TatankaGap
Regular Member
imported post
http://www.youtube.com/watch?v=-xKPcyvlfnc
Rep. Paul Kanjorski, (D-Pa.) chairman of the House Capitol Markets subcommittee admitted on C-SPAN that the current economic problems were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion in just “an hour or two.”
Kanjorski was accosted by an irate American caller charging that the economic stimulus package is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Main Street. The Congressman made the following comments:
"Why did we do that? We did that because. . .Look, I was there when the secretary of the treasury and chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about Sept. 15. . . . Here’s the facts; and we don’t even talk about these things.
“On the previous Thursday [Sept. 11] at about 11 a.m. the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or two. The Treasury opened up its window to help, pumped $105 billion in the system and quickly realized 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 out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, [which] would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. . . .
"We talked about what would happen—it would have been the end of our economic and political system as we know it, and that’s why we had to act and do things quickly. Why? Because if you don’t have a banking system you don’t have an economy, and although we did that it wasn’t enough. The economy has been falling and we’re really no better off today than we were three months ago, as other assets are going sour by the moment. . .
***
* He does say this in the youtube link.
* This was later supposedly debunked as an "Internet Rumor" - see http://thesteadydrip.blogspot.com/2009/02/all-kanjorski-bank-run-posts-removed.html
* But at that same debunking webpage, it says the following:
"Update - for all who claim that Kanjorski is yapping with a few screws loose upstairs, take a look at this clip: http://financialserv.edgeboss.net/wmedia/financialserv/hearing092408.wvx
and fast forward to the 1 hour, 50 minute and 48 second mark. This is archived footage from the September 24 House Financial Services hearing at which both Paulson and Bernanke are present. Kanjorski asks Paulson this very question, and states to Paulson, that the information came originally from him. Now, Kanjorski may be anything but not senile as he is merely repeating facts that Paulson tells him. And Paulson does not refute the facts. His explanation is somewhat amusing. Make your own conclusions.
* I went to the link and watched the archived CSPAN footage from 9/24/08 at 1Hr;50min 48 Sec, Kanjorski starts - he uses up too much time talking himself but finally gets out the question - which asking Hank Paulson what he means when he says that spending $700B would be costing 'far less than the alternative' - so that the American people can know -
* Paulson starts by saying that he agrees with Kanjorski's comments. He is about to start answering when Chair Barney Frank cuts him off, says he's almost out of time, and tells Paulson to answer the first part of the question about money market funds and what happened with those but not to use up time answering the question about the "worst alternative."
* Paulson explains what the money market funds are in the context of commercial paper and lending and what they did to raise the guarantee to $250K and 'unfreeze' the market - but he never explains what was meant by the 'worst alternative' although it is clear that he knows what Barney Frank means when he says not to discuss it -
* I have heard and read before that Paulson told Congress there was a fear in the Bush Administration and at Treasury specifically that there would be civil unrest if they didn't push through that $700B but never heard why.
* The article below is not fact checked and I do not agree with it but it raises the question whether there was a financial attack on the US which was mitigated to some extent but which may have been orchestrated by enemies of the US -
***
Was Financial Collapse an Orchestrated Event?
U.S. Rep. admits run on banks that started financial meltdown was deliberate attack
By Mark Glenn
In an admission stunning for its frankness Rep. Paul Kanjorski, (D-Pa.) chairman of the House Capitol Markets subcommittee admitted on C-SPAN that the current economic problems were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion in just “an hour or two.”
Kanjorski was accosted by an irate American caller charging that the economic stimulus package is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Main Street. With barely concealed panic in his voice, the congressman tried explaining the severity of the financial problem with the following comments:
"Why did we do that? We did that because. . .Look, I was there when the secretary of the treasury and chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about Sept. 15. . . . Here’s the facts; and we don’t even talk about these things.
“On the previous Thursday [Sept. 11] at about 11 a.m. the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or two. The Treasury opened up its window to help, pumped $105 billion in the system and quickly realized 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 out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, [which] would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. . . .
"We talked about what would happen—it would have been the end of our economic and political system as we know it, and that’s why we had to act and do things quickly. Why? Because if you don’t have a banking system you don’t have an economy, and although we did that it wasn’t enough. The economy has been falling and we’re really no better off today than we were three months ago, as other assets are going sour by the moment. . .
"Somebody threw us in the middle of the Atlantic Ocean without a life raft and we’re trying to determine which is the closest shore and whether there’s any chance in the world to swim that far. We don’t know. . . .
Put in less “gentle” terms, the 2-hour/half-a trillion dollar/$4.6 billion-per-minute event Kanjorski described was the equivalent of having a major economic artery “Jack-the-Rippered” in a way that threatened the very existence of not only the U.S. but the entire world whose economies and political stability are intrinsically tied to the monetary good mood of the land of the free and home of the brave. According to some of the economic experts interviewed for this piece (who insisted upon anonymity,
due to the “sensitive” nature of the topic) it is one of the largest—if not the largest—singular transfers of money in history in such a short time frame.
Furthermore, the general consensus of those interviewed is that had the bloodletting been permitted to run its course—meaning the evaporation of 5.5 trillion dollars—it would have resulted in the elimination of 90% percent of America’s liquidity (again the “blood” that keeps the economic body alive) in the span of just five hours.
Based upon the unnerving words of the congressman in this television exchange, what is known is as follows:
First, that the potentially apocalyptic events leading up to the bailout of America’s banks are not “talked about,” something to remember when President Obama or his monetary magicians are promising “this and that” with regard to curing America’s economic ills. By the very words of Rep. Paul “Vallachi” Kanjorski, a “code of silence” exists among the “made members” of the political and financial elite preventing them from telling the
truth. The fact that it took close to five months for this information concerning a deliberate run on the banks to be made public is proof that the captain and crew of the Titanic have decided to allow the passengers to go about their lives unencumbered while they try to find a way to “deal with” the current situation.
Second, that on Sept. 15, Treasury Secretary Paulson and Chairman of the Federal Reserve Ben Shalom Bernanke testified before Congress that on the previous Thursday, Sept. 11, an “electronic run” on the U.S. banking system took place between the hours of 9 and 11 am. . . . That had stop-gaps not been executed, by 2 p.m. (again, on Sept. 11) the hemorrhaging of “$5.5 trillion” would have taken place, resulting in the collapse of not only “the entire economy” of the United States but as well of the world within just “24 hours,” leading to “the end of our economic and political system as we know it.”
Eliminating the possibility that the event was all part of some fluke or “market correction,” the congressman ended his comments by saying “someone” was responsible for the slashing of that financial jugular that nearly bled America to death, as well as indicating the worries on the part of the power elite in Washington as to whether or not at the end of the day America would survive it, despite the unprecedented transfusions.
The date on which the hemorrhaging is said to have taken place, Sept. 11, is the same date America’s financial headquarters were attacked seven years earlier. It started the “war on terror” benefiting a certain ethno-theocratic state in the Middle East. The time frame this monetary hemorrhaging is said to have taken place was between 9 and 11 a.m., which coincides with the time frame of the terror attacks of Sept. 11, 2001,* with the first tower being struck by an airliner shortly before 9 a.m. and the second tower collapsing at roughly 10:30 a.m.
People who note the hundreds of “odd” items dealing with 9-11, including but not limited to the arrest of hundreds of Israeli intelligence operatives, some seen cheering as the Twin
Towers were crumbling, will consider that the current financial crisis—rather than being an “accident”—may be another act of sabotage on the part of the same malicious entity.”
http://www.youtube.com/watch?v=-xKPcyvlfnc
Rep. Paul Kanjorski, (D-Pa.) chairman of the House Capitol Markets subcommittee admitted on C-SPAN that the current economic problems were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion in just “an hour or two.”
Kanjorski was accosted by an irate American caller charging that the economic stimulus package is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Main Street. The Congressman made the following comments:
"Why did we do that? We did that because. . .Look, I was there when the secretary of the treasury and chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about Sept. 15. . . . Here’s the facts; and we don’t even talk about these things.
“On the previous Thursday [Sept. 11] at about 11 a.m. the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or two. The Treasury opened up its window to help, pumped $105 billion in the system and quickly realized 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 out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, [which] would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. . . .
"We talked about what would happen—it would have been the end of our economic and political system as we know it, and that’s why we had to act and do things quickly. Why? Because if you don’t have a banking system you don’t have an economy, and although we did that it wasn’t enough. The economy has been falling and we’re really no better off today than we were three months ago, as other assets are going sour by the moment. . .
***
* He does say this in the youtube link.
* This was later supposedly debunked as an "Internet Rumor" - see http://thesteadydrip.blogspot.com/2009/02/all-kanjorski-bank-run-posts-removed.html
* But at that same debunking webpage, it says the following:
"Update - for all who claim that Kanjorski is yapping with a few screws loose upstairs, take a look at this clip: http://financialserv.edgeboss.net/wmedia/financialserv/hearing092408.wvx
and fast forward to the 1 hour, 50 minute and 48 second mark. This is archived footage from the September 24 House Financial Services hearing at which both Paulson and Bernanke are present. Kanjorski asks Paulson this very question, and states to Paulson, that the information came originally from him. Now, Kanjorski may be anything but not senile as he is merely repeating facts that Paulson tells him. And Paulson does not refute the facts. His explanation is somewhat amusing. Make your own conclusions.
* I went to the link and watched the archived CSPAN footage from 9/24/08 at 1Hr;50min 48 Sec, Kanjorski starts - he uses up too much time talking himself but finally gets out the question - which asking Hank Paulson what he means when he says that spending $700B would be costing 'far less than the alternative' - so that the American people can know -
* Paulson starts by saying that he agrees with Kanjorski's comments. He is about to start answering when Chair Barney Frank cuts him off, says he's almost out of time, and tells Paulson to answer the first part of the question about money market funds and what happened with those but not to use up time answering the question about the "worst alternative."
* Paulson explains what the money market funds are in the context of commercial paper and lending and what they did to raise the guarantee to $250K and 'unfreeze' the market - but he never explains what was meant by the 'worst alternative' although it is clear that he knows what Barney Frank means when he says not to discuss it -
* I have heard and read before that Paulson told Congress there was a fear in the Bush Administration and at Treasury specifically that there would be civil unrest if they didn't push through that $700B but never heard why.
* The article below is not fact checked and I do not agree with it but it raises the question whether there was a financial attack on the US which was mitigated to some extent but which may have been orchestrated by enemies of the US -
***
Was Financial Collapse an Orchestrated Event?
U.S. Rep. admits run on banks that started financial meltdown was deliberate attack
By Mark Glenn
In an admission stunning for its frankness Rep. Paul Kanjorski, (D-Pa.) chairman of the House Capitol Markets subcommittee admitted on C-SPAN that the current economic problems were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion in just “an hour or two.”
Kanjorski was accosted by an irate American caller charging that the economic stimulus package is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Main Street. With barely concealed panic in his voice, the congressman tried explaining the severity of the financial problem with the following comments:
"Why did we do that? We did that because. . .Look, I was there when the secretary of the treasury and chairman of the Federal Reserve came and talked with members of Congress about what was going on, it was about Sept. 15. . . . Here’s the facts; and we don’t even talk about these things.
“On the previous Thursday [Sept. 11] at about 11 a.m. the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to the tune of 550 billion dollars, being drawn out in the matter of about an hour or two. The Treasury opened up its window to help, pumped $105 billion in the system and quickly realized 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 out there. If they had not done this, their estimation was that by 2 o’clock that afternoon, 5.5 trillion dollars would have been drawn out of the money market system of the United States, [which] would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. . . .
"We talked about what would happen—it would have been the end of our economic and political system as we know it, and that’s why we had to act and do things quickly. Why? Because if you don’t have a banking system you don’t have an economy, and although we did that it wasn’t enough. The economy has been falling and we’re really no better off today than we were three months ago, as other assets are going sour by the moment. . .
"Somebody threw us in the middle of the Atlantic Ocean without a life raft and we’re trying to determine which is the closest shore and whether there’s any chance in the world to swim that far. We don’t know. . . .
Put in less “gentle” terms, the 2-hour/half-a trillion dollar/$4.6 billion-per-minute event Kanjorski described was the equivalent of having a major economic artery “Jack-the-Rippered” in a way that threatened the very existence of not only the U.S. but the entire world whose economies and political stability are intrinsically tied to the monetary good mood of the land of the free and home of the brave. According to some of the economic experts interviewed for this piece (who insisted upon anonymity,
due to the “sensitive” nature of the topic) it is one of the largest—if not the largest—singular transfers of money in history in such a short time frame.
Furthermore, the general consensus of those interviewed is that had the bloodletting been permitted to run its course—meaning the evaporation of 5.5 trillion dollars—it would have resulted in the elimination of 90% percent of America’s liquidity (again the “blood” that keeps the economic body alive) in the span of just five hours.
Based upon the unnerving words of the congressman in this television exchange, what is known is as follows:
First, that the potentially apocalyptic events leading up to the bailout of America’s banks are not “talked about,” something to remember when President Obama or his monetary magicians are promising “this and that” with regard to curing America’s economic ills. By the very words of Rep. Paul “Vallachi” Kanjorski, a “code of silence” exists among the “made members” of the political and financial elite preventing them from telling the
truth. The fact that it took close to five months for this information concerning a deliberate run on the banks to be made public is proof that the captain and crew of the Titanic have decided to allow the passengers to go about their lives unencumbered while they try to find a way to “deal with” the current situation.
Second, that on Sept. 15, Treasury Secretary Paulson and Chairman of the Federal Reserve Ben Shalom Bernanke testified before Congress that on the previous Thursday, Sept. 11, an “electronic run” on the U.S. banking system took place between the hours of 9 and 11 am. . . . That had stop-gaps not been executed, by 2 p.m. (again, on Sept. 11) the hemorrhaging of “$5.5 trillion” would have taken place, resulting in the collapse of not only “the entire economy” of the United States but as well of the world within just “24 hours,” leading to “the end of our economic and political system as we know it.”
Eliminating the possibility that the event was all part of some fluke or “market correction,” the congressman ended his comments by saying “someone” was responsible for the slashing of that financial jugular that nearly bled America to death, as well as indicating the worries on the part of the power elite in Washington as to whether or not at the end of the day America would survive it, despite the unprecedented transfusions.
The date on which the hemorrhaging is said to have taken place, Sept. 11, is the same date America’s financial headquarters were attacked seven years earlier. It started the “war on terror” benefiting a certain ethno-theocratic state in the Middle East. The time frame this monetary hemorrhaging is said to have taken place was between 9 and 11 a.m., which coincides with the time frame of the terror attacks of Sept. 11, 2001,* with the first tower being struck by an airliner shortly before 9 a.m. and the second tower collapsing at roughly 10:30 a.m.
People who note the hundreds of “odd” items dealing with 9-11, including but not limited to the arrest of hundreds of Israeli intelligence operatives, some seen cheering as the Twin
Towers were crumbling, will consider that the current financial crisis—rather than being an “accident”—may be another act of sabotage on the part of the same malicious entity.”
