September 11th, 2008–America’s Economic 9/11?
This piece has been circulating on the internet and the event has been verified to be true..
The fact that this happened ON 9/11/2008, at 9-11AM is absolutely INCREDIBLE.
Still think 9/11 was a bunch of ignorant arabs?
— Raving Liberal.
In an admission stunning for its frankness Rep. Paul Kanjorski, (D, Penn) Chairman of the House’s Capitol Markets Subcommittee recently admitted on C-SPAN that the current economic problems faced by–not just the United States, but indeed the entire world–were the result of an “electronic run on the bank” that resulted in the hemorrhaging of $550 billion dollars in just “an hour or 2”.
Speaking the last week of January on the Washington DC-based television program, Rep. Kanjorski was verbally accosted by an irate American caller charging that the economic stimulus package currently up for debate in the Congress (as well as the previous $700 billion bank-bailout) is solely for the benefit of fat cats on Wall Street rather than for Joe Six-pack on Mainstreet. With barely-concealed panic in his voice, the Congressman tried explaining the severity of the current financial problem faced by the US 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 September the 15th…Here’s the facts and we don’t even talk about these things…”
“On Thursday at about 11 am 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 2. The Treasury opened up its window to help, pumped 105 billion dollars 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, 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 3 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 US 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 remaining anonymous, due to the “sensitive” nature of the topic) it is one of the largest–if not THE largest–transfer 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% of America’s liquidity (again the “blood” that keeps the economic body alive) in the span of just 5 hours. In a word, “unprecedented”.
Based upon the unnerving words of the Congressman in this very short 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 the parade of economists are discussinge what caused this collapse and how to fix it. The fact that it took nearly 5 months for this information concerning a deliberate run on the banks to be made public is proof positive that the Captain and crew of the Titanic have decided to allow the passengers to go about their lives unencumbered while they try and find a way to “deal with” the current situation.
Second, that on September 15, Treasury Secretary Paulson and Chairman of the Federal Reserve Ben Bernanke testified before Congress that on the previous Thursday, September 11th, an “electronic run” on the US Banking system took place between the hours of 9 and 11 am…That had stop-gaps not been executed, by 2 pm that afternoon (again, on September 11th) the hemorrhaging of “5.5 trillion dollars” 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”.
And, last but not least, eliminating the possibility that the event was all part of some fluke or “market correction”, the honorable Congressman (who one day will doubtless dearly regret his recent “honesty” with the American people on C-SPAN that morning) 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 DC as to whether or not at the end of the day America will survive it, despite the unprecedented transfusions she is currently receiving.