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What you don't know can't hurt them.
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Nordic
Joined: 10 Nov 2006
Posts: 2354
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 Posted: Tue Feb 10, 2009 4:17 am Post subject: USA was 3 hrs away from Economic, Political Collapse in Sept |
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I'm amazed this hasn't been posted here yet:
http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/695504
And here is the link to the Youtube:
http://www.youtube.com/watch?v=_NMu1mFao3w&e
Is this man telling the truth? Is he credible? If he is telling the truth, who was behind this, and where did the money go?
Anyone notice that it was basically a financial 9/11?
And it was on September 18? 1 + 8 = 9
And 9/11 inaugurated the Bush administration, and this would have been the parting shot. |
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justdrew
Joined: 24 May 2005
Posts: 2749
Location: unknown
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| Posted: Tue Feb 10, 2009 5:27 am Post subject: |
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google news search for money market trading halt limited to 2008. Good to see what was being reported in that time frame.
Friday, September 19, 2008
MarketWatch's Top Stories Of The Week, Sept. 15-19
A lot of questions were answered this week. Almost as many, in fact, as were raised.
For instance, we now know that free markets, hailed over the years as essential to the success and world dominance of the U.S. financial system, are neither as free nor as beneficial as some believed. It also seems fairly clear that the idea that markets could police themselves -- peddled by a long list of government and institutional heavyweights for the past three decades -- is farcical.
We know, too, that hundreds of billions of taxpayer dollars will now be used to help clean up a mess made by a few thousand overpaid, overconfident bankers. And we know this is less than the cleanup would have cost if the government had not stepped in this week to make a series of radical changes to the way U.S. capitalism works.
At least, we think we know that.
Topping the list of questions raised by the government's actions this week is, where do we go from here? One might even ask where, exactly, "here" is. The full impact of the government's intervention in the financial system is difficult to judge as of now and there are few details available about what Treasury Secretary Henry Paulson and congressional leaders will pull out of their legislative hat this weekend.
We also don't know whether Friday's global stock rally, triggered largely by a series of bans on short sales of stocks, will last and extend into the credit markets. The oil that lubricates U.S. capitalism is credit and unless it begins to flow freely in the aftermath of this week's actions, it will be hard to say that this week's actions have succeeded.
The Dow Jones Industrial Average (.DJI) had a ridiculous week. It fell something like 1,000 points in two days before reversing those losses and ending the week with a 0.3% drop. On Friday, the Dow rose 368.75 points to close at 11,388.44, a gain of 3.4%. The Nasdaq Composite (.COMP) gained 74.80 points or 3.4% on Friday to close at 2,273.90. For the week the Nasdaq rose 0.6%. The Standard & Poor's 500 Index (.SPX) climbed 48.56 points or 4% on Friday to close at 1,255.07 for a weekly gain of 0.3%.
Don't touch that mouse. MarketWatch.com will be following all the news out of Washington this weekend. We'll keep you up to speed on the government's plan to bail out the financial system. Our weekend feature examines where investors are putting their money as they contend with some of the most intense market volatility on record.
-- Christopher Noble, assistant managing editor
End of an era
After a 158-year run, former Wall Street titan Lehman Brothers (LEHMQ: undefined, undefined, undefined%) filed for Chapter 11 bankruptcy protection, shaking the global financial system to its very core. The company is closing its doors with total debts of $613 billion against total assets of $639 billion. Its filing with the Bankruptcy Court of the Southern District of New York shows that Lehman had more than 100,000 creditors. Get the full report.
Gimme shelter
Wary of the financial firestorm, venerable brokerage firm Merrill Lynch & Co. (MER: 6.41, 0, 0%) sought refuge in an all-stock deal to be acquired by Bank of America (BAC: 1.05, 0, 0%) . The deal would juice Bank of America's rapidly building financial clout; this transaction follows on the heels of its purchase of troubled mortgage lender Countrywide Financial. For Merrill, the agreement represents a port in a storm. Learn more about the deal.
Notorious AIG
The U.S. government seized control of American International Group (AIG) with an $85 billion bailout aimed at averting a potentially catastrophic bankruptcy. It comes just two days after the government refused to save Lehman from a similar fate, immediately raising questions over the standards that the Bush administration and the Federal Reserve are using in deciding which companies get help and which don't. Read more of the story.
Breaking the buck
One of the biggest money market funds imposed a seven-day freeze on investor redemptions after the net asset value of its shares fell below $1, in a rare instance in the fund industry of what is called "breaking the buck." Money market funds pride themselves on their liquidity and the safety of their investments. However, this week, Primary Fund (RFIXX) , managed by New York-based money market fund inventor The Reserve, said its $785 million holding of Lehman Brothers' debt has been valued at zero. Get more details about what happened.
The big bailout
The U.S. Treasury, Federal Reserve and Securities and Exchange Commission said Friday that they were taking action to stem the loss of investor confidence in financial markets. Several of the moves, although technical in nature, were designed to apply a tourniquet to money-market funds, which have been bleeding assets. Together, the plans were designed to give Congress time to put together what is shaping up as the biggest bailout of toxic debt in U.S. history. Read the full report.
Stiffer shorting rules
The Securities and Exchange Commission issued new rules aimed at protecting investors from so-called "naked" short selling of securities as the U.S. financial sector experiences one of its biggest shake-ups in history. Short selling itself isn't illegal, but "naked" shorting can allow market-manipulators to force prices down much lower than would be possible in a legitimate short sale. Learn more about it.
Russia's rollercoaster
Russian stocks rallied as much as 26% Friday, causing the markets' regulator to halt trading once again on the two main stock exchanges, as investor sentiment was boosted by a series of government measures aimed at stemming the country's financial turmoil. The latest trading halt follows several suspensions this week precipitated by steep sell-offs. Read the full report.
What it all means to you
Once again, stockholders are getting a harsh reminder that the worst time to make an investment decision is when markets are in crisis. The dramatic collapse of Lehman and the hurried sale of Merrill Lynch saddled investors with some steep losses this week, but securities regulators moved quickly to reassure individuals that their brokerage accounts are safe, and investing veterans said that perspective -- not panic -- is in order. Find out more.
Gold gets its groove back
For the most part, gold prices rallied this week, marking the metal's return to its safe-haven roots. But it hasn't seemed like much of a safe haven in recent weeks, having tallied a drop of more than $90 in nine trading days between Aug. 28 and Sept. 11. It lost more than $89 in the month of August. Get more details on the action.
Regime change ahead
There's a lot of uncertainty out there, but David Callaway says there are two things that you can count on: 1.) Paulson is slowly but surely pulling Wall Street from the burning house. 2.) The chaos, which the American public finally woke up to this week, will help usher Barack Obama into the White House come January. It's not about lipstick and pigs and swift boats anymore. Read the column. |
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Julia W
Joined: 20 Jul 2008
Posts: 71
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| Posted: Tue Feb 10, 2009 6:44 am Post subject: |
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Thanks Nordic, I was going to post this too, I found it from another site via patrick.net .
http://dailybail.com/home/2009/2/9/bailout-news-video-kanjorski-details-shocking-fed-treasury-t.html?ref=patrick.net
In the commentary he questions the veracity of what congress was being told, not doubting Kanjorski, but how they were being pushed into passing the legislation. I don't know, it's all about confidence, was it happening then and to what extent are those numbers accurate and what will happen now (that this is out)???!!!! Also, if click link above and scroll down it links to another video version w/ scenes from the Rollover movie spliced in.
| Quote: |
In the above video starting at the 2:20 mark, House Democrat Paul Kanjorski details a chilling scenario communicated to select members of Congress during emergency discussions with Treasury and Fed officials on Thursday September 15th.
As readers know, several Congressional members have alluded to a private meeting with Paulson and Bernanke in which vague economic armageddon was threatened if Congress did not immediately hand Hank about $700 billion, with no oversight. If Kanjorski and in turn the Fed and Treasury are to be believed, then extreme panic did strike the short-term cash markets on that fateful Thursday. Listen while Kanjorski relates the fear about an electronic run on the banks.
I don't doubt Kanjorski's telling the truth. And I have always been curious to know exactly what was said in that private meeting that turned the entire lot of them white with fear. Now we know, apparently. Yet I was trading that day and watching things closely, and I don't recall such extreme dislocation in the money markets. Across The Curve, the fixed income bible, did not make note of it. Kanjorski's statement supports the thesis that the Fed and Treasury were not playing by the rules, and that they lied to Congressional leaders. Tell me in comments if you think we were at Armageddon's doorstep that day. I don't buy it.
Furthermore, it's not possible that an outflow of the proportion described above would have been slowed by the simple money market guarantee that was announced that day by the FDIC. How could a boost in the insurance coverage from 100k to 250k calm a market so frazzled that $550 billion had left in 2 hours. It doesn't pass the smell test. Perhaps Kanjorski has unwittingly revealed evidence that Treasury and the Fed dissembled to members of Congress to further their case for TARP approval. And though not punishable, it will be damaging to the credibility of both agencies in future negotiations on Capitol Hill.
Here's the news squirrel for Monday: the 45 best financial stories in one link with thumbnails of each story inside. We build a new one each day and they are available on the home page.
Our goal at the Daily Bail is to Stop the Generational Pillaging.
I am updating this piece to include a link to Tim Iacoco's blog, where he has found a cinematically enhanced version of the Kanjorski comments spliced into the 1981 film 'Rollover' about the destruction of the global financial markets.
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Here's another link which transcribes the interview, that I found via a post from mike ruppert's blog by sambahdi for the Feb 8th post. I try and post on that blog if I can remember my password to link to this blog.
http://www.poconorecord.com/apps/pbcs.dll/article?AID=/20090128/NEWS04/901280302 |
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anothershamus
Joined: 23 Jun 2006
Posts: 1016
Location: bi local
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| Posted: Tue Feb 10, 2009 8:50 am Post subject: |
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Here's the Mogambo Guru's take on the bailout. It ties in with exceeding the total US GDP of a century ago, adjusted for inflation, I don't always agree with Mogambo but he gives a good take and he's sometimes quite funny.
| Quote: | Peace of mind comes in yellow
By The Mogambo Guru
The Harper's Index had the interesting entry, "Percentage by which the $750 billion bailout exceeds the total US GDP of a century ago, adjusted for inflation: 50."
Naturally, I am confused as to what in the hell this actually means since there are so many variables, including traveling through time, and it looks like it means that the gross domestic product of a century ago was an inflation-adjusted US$500 billion, but that involves math, and so I can't be sure of anything.
The only way to verify that is to do actual work, specifically looking it up myself, since I am now officially "forbidden" to arrogantly commandeer any employees from other departments todo such tasks for me, nor can I ask them to take my car to be washed, fix me a lousy cup of coffee or have that little cutie over in Accounts Payable give me a back rub, either.
And I really want to know the answer, too, since I am trying to find a way to make this all mean that we have a duty (a patriotic duty!) to rise up as an angry, outraged mob, descend upon Washington, DC screaming in outrage and drunken incoherence while brandishing official, and laughably overpriced, Mogambo Mindless Mob (MMM) torches, pitchforks, T-shirts and snazzy hats, ruthlessly intent on burning the damned Federal Reserve to ashes and then - our blood-thirst for vengeance yet un-slaked - turn our terrifying gaze upon Congress itself, which allowed and encouraged the banker trash The Whole Freaking Way (TWFW).
Perhaps then we will have a little time for the treacherous Supreme Court, whose crime is to consistently - yet bewilderingly and perplexingly - maintain that money does not have to be gold, as the constitution of the United States literally requires, thus allowing the abomination of a fiat currency, thus allowing unlimited expansions of money and credit, thus allowing the disgusting inflationary growth of a cancerous, bloated, misshapen, government-centered, debt-based economy and the huge inflations in the prices of stocks, bonds, houses and size of government, all of which must, sooner rather than later, bust, and at a degree that produces a yin-yang, karma-leveling surplus of heartache, misery, bankruptcy, suicide, homicide, deprivation, suffering and collapse, which is such a Bad, Bad Thing (BBT) that the Founding Fathers tried to make sure that it would NOT happen to us, and so they wrote into the Constitution that you CANNOT have a fiat currency because the dollar must be silver and gold! But here we are, thanks to the traitors on the Supreme Court in 1933, and every other then thereafter! Grrrrrr!
We're idiots!
I suddenly realized that I am circling around in my office, muttering to myself, having given up conscripting other people to do my research work for me, when I realized I didn't really give a crap anymore after I learned that Harper's Index reported that the $750 billion stimulus bailout bill exceeds the cost (in inflation-adjusted dollars) of the "entire New Deal" of the commie-bastard Franklin Roosevelt, which has heretofore been considered to be the ultimate in the stupidity of central planning, and it is 300% higher than the "cost of the 1990 savings-and-loan bailout".
And it may get worse than that, as there is more to an economy than fundamentals of inflation, interest rates and taxes; and instead, we may have merely been whacked out on Prozac, as a guy named Raymond Lesser concludes, "the use of anti-depressants may have helped cause the financial bubbles" after discovering that "237 million prescriptions for anti-depressants were dispensed last year alone - more than for drugs of any other type."
This seems more plausible than my "invisible thought-control rays from outer space" theory, but perhaps we will never know which one is right. Of course, one thing we DO know is that, as he says, "As the economic downturn worsens, America faces a new and more immediate crisis: Crazy people are going off their meds. Whether they were being treated for psychosis, paranoia, of believing that their dog is the reincarnation of Genghis Khan, millions of patients are no longer able to afford the drugs that helped alleviate their symptoms" and now "dispensed prescriptions for antidepressants have recently dropped by 29%."
If people can't afford mind-altering drugs, then I wonder what ELSE they can't afford, and I was going to ask that very question when he said, apparently reading my mind, "A recent NPR poll found that one in four people in Ohio say that they have collection agencies
chasing them. The most common reason given for this was unpaid health bills", which would probably make a couple of tranquilizers seem real tasty right about now!
Or they could attain the same peace of mind by owning gold, which has the advantage that you can make a few bucks with it as the price rises over the next decade or so!
Richard Daughty is general partner and COO for Smith Consultant Group, serving the financial and medical communities, and the editor of The Mogambo Guru economic newsletter - an avocational exercise to heap disrespect on those who desperately deserve it.
(Republished with permission from The Daily Reckoning. Copyright 2009, The Daily Reckoning.) |
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Alfred Joe's Boy
Joined: 15 Jul 2008
Posts: 98
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| Posted: Wed Feb 11, 2009 1:21 am Post subject: |
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I sent the following e-mail message to my U.S. House Representative earlier today:
| Quote: | So. There was a 550 Billion dollar "Electronic Run on the Banks" back on Sept. 18, 2007, eh?
A run that threatened to bring not just the country's but the world's financial systems to their knees.
(Check with your colleague Paul Kanjorski from Pennsylvania if you don't know what I'm referring to.)
My questions are:
Who (or what), exactly, was it that pulled $550 billion in an hour’s time last September?
Related questions: Was it real panic, or was it a ruse (a “suckers’ run,” as it were)? If it was real, was it one group, was it a program gone mad, or was it a broad-based stampede? If it was intended as nothing more than a ruse for one purpose or another, who would have had the money muscle to do something like that?
Final question: Where did it go? (Note: $550 billion cannot simply vanish into thin air. It landed someplace.)
That "final question" actually reminds me of one more: Did anyone ever figure out what happened to the 2.3 TRILLION dollars that was announced as missing by Mr. Rumsfeld and the Pentagon--said announcement being made just BEFORE the unfortunate "incident" at the Pentagon on 9/11/01? |
Early this evening I came across the post by Kevin at Cryptogon entitled
"Legatus and Reinhardt".
Maybe Kevin's answered my questions for me.
There's a NYTimes article entitled "For Catholics, a Door to Absolution Is Reopened" that is perhaps related. |
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American Dream
Joined: 15 Sep 2007
Posts: 4387
Location: Planet Earth
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| Posted: Wed Feb 11, 2009 9:50 am Post subject: |
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elfismiles
Joined: 11 Aug 2006
Posts: 1705
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