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USA was 3 hrs away from economic and political collapse when Lehman Bros. blew up

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posted on Aug, 22 2011 @ 01:45 PM
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And... Bank Of America, which is much bigger, is about to blow up...

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

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.

Rep. Kanjorski: "It would have been the end of our economic system and our political system as we know it."


This is gonna be fun.

Bailout or total collapse, your pick.

Anyway, the US needs the system to go down... so it can restart. Let the ``too big to fail`` fail... they deserve it.

Let the system re-adjust itself.
edit on 22-8-2011 by Vitchilo because: (no reason given)




posted on Aug, 22 2011 @ 01:48 PM
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reply to post by Vitchilo
 


The daily KOS is hardly a source of accurate analysis on such matters... its a blog. find me an article from the CFR, FP or the economist saying teh same



posted on Aug, 22 2011 @ 01:50 PM
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Collapse!
collapse !
collapse!

The suspense is freaking killing me!
Lets just get it over with! Let the *snip* fly off the fan already.

 

Mod Edit: Profanity/Circumvention Of Censors – Please Review This Link.


edit on 22-8-2011 by GAOTU789 because: (no reason given)



posted on Aug, 22 2011 @ 01:51 PM
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Originally posted by Kaiuk
reply to post by Vitchilo
 


The daily KOS is hardly a source of accurate analysis on such matters... its a blog. find me an article from the CFR, FP or the economist saying teh same

The source is not the daily kos. It's a congressman.

The video is down, but here's the transcript of the video.

I was there when the secretary and the chairman of the Federal Reserve came those days and talked to members of Congress about what was going on... Here's the facts. We don't even talk about these things.

On Thursday, at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to a tune of $550 billion being drawn out in a matter of an hour or two.

The Treasury opened up its window to help. They 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 decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.

If they had not done that their estimation was that by two o'clock that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.

Now we talked at that time about what would have happened if that happened. It would have been the end of our economic system and our political system as we know it.


The video...


edit on 22-8-2011 by Vitchilo because: (no reason given)



posted on Aug, 22 2011 @ 01:53 PM
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Well

If a government can do a bank run then I suggest that BoA customers do their own bank run before its too late!



posted on Aug, 22 2011 @ 01:55 PM
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reply to post by Vitchilo
 


Yes it was, after all the swap operation that originated in the US spanned almost every country that did business with the US and the markets.

Funny that the mess is not over and only the bailouts is what keep the too big to fail and the global markets stay afloat.

Now they need more.

Is like a hungry monster that can not stop eating, "feed me, feed me"
The total cost of the swaps about 2.3 trillions.

How much did we the tax payer bailout? we may never found out because if we do, it will blood running down the streets.



posted on Aug, 22 2011 @ 01:58 PM
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post removed for serious violation of ATS Terms & Conditions



posted on Aug, 22 2011 @ 02:06 PM
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From the original article:


The final word goes to Rep. Kanjorski though:

Ya know, we're not any geniuses in economics or finances... We're representatives of people. We ought to take our time, but let the people know this is a very difficult struggle. Somebody threw us into the middle of the Atlantic Ocean without a life raft and we're trying to determine what's the closest shore and whether there's any chance in the world to swim that far. We. Don't. Know.

Yikes.


USA was 3 hours away from Economic collapse

It doesn't take an Einstein to know we are not out of the woods by a longshot. However, that last quote from Rep. Kanjorski sends a shiver down the spine.

Feels like we're rafting down some white-water rapids and I left my Dramamine at home.



posted on Aug, 22 2011 @ 02:18 PM
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Originally posted by Hessling
Feels like we're rafting down some white-water rapids and I left my Dramamine at home.


The problem is that everyone knows there is a 100 ft. waterfall just downstream. We've taken too much Dramimine and that's the problem.

Congress needs to do what's necessary not what's comfortable. Too big to fail means too big to exist. Break up any corporation that is too big that it wrecks the economy if it fails. It's simple really.. just dismantle them!



posted on Aug, 22 2011 @ 02:28 PM
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so what would have happend if there was a total collapse?



posted on Aug, 22 2011 @ 03:34 PM
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Originally posted by Kaiuk
reply to post by Vitchilo
 


The daily KOS is hardly a source of accurate analysis on such matters... its a blog. find me an article from the CFR, FP or the economist saying teh same


The quote in question is a fact.. Numerous times its been posted, even back in 2008.. Also verified by other sources in government.



posted on Aug, 22 2011 @ 03:36 PM
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Originally posted by krossfyter
so what would have happend if there was a total collapse?




War(s) on an epic scale. We would have leveled every economy in the world.



posted on Aug, 22 2011 @ 03:42 PM
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reply to post by Iamonlyhuman
 


Are you saying (gasp) that capitalism isn't working? How dare you insult what we are all taught to do - crush the competition.

CJ



posted on Aug, 22 2011 @ 04:13 PM
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Bailout or total collapse, your pick.

Neither, the only reason these banks get ``too big to fail`` is because they face no competition. Just let the banks fall and open up the market to make the financial sector competitive again. There's no such thing as too big to fail anyway. Inefficient businesses going bankrupt is vital for a healthy economy.
edit on 22-8-2011 by Rockdisjoint because: (no reason given)



posted on Aug, 22 2011 @ 06:03 PM
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Originally posted by Rockpuck

Originally posted by krossfyter
so what would have happend if there was a total collapse?




War(s) on an epic scale. We would have leveled every economy in the world.


thnx for response. do how do you figure this? what would happen to some poor person from podunk arizona?



posted on Aug, 22 2011 @ 06:10 PM
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reply to post by Rockdisjoint
 


Exactly these banks couldn't keep thier books balanced and we have to pay for it. HELL NO!!!!!

let them fail and take back all the money they took the 1st time to boot. Then spilt them up like they did to AT&T and allow no new mergers.

The monopoly needs to end.

As a matter of fact ban banks all together and if people need loans they can get it from the government at lower interest rates. The government would make all the money it needed from loans and we wouldn't have this pointless middle man we call banks sucking up the wealth of our nation.

These banks over fine, fee and sur-charge us take our money and don't give jack anymore on your savings.

We in turn give these greedy banks free loans everytime you put your pay check in the bank and we get squat for it.
If thats not exploitation I don't know what else to call it.

Everyone should only put money into banks the day before the bills are do. Stop feeding these monsters and start manipulating them like they do us.
edit on 22-8-2011 by Idotwhat because: spelling error

edit on 22-8-2011 by Idotwhat because: spelling error



posted on Aug, 22 2011 @ 06:17 PM
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reply to post by Vitchilo
 


Yes two things about Capitalisn is for sure, ( Unless it's a rigged game ) You can make all the money you possibly can and you can loose all the money you possibly make. It's balanced and Failure is the ugly cousin of success!! But they cheat the system cause they want all the Toys !!


Thank you for the thread !!



posted on Aug, 22 2011 @ 06:51 PM
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Bringing back the Glass-Steagall act might be a good start... and regulating universal banking, foreign financial markets, etc.

As it stands, banks have free reign across the globe to do whatever the hell they want with whomever the hell they want in whichever way they want.

These guys need to get roped back in and held by a short leash and collar.

Just my $.02



posted on Aug, 22 2011 @ 11:39 PM
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reply to post by CranialSponge
 


Your right on the money there, but they won't. They are to greedy and power hungry. I say we all should just do a run on the banks right here in the US. We could bring down the entire Global Banking System in one day. What a wild ride that would be for sure. All those rats swarming all over the place pssting down their legs


The problem with that though is it would mean one big booming war for sure. We would be mince meat by the time all those other nations get through dropping every bomb they have on us
once they realized what we did...

Talk about starting WW3, that's one way to get it going...



posted on Aug, 22 2011 @ 11:51 PM
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reply to post by CranialSponge
 


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