Tuesday, February 10, 2009

This Didn't Make The 11PM News ...

All you can do is read this and go "WOW!"

From Tyler Durden, over on Zero Hedge;

How The World Almost Came To An End At 2PM On September 18

"LiveLeak has caught a scary moment of previously undisclosed insight by Paul Kanjorski where he reveals some facts that have not been captured by the media previously. At 2 minutes and 20 seconds in the video below, Democratic Representative Kanjorski explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occurred over the period of an hour or two. And it gets worse. Kanjorski paraphrases the following disclosure by Bernanke and Paulson:"

On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in 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 out there.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

Hmmm ... Doesn't sound like Sam Wainwright, and a boat full of "Hee-Haws" would have helped here.

Who was pulling the money out?

Where did it go?

Someone gaming the system?

Yeah, I know, $550-Billion, that could have been just a few of the Wall Street CEO's pulling out their bonuses.

Actually, it had to do with the Lehman Brothers crash.

Olbermann had Daniel Gross of 'Newsweek' on to give the rundown of what went down.

The frightening part of it is ... Well ... There isn't anything preventing it from happening again.

1 comment:

sam dixon said...

Wow. That's a good scoop literally and this recent rendition on youtube sums up the Lehman Bros. & Wall St. meltdown very well. http://www.youtube.com/watch?v=Nay4VbUJl3E