrawn In

page: 1

log in


posted on Feb, 11 2009 @ 06:50 PM

Electronic Run On Banks - $550 Billion Withdrawn In 1 Hour, Federal Reserve Halts Withdrawals - US Economy Would Have Collapsed Capitalism Gone Wild hat tip Cathy
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 $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.

Kanjorski also explains why Paulson spent the bailout money differently than he originally proposed.

Some other gems from the recording:

It would have been the end of our economic and political system.

We would have had to spend 3 to 4 Trillion dollars to buy up all the toxic assets. But we didn't have that much we only had 700 Billion.

Without a banking system you don't have an economy.

We are no better off now than we were three months ago.

Someone threw us in the middle of the Atlantic ocean without a life raft. We are trying to determine which is the closest shore and whether there is any chance in the world to swim that far. We don't know.

with video

[edit on 062828p://bWednesday2009 by Stormdancer777]

posted on Feb, 11 2009 @ 07:12 PM
Well, this would explain some things, but certainly not everything. More questions to be brought out from this.
This gives us a potential electronic paper trail if true.
Let's not ignore this ATS.

posted on Feb, 12 2009 @ 03:14 PM
here's a link to the video:

My question is, why was this not investigated and the names of who was pulling the money out, through which banks it moved, and where it went were not made public? Why wasn't it looked at as a possible act of economic terrorism (which it was and is) and action taken under the Patriot Act?

Is it possible that the money was being moved with the collusion of the very banks that stood to gain from the subsequent bailout?

What has been done to prevent a repeat?

I plan on demanding action and answers from Obama and my congresscritters on this.

posted on Feb, 12 2009 @ 03:16 PM
There is already a thread on this.

How economic collapse was averted.

new topics

top topics

log in